In a world still shaped by legacy systems, masculine norms, and glass ceilings, women in banking have not only survived—they’ve rewritten the rules. Just ask Sallie Krawcheck. 

A Wall Street veteran and former CEO of Smith Barney, Krawcheck was fired—twice—on the front page of The Wall Street Journal. Not because of poor performance, but because she chose principle over politics. Today, she’s the founder and board member at Ellevest, a fintech platform built by women, for women, on a mission to close the gender investing gap. And she’s just getting started. 

Her story isn’t just inspirational—it’s instructive. 

The Glass Cliff Is Real—But So Is the Opportunity 

Krawcheck calls out a phenomenon familiar to many women leaders: the glass cliff. It’s when women are offered leadership roles during times of crisis—when the risk is high and the chance of success is slim. And if things don’t go well? The failure is often pinned on them and extrapolated to women in general. 

She’s lived it. Twice. And yet, she turned those cliffside appointments into launchpads—rebuilding divisions, restoring profitability, and ultimately founding a company that challenges how finance is done. 

The takeaway? Women in banking don’t just need seats at the table—they need real power, resources, and trust to lead boldly and transform institutions. 

Progress? Yes. But Not Nearly Enough. 

Twenty-one years ago, Sallie Krawcheck topped American Banker’s first Most Powerful Women in Banking list. Two decades later, Jane Fraser is still the only woman running one of the 50 largest U.S. banks. The fact that we can name her off the top of our heads says it all. 

The statistics haven’t moved much: 

• Only 2% of venture capital dollars go to women-led startups 

• Women manage just 2% of mutual fund assets 

• 86% of financial advisors are still men 

Even more alarming? The gender wealth gap is going backwards. White women now hold just 30 cents to the dollar compared to white men. Black women? One penny. 

Women Are Not “Risk Averse”—They’re Underserved 

For years, the narrative was that women didn’t invest because they were risk averse. Ellevest’s research challenges that assumption head-on. Krawcheck argues it’s not that women fear risk—it’s that they don’t see themselves in the industry. From jargon-filled interfaces to male-centric sales tactics, most financial institutions were simply not built for them. 

And yet, when women have more money? Everyone benefits: 

• Families thrive 

• Communities grow 

• Economies stabilize 

• Climate-conscious investments increase 

• Charitable giving rises 

So… How Do We Help Women in Banking Thrive? 

1. Rebuild the Pipeline 

Invest in leadership development programs that aren’t just performative. Give high-potential women stretch roles, mentors, and visibility early in their careers. 

2. Redesign Risk 

Start seeing women as opportunity creators—not risky hires. Research proves diverse leadership teams drive higher returns, greater innovation, and lower risk. 

3. Rethink Fit 

Stop hiring clones. Trust and intuition are great—but when they only apply to people who look and think like you, they’re a liability, not a leadership trait. 

4. Fund Female Founders 

Want to see more women in fintech? Start writing the checks. Krawcheck’s latest raise for Ellevest was backed largely by wealthy women—a model that worked because VCs wouldn’t bet on a woman-focused investing platform. That has to change. 

5. Prioritize Flexibility and Equity 

Policies like paid family leave, flexible schedules, and pay transparency aren’t “nice-to-haves.” They’re table stakes for retaining top women talent—especially post-pandemic. 

At The Anderson Search Group, we help financial institutions identify and place the next generation of leaders—including women who are ready to transform the industry. If your bank is serious about changing the face of leadership, we can help you get there. 

Let’s talk about building the future of banking—together.