A women-run company led by investing titan Sallie Krawcheck, known as “the most powerful woman on Wall Street,” is taking on the ambitious role of narrowing the gender wealth gap.

“There have been two big drivers of wealth in our country: one of which has been real estate, which people of color have been redlined out of, the other of which has been investing,” Krawcheck told CBS News’ Michelle Miller. “And women and people of color have been kept out from that.”

The gender wage gap between men and women in the U.S. has been the subject of debate and countless campaigns for equality, and that wage gap is even steeper for women of color. That wage gap, coupled with women taking more time out of their careers to care for children and investing less than men, means that even women who successfully saved for retirement could find themselves with as much as $1 million less in assets than their male counterparts. 

“Women make 82 cents to a man’s dollar. It’s slowly getting better, but to be frank — it’s decades away from closing for White women, 100 plus years for Black women, and 200 plus years for Latinx women,” Krawcheck explained. 

The disparity then leads to a long term gender wealth gap, or “how much money we keep” versus how much is earned.

“That gender wealth gap is 32 cents for a man’s dollar, and just a single digit number of pennies for Black women,” she said. 

And unlike the wage gap, Krawcheck said the wealth gap is “moving in the wrong direction” and will take more than bigger paychecks to close. 

She realized it would take more than larger paychecks to close the widening gap — so in 2014, Krawcheck founded Ellevest, a digital investment platform designed

Kate Danella, head of Strategic Planning and Consumer Bank Products and Origination Partnerships for Regions Bank, has been named one of the 25 Most Powerful Women to Watch in Banking and Finance by American Banker magazine. This is the second consecutive year that Danella has been recognized by the publication.

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Kate Danella, Regions Bank (Photo: Business Wire)

“No matter the challenge, Kate maintains an unwavering focus on putting people first through her dedication to our customers, associates and the communities we serve,” said John Turner, president and CEO of Regions Financial. “Throughout the COVID-19 pandemic, Kate and her team have continuously listened to our customers and reshaped our strategies and consumer products to address the urgent financial needs of individuals and families. I’m pleased that Kate has once again been recognized by the American Banker for her contributions to Regions and to the banking industry.”

The annual American Banker ranking recognizes the most influential female leaders in the banking industry, honoring their business acumen, professional achievements and personal tenacity. Honorees are featured in the October 2020 issue of American Banker magazine.

“For 18 years, this list has honored those who have achieved amazing things in the face of countless challenges — individuals who are bravely creating the change we need and driving the industry forward,” said Gemma Postlethwaite, CEO of Arizent, publisher of American Banker. “This year, our honorees have collectively succeeded in moving us forward despite unprecedented obstacles.”

The publication notes Danella’s leadership in expanding Regions’ focus on the unbanked and underbanked and her team’s efforts to introduce additional features and functionality throughout the bank’s deposit products and services to meet customer needs. Further, Kate and her team played a key role in the early days of the

Global Head, Public Sector Coverage

As the global head of public sector coverage, Julie Monaco oversees a team at Citigroup’s investment bank that provides a robust portfolio of financial services for state-run enterprises in 160 countries. It’s a role in which she works with heads of state, such as the president of Kazakhstan, in an effort to bring foreign investment to their countries, and represents Citi on global councils, such as the World Economic Forum’s Partnership Against Corruption Initiative.

An active member of the Citi Women’s Network and Citi’s Corporate and Investment Bank’s Diversity Committee, Monaco also continues to expand her leadership in matters of workplace equity and inclusion. Late last year at a panel discussion, “The Power of Public-Private Partnerships to Drive Gender Equality” at George Washington University, she called for finding strategies to work together to tackle the problem of gender inequality. “The future of our global economy depends on more people participating in it,” she said.

Closing the gender labor gap could add $28 trillion to the global gross domestic product by 2025, she argued. “It is more than a social or ethical issue. It is an economic issue.”

Monaco also spoke about Citi’s focus on low-income communities and underserved markets. She said the company last year provided $6 billion in loans for affordable housing projects in close to 200 cities. That made it the leading affordable housing lender in the country for the 10th straight year.

Most recently Monaco has been providing thought leadership on the difficulties emerging markets face amid the pandemic. She said she hopes policymakers start to better manage the economic challenges they face. “This is not a financial crisis,” she said, “it is a health crisis that went to the real economy but will be a financial crisis if we do not