YouSaid · the spoken record

Sallie Krawcheck

lines on the record: 76
first: 2016-08-08
most recent: 2016-08-08
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Yeah, that's exactly right. But imagine it. These trading floors are just sea of guys, and that if there's more diversity, what has been shown is that businesses have lower risk. Businesses tend to earn higher returns. Businesses have more innovation. It's diversity of all kinds, gender diversity, one of them. And having lived through the searing experience and the searing pain of the financial crisis and having the industry come through less diverse. Right. This is a potential solution.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Things there's Leva League, exactly. Yeah, she's doing a great job. It's important because getting women ahead in business is important. And before everybody turns off the podcast and says, oh, here we go. You know, the research that, well, first of all, it started when I was on Wall Street, which was very male going into the crisis and was even more male coming out of the crisis. And I don't think there's anyone who can say, you know, if there'd been more women on those trading floors.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of groups like this. Cheryl obviously has her lean in things. There's a younger Levo leak, exactly. Why are these important? Talk a little bit about them because they do them a lot in Silicon Valley. It actually happens. I just was at an alien league venture capital. She's great.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“They come together both online and in person events, share ideas, share connections, share job opportunities, share young people who want to get together. I hear from speakers who motivate them, teach them, inspire them both online and in person. So it's, you know, some people say it's a LinkedIn for women, but with a lot of groups like that.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“No, it was the takeoff on the headquarters, 85 Broad Street. They've long moved from then. And so that's something that I bought a handful of years ago based on the insight that networking is the number one unwritten rule of success in business. Men tend to do it better and earlier than women do. And if I wanted to help...”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Just a word, you know that FYI. They love the numbers. It's a man thing. Do you know what I mean? Let's talk about the man thing. Let's talk about what you're doing at Elevest and Elevest. Which is the woman thing? The woman thing. So it's interesting. Having been one of the few women investment bankers, you had up close how they think about it. It is similar to healthcare. Things are oriented around men and banking is oriented around men.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Any number of years where they say we hope we can do this inside, we're not sure that we can, so we'll invest in any number of these to get a seat at the table, to be early in, to sort of hedge our bets. And you've seen companies like Goldman do that for a long time where they place a whole bunch of little bets. And it's really not that much money for them to get that seat at the table. And I think that can make a lot of sense.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“What I would say is they certainly see it coming. What you're seeing a number of the large institutions do, which I think can make sense, is they're investing in some of the startups. And they've done this for”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Some of the startups. Do they have a sense of it when you were there? Do they see the internet changes? Do they see what was coming? Because there's a lot of very financially oriented companies that are moving into the regulatory spaces.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. And so what you can see is startups come in with a fundamentally different perspective on these things in a completely fresh look on. And it's hard for banks to take another way. Yeah, yeah. And the regulators. I mean, the regulators are leaning over into banks in a way that they aren't yet with some of the startups.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, but it's the hell, it's just getting rid of some of the underbrush that gets in the way of serving customers and clients well. Mean, have you gotten a mortgage lately?”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of technology, but it's mostly business as usual, and some folks are innovating, but a lot of the great minds want to do the startups themselves. The other thing I'd say is a lot of the processes kill innovation. I saw it happen again and again and again. We're going to report earnings this quarter. What can we cut? Well, look, there's this team over here trying to innovate, get rid of them. I mean, you've lost a lot of talent on Wall Street over in the large banks over the past decade. So you've seen a talent drain. So the combination of all that and that march of quarterly earnings, I was there. I was at the big banks and they said, well, now let's innovate. And people go, what is innovative?”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Doing now. So I've been out of it for a bit. Everybody talks about the importance of innovation. I mean, how can you not? It is It is extremely difficult to innovate within those large institutions because, I mean, how many of the young engineers who are working at a hot startup on your side of the country secretly really, really want to be working at a several hundred thousand person bank?”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I don't think it has because I think the thing that's changed is the investment banks, the large banks now have more capital, so they're less leveraged than they were, but they're still highly leveraged. They're still one of the most highly leveraged industries out there. And I don't think we have a clue as to whether they will survive the next downturn better than the last downturn. Right.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I guess that's better than a sharp stick in the eye, but not as good as a cup of coffee from Starbucks? Yeah, yeah, exactly.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I know. And you know, I'll tell you the truth every once in a while now. I'll run into a former member of the board, and they will say to me something, and it actually happened as recently as about six weeks ago, and they'll say, you know, Sally. Sorry”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, sometimes it's just you're dumb. Sometimes you just miss stuff. And I said, Look, you know, we were dumb. We should have been smarter. Our clients paid us for being smarter. So let's partially reimburse them. You know, as time has passed, I've come to the point of view it's a relationship focus that I had as well as a long-term perspective on the business, which on Wall Street and in some publicly traded companies is simply missing.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“We did wrong. You know, we did stupid, is what I should say. I spent a lot of time saying, well, but I actually spent a lot of time, Kara, researching. I mean, tens, if not hundreds of hours, was there an evildoer here? Did somebody do this to make extra money and hoodwink the little guy? I never found anything.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I think I was right. I certainly can see his point of view. Geez, you know, we this quarter is very important if we start returning money now. Other people will want to get their money back. I can see his point of view. I think I was right. And I thought I was right enough that I was willing to be fired for it”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Interesting story. Yeah, so I got fired. Yeah. Yeah, that happened and was running Smith Barney into the financial crisis. Running Smith Barney. We missold investing products to clients. They were supposed to be low risk. We thought they were. They were high risk. They were supposed to lose eight cents on the dollar. They lost about $100. And I went to my then new CEO of Citigroup and said, I think we should partially reimburse clients. He said, no, I said, yes. He said, no, I said, yes, it went to the board. The board sided with me. And as happens, I don't have to tell you. And these kind of debates that go when you go up against your boss at the board, I was fired.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, at the time I said, look, you know, we can't do both of these jobs well, serve the research investor, and serve the corporate client. And so took us out of the corporate business, lost millions of dollars, lost lots of analysts, and people told us we were dead wrong. And lo and behold, a few years later, in comes Elliot Spitzer recognizes and reveals these conflicts of interest. The first time emails were used to prove these things. And Sanford Bernstein was the one. So our business soared, and then Sandy Weil came to me and said, we've got this problem at Smith Barney. Come run Smith Barney for us. I said, I beg your pardon. I'm sorry, I'm running 386 people. You want me to run 25,000, 30,000 people, but it worked.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think super hard work and being smart enough or fortunate enough to be in jobs in which results mattered and were quantifiable. So as a research analyst, it wasn't, hey, you were part of a team of ten people, and then you sort of politic your way to get promoted. It's a research analyst where your stock recommendation's good or bad. Also, I made a very significant bet mid-career when I was running Sanford Bernstein that I got us out of the investment banking business. We were a research business. We were also an investment banking. There's a fundamental conflict between those two businesses. I did think...”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I guess traditional but not for many women. So very quickly, in fact, you know, Kara, I was telling my daughter this past weekend, it was about the age of 24 when I looked around and realized I was the most senior woman banker at the company in the city I was working in. So it was traditional in some ways, untraditional in others, because there were so few women. Look, you know, it was a great opportunity to be in some senior roles that lots of folks don't get to do.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Oh, no, no, no, no. I loved it. I hated being a junior investment banker. I loved the research business, the wealth management business. I mean, I wouldn't have stayed so long if I didn't.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so my background is I spent, I guess, decades on Wall Street, investment banker in the early days hated it, research analyst in my younger days loved it, CEO of Sanford Bernstein, and then I ran Smith Barney, so I was a CEO of Smith Barney, the chief financial officer of Citigroup, and then eventually the CEO of Mary Lynch Wealth Management. So I've been around.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Few years ago. Yeah, that's Lady Fest, I call it. And you had come and talked there and talked about various things. Let's start with your history because you had quite a career on Wall Street, one of the few most prominent women bankers, essentially. Talk a little bit about what you've done and how you got to where you're.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT