By Xavier Bremner
Reaching the highest echelons of Wall Street has never been easy for women. And in recent years, some talented executives have seen their careers derailed by the financial crisis and its aftermath. Here’s a look at some of the more notable downfalls and updates on where these bankers have landed.
Ina Drew: J.P. Morgan’s (JPM) former Chief Investment Officer recently resigned along with other senior executives to take responsibility for a $2 billion trading loss the bank disclosed in early May. Where she lands next is anybody’s guess.
Drew’s more immediate concern may be holding on to her bonuses and stock options she received while working at the bank. J.P. Morgan CEO Jamie Dimon recently told a Senate Banking Committee that “it’s likely there will be claw backs.”
Sallie Krawcheck: The former head of Bank of America’s (BAC) wealth and asset management division who was ousted last September is joining the board of Motif Investing, a new discount brokerage that offers investors bundles of stocks linked to investment themes. That’s a radically different business model than Krawcheck oversaw at Bank of America’s wealth businesses and Citigroup’s Smith Barney brokerage network.
At the same time, Krawcheck has been active on Twitter commenting on everything from bank valuations to women’s advancement on Wall Street. From her stream:
Do we care if women’s progress in biz stalled?? Yes, in banking. Research shows diversity=lowered volatility #havingitall
— Sallie Krawcheck (@SallieKrawcheck) June 23, 2012
Zoe Cruz: Back in 2007, Cruz was pushed out of her position as co-president of Morgan Stanley (MS) and launched a hedge fund called Voras Capital Management LP in New York about two years ago. Now, according to Bloomberg, she is liquidating the $200 million fund after a disappointing performance in 2011.
Erin Callan: The former chief financial officer of collapsed Wall Street firm Lehman Brothers moved Credit Suisse (CH) for a very brief stint and then pretty much dropped out of sight. Until that is this January when she married a long-time beau, Anthony Montella, in Midtown Manhattan, the New York Times reported earlier this year.
Kathleen Corbet: As president of Standard & Poor’s (MHP) during the housing bubble, Corbet oversaw a credit rating agency that was far too lenient in sizing up mortgage-backed securities that later blew up during the 2008-2009 financial crisis. She left in 2007 and later founded private equity firm Cross Ridge Capital.
Images: JPMorgan, Citigroup, Morgan Stanley, Lehman Brothers, Standard & Poors
