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From Silicon Valley to Wall Street – the “Girls Club” is getting smaller
After two years leading the wealth-management division at the nation’s largest bank, Bank of America Corporation, Sallie Krawcheck was let go this week. Krawcheck’s removal was due to “reshuffling of the top ranks” by the company’s CEO Brian Moynihan. The Los Angeles Times reports “Sallie Krawcheck’s departure from a high-ranking job at Bank of America spotlights a trend on Wall Street: Women, in recent years, have lost their jobs more often than men.” According to Economic Policy Institute, between 2007 and 2010, 12.5% of women in the financial industry lost their jobs, compared to only 8.8% of men.
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