Former Bank of America executive Sallie Krawcheck told women gathered in Charlotte for a networking event Thursday that they shouldn’t be afraid to ask their employers for a raise.
Krawcheck, speaking at a kickoff for the new local chapter of a networking group for women, said that in her experience, women tend to ask for less money than men when raise time comes around.
“Not one single woman who ever worked for me ever came by and told me how much money she wanted to make – ever,” Krawcheck said.
“Ask for the friggin’ money,” she said.
Krawcheck, 50, shared the lessons she’s learned in business during her keynote address at the Duke Mansion for the launch of the local chapter of Ellevate Network, which has been adding new chapters.
Ellevate has been her focus since leaving Wall Street, where she worked as an analyst and Citigroup executive.
After those jobs, Krawcheck went to work for Bank of America in 2009 under former CEO Ken Lewis. There, she was tasked with leading the wealth and investment management unit as the bank was absorbing brokers from its purchase of Merrill Lynch. Krawcheck lost her job with Bank of America in a 2011 restructuring under current CEO Brian Moynihan.
Krawcheck went on to buy 85 Broads, started in 1997 by former Goldman Sachs executives and named after the address of Goldman’s former headquarters. Krawcheck and her team have since renamed the company Ellevate Network.
Diversity within the financial sector has not changed since the 2008 financial crisis, Krawcheck said Thursday.
“My industry went into the downturn white, male and middle-aged,” she said. “It’s come out whiter, maler and middle-ager.”
On Thursday, she argued for diversity within companies, which she said can benefit those businesses.
Diversity means having not only women and people of different races on teams, she said, but also people with different backgrounds and perspectives – “diversity of every kind.”
She said the teams she’s worked on that were more diverse did not always make decisions very quickly. But, she said, their decisions were better.