“If it was Lehman Sisters, it would be a different world“. The joke was from Christine Lagarde, then head of the IMF and now president of the ECB. It’s been 13 years since the Lehman Brothers crisis and that joke has become a reality. Independence Point Advisors lands on Wall Street, with fully female capital and management led by Anne Clarke Wolff, 56, former president of the investment division of Bank of America. An element of rupture in a sector still predominantly dominated by white men and in which women and minorities are struggling to find their way to a career, despite the turn around in recent years. Of course, since February 2021 Jane Fraser has been driving Citigroup, one of the big Americans, but she remains a white fly in a landscape that is struggling to change. Independence Point, nicknamed Salomn Sister, tries to break through the glass roof, but above all to do business.
Come nasce Independence Point Advisors
Independence Point was born from an idea of Anne Clarke Wolff, who most recently served as president of Bank of America’s corporate and investment banking division. Raised herself as a Salomon alumni and named on American Banker’s “Most Powerful Women to Watch” list, Wolff previously held leadership positions at JPMorgan Chase and Citigroup, working for Jamie Dimon and Michael Corbat.
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His initiation could now be a talent magnet. On Wall Street, in fact, many women and members of minority groups are frustrated after decades in which investment banks have struggled to diversify their senior levels, still dominated by a predominance of white men. The risk for investment banks now is that talents, tired of waiting for internal cultural change to make a career, may look for opportunities for growth elsewhere, starting with Independence Point Advisors.
Wolff, on the other hand, left Bank of America in December with the aim of helping more women, employed in banks, cope with the challenges of matching the family with 100 hours of work per week, and climb unhindered to the top of the industry. as reported by Bloomberg. Since the idea for Independence Point was born in the early spring, the manager has come up with a business plan and recruited talent. It has also initiated talks with investment banks interested in potential partnerships or even the possibility of acquiring a stake in the startup.