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Women on Wall Street have ‘gone backwards’

A former Bank of America Corp. and Citigroup Inc. executive says women havent climbed Wall Streets corporate ranks after the 2008 credit crunch because men tend to hire people like themselves when facing a crisis.

By Hugh Son, Bloomberg | Updated on February 12, 2014

Feb. 12 (Bloomberg) — Sallie Krawcheck, the former Bank of America Corp. and Citigroup Inc. executive, said women haven’t climbed Wall Street’s corporate ranks after the 2008 credit crunch because men tend to hire people like themselves when facing a crisis.

“What the research shows is that when we’re under periods of stress,” executives are more comfortable with candidates who “look like” them, Krawcheck said today in an interview on Bloomberg Television. “It’s not that we’ve even gone sideways as we have in corporate America, we’ve gone backwards.”

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