85 Broads' Sallie Krawcheck on the Power of Diversity

During the first year of events and round tables organized by AS/COA Women's Network, female business leaders, CEOs, board members, and decision makers throughout the Americas spoke about the power of networking, mentoring, and advancing women's careers. They shared personal stories, career paths, and professional advice with young female talents in Bogota, Buenos Aires, and Mexico. On October 11, at the Network's second annual all-day event in New York, Sallie Krawcheck explained how these concepts play out concretely in one's career today.

Krawcheck spoke to more than 180 young female talents who participated in the event. She talked about her experience as a banking leader, and how being fired from top positions in finance taught her about the power of diversity. "I set a period of time to do what I do best, which is to revert to my research analyst ways. And started to think about what are the things that can make a difference in business and for our economy," said the business leader of 85 Broads. "And I have to tell you everywhere I turned, the answer came down to women."

Krawcheck went further when recounting some of her experiences during the economic crisis, and talked about the importance of having a diverse team to think about business problems. She explained that many groups in the finance sector at the time of the financial meltdown were composed with people with the same backgrounds and references. Krawcheck believes a significant cause of the financial downturn was "group think."

"The same people, who grew up the same way, who worked together for years and years, looking at the same data, interpreting the same way."

Among other lessons about finding out what career path was best for her and specific tips on mentoring and asking for a raise, Krawcheck told the audience what she considers the number one tool in business: networking.