Brian, Frank, Cnbc discussed on Superwomen with Rebecca Minkoff


Because the industry was not made for you was made by men for men, and I'm going to take the experience. I haven't actually build an investing platform that is, by women for women, not in the oh, we're women and let's not buy shoes. Even though these are amazing. Let's invest in the market. But instead really get to the core of y to women. One invest is a towel perform the market answers. No is a to figure out what their financial goals are figure out if they can achieve him and invested in order to do, so the answer's yes, who I did that as fast as draw fast. That's a little about me. Okay. So I, I am we had salary here last week, just full disclosure, and she spoke to a smaller group. But we didn't get into when, when you're at city, and then at Bank of America, then I want it will talk a lot about Elvis, but you're in the room getting fired. Who's in the room with you? And what's your response? Well, they're two different stories when I got fired at city. I was in the room by myself. I was preparing for a meeting, and if for those of you who worked on Wall Street CNBC is on all day long. And so it was on behind me, and I sort of glanced over, and I saw a picture of a woman and something about getting fired. And I'm like, who tough day for her? My that's me always sh. And then later, the phone call came, so they had leaked this to the press before it got to me. The second time was probably worse. The second time it was. It was the day after Labor Day. And my assistant came by the day after Labor Day and said the CEO is in town, and he wants you to swing by three thirty and I'm like, oh, yeah. Yeah, I said, I think I'm going to get fired and she's like the results are rate. You're not bad to get fired and Mike. Yeah, you're right. But, you know, Brian never sort of swings by to shoot the shit with me. I wonder something big is going going down. So I went over at three thirty to his office, and, you know, I knew it because I hurt my foot, so I was in a cast and I- thumped by the most gregarious, nicest backslapping ist guy you've ever met. And I said, hey David, and he's like, Hello. And I'm like, oh, shoot went into Brian's office, and he said, we're we Oregon, we're going to this. We're going to this structure, one of the structure, and so you're, you're being let go, and I think I sort of laughed. You know, the time the business was outperforming the competitors. It was beating plan. It was growing, right? It was it was on fire is mentioned. I've been brought in for task and in two years. We turn the business around completely, and so I just sort of laughed and I'm like, what do you mean may, yes? You and then I got trailed into the next office. And as we talked about the shocker of my life is that the woman who when I had joined who was decade, plus older than me, who had committed to me that she would be my mentor sponsor. Whatever word we wanna use. I'm here for you. This place is tricky. I will help you navigate it. You know, I will give you advice and through the two years, sometimes the advice didn't feel exactly right. But thank goodness, she's there, because look at me that advice didn't feel right? And I'd say or I just feel like. I just feel like I'm not connecting with Brian. I would try should I give them summary should? I'm meet with, like I'm not feeling you know, and she was like, oh, no. You are great together, you are the least of his worries. He's very busy just keep doing weight. I'm like, okay if we're good. We're good. And she's sitting across the frigging table, right with the press release with. You know, sign this release, and that's what hurt is this mother mom issues and my mom's been sick, and, and I hadn't had that relationship before. And so that just cut me I go back to my office, I try desperately to call my father. Don't get him because he's working out. And he heathen ends up seeing it on CNBC. And so that just it would just was painful. It just felt fast and a little gratuitous to be perfectly Frank. I went home and drank a lot and spent the next day in a pool of self pity. And I just really felt bad for myself and the day after that, I picked myself up, I called up every member of the board. And for those who would call me back. I said, number one, I want to thank you for the opportunity to run Merrill, Lynch, it was the opportunity of a lifetime. And number two, what could I have done better? And it was really interesting because what God back was from some of them. Nothing luck to you whatever. But from the few who would talk, oh, Sally. We knew your results were top of every business. But the truth is you had nobody in there, fighting for you and. When we said, why don't we fire somebody who's missing plan and trinkets the answer was an ano the business. She's running. That's the easy business. And imagine if we put this white guy in it, how would you better do his, his colleague, has his friend? And so the lesson is if you don't know, who's in that room, fighting for you. The answer's probably nobody and that there are times in your career in which even grade business. Results are not enough to overcome. Not having somebody, fighting for you in that room PS, by the way, years past and about three months ago, four months ago. This woman who I thought was my gal my, my mentor my sponsor, my mom my work mom. She kept over the years. She's tried to reach me, and wanted to talk and truthfully over the years. I've done delete delete because it would eat. Ellwood show up in it would so emotionally rattle me. And I'm like just because she's ready to talk doesn't mean I need to do that. I don't know her this. Well, then all of a sudden, I ran into her a couple times, I was out of this, and this, and then Mike now it's getting weird like she's begging. And so we got on the phone, and I'm thinking she's gonna policies, you know, she's going to be like the years of past, I'm woke I should should've been, but. Hell no her. She said, you know, I know you're, I've written about it. She says, I can tell I hurt you. I'm like, yeah. And she said, I just want you to know the reason, like okay, and she said, we weren't close. Okay. Bye. And that was it. No apology. No, nothing. Just I was not. She didn't have to feel bad about it because we weren't close. Mic drop. Right. I mean, how do you follow that? We've spent the whole day with different panelists and speakers, and workshops really digging into pragmatic tips around how to run a business, and we're gonna get to Elvis. But I think one of the things and I heard in the last one of the last sessions, I was with Cheryl Kaplan, who's the co founder of 'em Jimmy, and she was talking about, advisers, having advisers around you. And when you were here last week, you talked a lot, you use this story as an example, around the fact that you need mentors. But more importantly, sponsors, and I think it's different in the corporate world than it is in the entrepreneurial world. So can you talk a little bit about that? Yeah. So when we're talking last week and I sorta hit on this a little bit in the corporate world. Carla Harris, always says, if you know every important decision about your career is made when you're not in the room, right? And so just you gotta know who's in the room, and who's fighting for you. And if you don't know the answer the. Answers nobody and it's also important to remember that mentors are nice, but they are not sufficient, and we women are way over mentored. So we have something like four times as many mentors as men. Do that's lovely to have people answer questions of problem is, we have half as many sponsors who are the people who fight for us. And look the truth is you, you wanna have a diverse group of these individuals. But if we're going to be perfectly Frank, and nobody tweet exactly this right now, if we're going to be perfectly Frank. It's a white guy and it's probably, honestly, an older white, man. In fact, and I think we might have talked about this last week when I have thought about who of my college and business school friends who've been mega successful, right? There are certain things that they're smart, and they work hard and they're gutsy, and they don't give up their gritty and all that stuff. But there's still some of them where you're like I just. Wouldn't have guessed it would have been you. I mean I wouldn't be wouldn't have been you. But, you know, when we were in the sorority house at two thirty in the morning, I went like it's her. This is the one. I mean this friend who is long ago, retired as a venture capitalist in Silicon Valley and like has his home, where you're like holy crud. Right. And, and when I talked to her, we'll talk to me, she had, and I had and all these friends of mine had an older white male sponsor and I'm like a couple of decades, older, and an older guy who sort of took an interest in them almost a professional fatherly interest and cleared the way. And by that, by having that individual with that gravitas. They were and people didn't want to cross individual. They were able to wipe out a number of the gender issues that come into play. Now, maybe you maybe your fortune to have one of those, maybe you aren't I just put it in the back of your mind because I don't know that it's, it's a necessary or sufficient condition. I just noticed that there seems to be a either correlation or a coincidence, so finding sort of a diverse group of advisers, but, you know, looking to find those who are generation ahead who've built, the gravitas, who take an interest who are not threatened by you in my own career, again coincidence or not the bosses who were quite a bit older than me. Loose Sanders at Bernstein. Sandy Weill at city, Ken Lewis at Bank of America. They were like go Sally, the ones who are closer to my age. They fired me. And by the way, I'm the say, I did it wasn't a different person at any point in time in my business results weren't different. But there was definitely a different dynamic, you and I have some mean as a former banker I get that. So let's delve into. To elevate. You saw a huge gap in the market. Right. When we can quote as many statistics and I know you love stats. So I'll let you do that versus reading off of what you've said. Well, I, I thought it was a dumb idea..

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