4 Once Powerful Wall Street Women Who Ended Up Getting Shafted

Sallie Krawcheck

Here's a note of 4 once powerful Wall Street women who all ended up getting stiffed.

Erin Callan

Callan lasted just six months as Chief Financial Officer of Lehman Brothers in 2007 and 2008 as CEO Dick Fuld threw her to the wolves in a fruitless attempt to try and convince the markets that he was capable of saving the firm.

Zoe Cruz

Retired from Morgan Stanley (where she was co-President) in 2007, after the fixed income unit she once supervised wrote down some $4bn from mortgage-related securities.

Ira Drew

Head of the JPMorgan CIO unit that lost $5.8bn earlier this year, Drew took the fall and retired to shield group CEO Jamie Dimon, who many thought should have taken ultimate responsibility for the debacle.

Sallie Krawcheck

Named head of Citi's wealth management businesses in 2007, Krawcheck left the company in September 2008 after supposedly falling out with Group CEO Vikram Pandit over her alleged view that it was Citi’s responsibility to reimburse clients for defective investments distributed by Citi wealth management's brokers and bankers.

Krawcheck joined Bank of America in 2009, but left 2 years later the victim of an executive restructure.

 

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