Business InsiderSallie Krawcheck, the former head of global wealth management at Merrill Lynch, has been quiet about her next career move since leaving Wall Street.
We’ve been eager to find out what she will do next.
CNBC’s Kate Kelly reports that Krawcheck just purchased women’s networking group 85 Broads, which was once a Goldman Sachs alumnae network.
85 Broads, which was established in 1997 and named for the address of Goldman’s former offices, now has 30,000 members in 130 countries.
According to CNBC’s Kelly, Krawcheck may develop an investment arm for 85 Broads.
Here’s the full release:
Sallie Krawcheck has agreed to buy 85 Broads from founder, entrepreneur and former Goldman Sachs executive, Janet Hanson.
Founded in 1997, 85 Broads is a global membership community of more than 30,000 women. The founding members of 85 Broads, led by Hanson, were women who worked for Goldman Sachs at 85 Broad Street, the investment banking firm’s former NYC headquarters. Over the past decade under Hanson’s leadership, 85 Broads expanded its paid membership to include female entrepreneurs and executives from diverse industries and backgrounds, many of whom are trailblazers in their fields. Members also include alumnae and students of some of the world’s leading colleges, universities, and graduate schools. 85 Broads‘ members represent 130 countries in more than 40 regional chapters and campus clubs around the world.
Krawcheck said, “It’s a pleasure to become a part of 85 Broads. The energy, expertise and accomplishments of the members have amazed me. Janet’s leadership and vision has built 85 Broads into a vibrant global community of high-achieving women who are defining success on their own terms throughout every stage of their lives and careers. Our members are bold, active participants in the economy, and they represent the changing face and shape of business around the world.
“Research shows that it is good business to invest in women. It creates jobs, improves business results, enhances financial stewardship and is one of the keys to global economic prosperity. I look forward to working with 85 Broads‘ members to expand our mission of empowering women around the world – as women invest in themselves and each other through the network. I believe we’re at a tipping point of women’s engagement in the economy, and our community’s ability to play an important role in that is exciting, as we move from advocacy of women to the smart business of real investment in women.”
Janet Hanson, who will keep an ownership stake in 85 Broads and become Chairman Emeritus, as well as an advisor to Krawcheck, said, “I’m extraordinarily proud of the network, our members and all that we’ve achieved in the last 15 years. The contributions women are making to the global economy is changing rapidly, and the potential for our members to lead that change is tremendous.
“Sallie’s decision to become the next steward of 85 Broads is exciting to me because she is passionate about the role women are playing on the global stage, and she understands the transformational power of connection. With Sallie at the helm, 85 Broads will enable women from all parts of the globe to advance and achieve their greatest career objectives and leadership aspirations.”