Sallie Krawcheck, former senior executive at Bank of America (BofA) and Citigroup, has agreed to buy 85 Broads, a global network of 30,000 women, from it’s founder, former Goldman Sachs executive, Janet Hanson.
Krawcheck was Citigroup’s chief financial officer and head of strategy, and later ran it’s wealth-management division until late 2008, when she was replaced by Michael Corbat, who is now chief executive officer.
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Krawcheck joined BofA in August 2009 to run it’s wealth management unit and oversaw more than 15,000 advisers under the firm’s Merrill Lynch brand. She was ousted amid a management shakeup in September 2011 and, reportedly, granted a US$6 million severance package.
A global network with 30,000 members, 85 Broads promotes women as business leaders, and operates more than 40 regional chapters and campus clubs in more than 130 countries.
Hanson, left Goldman Sachs after almost 14 years in 1993 and founded 85 Broads in 1997 – the firm’s name having been derived from the address of Goldman Sachs’s former New York City headquarters.
Krawcheck said, "Research shows that it is good business to invest in women. It creates jobs, improves business results, enhances financial stewardship and is one of the keys to global economic prosperity.
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By GlobalData"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."
The terms of the deal have not been disclosed.
