“Guys, we’ve been doing that for years and years and years. If it was gonna work, it would’ve worked.”
“It was an inflection point for us,” said Raymond McGuire, who’s vice chairman of Citigroup and chairman of banking, capital markets, and advisory at Citi. The disclosure and the bank’s efforts to close the gap reflect its culture and values, he said. To get from good to great, he said, “you have to figure out how good you are.”
Edward Jones, meanwhile, recently introduced a program that incentivizes retiring financial advisors to refer their business to another advisor who’s a woman or person of color. “The reason for this was to raise awareness,” said Edward Jones Managing Partner Penny Pennington, noting that 20% of the firm’s advisors are female. The firm is trying to “create an environment” that reflects the communities the firm serves and is empathetic to a broad group of people. Though Pennington admits there are “as many women who don’t like the idea as there are women who do like the idea.
Assertive, top-down leadership on diversity is—by its very nature—unlikely to please everyone. But that’s what’s needed, in Krawcheck’s view. She says you can’t expect significant change—like the kind that will upend the social norm that only white men are leaders—to always bubble up from the bottom. “It really has to come from the top,” she said, “as in, ‘We’re just gonna freakin’ do this, and I don’t care if even some of the women don’t like it.'”
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