Former Wall Street executive Sallie L. Krawcheck has had a change of heart and mind when it comes to the idea of investing in the support and empowerment of women executives and entrepreneurs.
Wednesday’s announcement that the former head of Bank of America’s wealth management division would be buying 85 Broads, a 30,000 plus global membership organization, comes a year and a half after Krawcheck left her job in 2011.
Krawcheck is acquiring 85 Broads from founder Janet Hanson, a former executive of Goldman Sachs. Financial terms were not disclosed.
The announcement comes as more power players are becoming vocal about the need to put money into ensuring that women are successful.
“I look forward to working with 85 Broads’ members to expand our mission of empowering women around the world — as women invest in themselves and each other through the network,” Krawcheck said in statement released by 85 Broads. “I believe we’re at a tipping point of women’s engagement in the economy, and our community’s ability to play an important role in that is exciting, as we move from advocacy of women to the smart business of real investment in women.”
Since her departure from Bank of America, she has been active in start-ups like the online investor Motif Investing and built a strong following on LinkedIn and Twitter.
She made it clear on LinkedIn that her perspective about women in business has evolved.
“For most of my career, I tried to avoid the topic of being a woman in business, vaguely concerned that talking too much about it would hold me back in some way. My standard response: ‘Oh gosh, I never really think about being a woman in business. I’m just focused on getting the job done.’ But I’ve been thinking about it over the past year…..a lot.”
She goes on to write: “And it’s not just because of the fairness issue, important though that is. It’s because the research and business case for the economic advancement of women is so compelling, in a world deeply in need of greater economic prosperity.”
85 Broads, founded in 1997, represents 130 countries with more than 40 regional chapters and campus clubs. The name 85 Broads is a reference to the address of the former headquarters of Goldman Sachs on Broad Street in Manhattan, where the founding members worked.
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