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Important lessons on redundancy, parenthood, and spouse selection from a banker of experience

Sallie Krawcheck, Executive Woman (credit: MyEyeSees)

Sallie Krawcheck, Executive Woman (credit: MyEyeSees)

Having been eradicated from Bank of America last year, Sallie Krawcheck has opened up to Marie Claire magazine.

Unlike Erin Callan, Krawcheck has not moved to the Hamptons with an old and not unattractive male friend she met at school, who is now a fireman.  She is happily married to Gary Appel (her second husband and a banker whom she met at DLJ). Whilst Callan appears to have retired from banking, Krawcheck may want to get back in again (she says she’s had discussions with various organisaitons) – but is likely in no rush to do so, having received $6m in severance from BofA.

This is Sallie’s sometimes advice to fellow financiers who lose their jobs, to female bankers, and to parents working in banking:

1. When you lose your job, chill out, don’t rush it

“I’ve just been keeping my head low,” says Krawcheck. “Spending time with my family, and thinking through what my next steps will be.”

2.  Be open, be receptive, be accepting of people trying to be nice to you

“I received a good number of outreaches from colleagues, former colleagues, friends,” says Crawcheck.  “The first 24 hours was really allowing myself to receive that. There are points in life when you let yourself be taken care of. “

3. Don’t be afraid to self-medicate a little

“Make no mistake, I had a drink,” says Krawcheck.

4.  After a short 24-hour pause, start calling people and asking why they think you were made redundant

“I went into pitching mode and reached out to colleagues I hadn’t heard from,” says Krawcheck.

She says: “I am not reaching out to complain, whine, or second-guess. I would appreciate the opportunity to hear from you what I could have done better.”

“It’s important to wring every bit of personal development out of every experience,” she concludes.

5.  Don’t worry about not being there for your children if you’re a woman

“Long ago I came to the view that kids have two parents for a reason. When they were toddlers and screamed, “Mommy!” they meant a parent of either sex. “

6. Yoga is better than running, for your head

“I have taken up yoga,” says Sallie. “I was a very, very anti-yoga person. I was always a runner. But I’m finding that when I run, I go over the same issues again and again. Yoga has been interesting at this stage because you put stuff out of your head, which can be a welcome relief, I assure you.”

7.  Find the right kind of man

“If you’re caught in a meeting and walk through the door late, what you want is a spouse who says, “Can I get you a glass of wine?” versus “Where were you?” with an eye roll.”

8.  If you’re a woman, restrict your emotional spectrum, but don’t be too Stepford

“Women need to operate in narrower emotional channels than men. But it doesn’t mean you need to be an emotional soldier. “

Comments (3)

Comments
  1. “I’ve just been keeping my head low,” says Krawcheck. “Spending time with my family, and thinking through what my next steps will be.”

    $6M severance buys a lot of head low time. How patronising. How much time would she have spent with family and generally navel gazing without that cash to fall back on?

  2. Nice advice. But it would be much easier to stomach coming from someone who didn’t get a payout of six million dollars.

  3. Is this some kind of joke? “When you lose your job, chill out, don’t rush it”…. most would exit banking all together with that sort of payoff…what an idiot

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