Good morning, Broadsheet readers! Margot Robbie says pitching her gin brand was easier than pitching Barbie, female Supreme Court Justices slam the immunity decision, and Wall Street veteran Sallie Krawcheck reflects on her ‘glass cliff’ moments. Have a terrific Tuesday!
– Right on the money. Sallie Krawcheck, founder of women-centered digital investment advisor Ellevest, knows how to carve out space. Krawcheck was raised in a six-person, one-bathroom household in Charleston, S.C., and as a young girl, would wake up at 5:30 a.m. to eke out some time of her own.
Years later on Wall Street, she also forged her own path as a rare woman to hold C-suite level jobs, including at Bank of America and Citigroup.
“My gender was always a factor in my success. And I think it was a factor in times when I stumbled,” Krawcheck, now 59, said in a recent Fortune interview.
Back in her banking days, those stumbles often meant teetering on the edge of a glass cliff. “If the middle-aged white guys don’t want the job, companies give it to someone who’s in an underrepresented group and see if they can turn it around,” Krawcheck recalled. “Why in the world would you accept a glass-cliff assignment? Because that’s the only opportunity you’re ever really going to have for one of those huge jobs.”
One of Krawcheck’s glass cliff moments came during the subprime crisis, when Bank of America bought Merrill Lynch. “I got a call from the CEO of Bank of America at the time, saying they were hemorrhaging financial advisors, and they asked if I could come in and turn the business around,” she recalled of being offered the job of president of global wealth and investment management. “I said, ‘Oh, look, it’s another glass cliff here. It’s another opportunity to go into a business that is not doing well, in front of everybody, and work to turn it around.’ And so of course I said, put me in, coach.”
Two years after she arrived, Krawcheck was reorged out of the job after she completed it. “I wasn’t completely surprised…but there is something about being brought in to turn around a business, doing it, and then being told they’re gonna flip it back to the people who represent the majority of the industry, as opposed to allowing you to stay out there. Such is life. What are you gonna do? It made me feel terrible.”
Brian Moynihan was tapped for BoA’s top job in January 2010; Krawcheck left the bank about a year and a half later. “It took a couple years,” she said, but the exit gave her the opportunity to throw herself into what would become Ellevest.
Today, Krawcheck runs Ellevest, which officially launched the day before the 2016 presidential election with a mission to get more money in the hands of women.
“It is much better to start with a little bit out of every paycheck, just to get the feel of [investing],” she said. “The feel of the stock market moving up and down—see how it makes you feel. Much better to do that than to just watch from the side.” Ellevest just notched $2 billion under management
Krawcheck credits her success to her willingness to go against the grain, she said. “Work hard and stand out. If you’re saying, ‘I agree with everybody in the room,’ then why are you bothering to speak? Do the hard work, do the analysis.” Her other primary principle: Know where the power is. “On Wall Street, the power is with the numbers, so go to the power, know the numbers, and do not be afraid to stand out and take a stand.”
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Separately, Fortune is soliciting nominations for its annual Change the World list, which features companies that are doing well by doing good. Firms that make the list are using the creative tools of business to help the planet and tackle society’s unmet needs—and they’re earning a profit while doing so. The deadline for applications is Monday, July 29, and the list will be published in late September. You can submit a nomination here and direct any questions to changetheworld@fortune.com.
Jane Thier
jane.thier@fortune.com
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
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- Vocal dissent. Liberal Supreme Court Justices Sonya Sotomayor and Ketanji Brown Jackson slammed the court’s 6-3 decision declaring that Donald Trump is immune from prosecution for official acts as president. Sotomayor warned that the decision “will have disastrous consequences for the presidency and for our democracy,” and Jackson said it “breaks new and dangerous ground.” NBC News
- Sales pitch. Actress Margot Robbie says that selling the idea for Papa Salt, her new flavored gin brand, was easier than selling the idea for Barbie. It’s easier to “lay this out on a spreadsheet in a way that you can’t lay out a movie idea,” she said. Fortune
- Hinging on connections. Hinge CMO Jackie Jantos told Fortune about the dating app’s efforts to combat loneliness among Gen Z. Jantos described how the app is designed to emphasize quality over quantity when it comes to matches and dates.
- Corporate machismo. Female executives in Italy are speaking out about a culture that they say fails to recognize equal access to career progression and equal responsibility for childcare. They say quotas mandating women on corporate boards have led to awkward conversations about merit. Bloomberg
- Patch work. Young people today can be spotted proudly wearing pimple patches out and about, thanks to Ju Rhyu. The cofounder and CEO of Hero Cosmetics brought the concept from Korea to the U.S. and sold her first set of Mighty Patches on Amazon for $12.99 in 2017. By 2022, the brand had notched $100 million in sales. Now, as Rhyu tells Fortune, it’s the No. 1 acne patch brand in the U.S. and has inspired a surge of similar startups.
MOVERS AND SHAKERS: Faire promoted Lauren Cooks Levitan to president.
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As Trump’s VP list narrows, one woman remains—and she’s a long shot Wall Street Journal
Simone Biles leads historic U.S. women’s gymnastics team for Paris Olympics Washington Post
The blue-collar Democrat who wants to fix the party’s other big problem New York Times
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