Morning Coffee Apr 18 2012

Career Advice from Sallie Krawcheck

By julie steinberg

Sallie Krawcheck has risen from what seems like the dead just in time for Equal Pay Day, which was yesterday.

In an interview with Marie Claire, one of her first since she was deposed last September as head of wealth management at Bank of America, Krawcheck said the business was "better off on the day I left than on the day I arrived." Two days after she was pushed out, she was on the phone to Bank of America board members to find out what she could have done differently. "It's important to wring every bit of personal development out of every experience," she told the magazine.

When asked why there are so few women at the top in finance, Krawcheck said there's too much focus on mentorship programs and not enough on actual promotion. "My goodness, we're just making women busier," she said. "There needs to be a rethink about how to make them successful in these organizations."

Krawcheck is taking some time off and entertaining offers from several organizations. She decided what to do next.

Though she was laid off twice (once at BofA Merrill Lynch and once at Citigroup after a disagreement with Vikram Pandit), she still encourages the younger set to go into finance.

Specifically, research. "New graduates should consider starting as a research analyst, which was my stepping stone," Krawcheck said.

On a related note, BofA is flirting with the idea of selling its non-U.S. wealth management businesses to reduce costs and shore up the balance sheet.

Stopping the Flow (FINS)

Goldman Sachs is hitting the brakes when it comes to layoffs. After a year of intense cost-cutting and a few thousand departures, top executives aren't planning more big cuts.

Onward and Upwards (MarketWatch)

Aryeh Bourkoff, the storied head of UBS's investment banking unit in the Americas, is leaving the firm. He may strike out on his own.

Swept Away (City A.M.)

Andrea Orcel's departure from Bank of America, coupled with his poaching a few friends, has opened up some vacancies.

Creme de la Creme (Financial News)

It may not surprise you to learn that Jamie Dimon landed the No. 1 spot on a list of the 10 highest paid bankers in the country. See who else made the cut.

Say on Pay (Deal Journal)

A majority of Citigroup's shareholders aren't too pleased with Chief Executive Vikram Pandit's pay last year.

Swiss No More (FT)

Hedge funds in Switzerland are in for tough new regulations, which may prompt aspiring hedgies to look elsewhere for a home.

Playlist Preferences (NPR)

IRS Commissioner Douglas Shulman shares his must-have workout tunes. You may be surprised by his choice.

How to Date (Dealbreaker)

Just because you use spreadsheets in your daily banker life does not mean you should use them to, er, rank the girls you want to date.

Buzz Around the Office

Superman Gets Bloated (YouTube)

It's hard to fight crime when you've eaten and drunk that much.

List of the Day: Acing the Interview

Sometimes you don't have to wait until after the interview to know if went well. Here are some signs you're hitting it out of the park.

1. The interviewer asks you to expand on something you've said.

2. They lean forward and act interested in what you're talking about.

3. They take their time throughout the interview.

(Source: CBS Money Watch)




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