Krawcheck reaches out to Merrill’s old guard for guidance

As part of her leadership role at Merrill Lynch & Co. Inc., Sallie Krawcheck has shown clear deference to the firm’s storied past and has assiduously worked the phones, reaching out to leading members of the firm’s old guard, including former chief executives David Komansky and Daniel Tully.

Tapped by Bank of America chief Ken Lewis to lead Merrill Lynch’s global wealth and investment management sector, Ms. Krawcheck, who has met some brokers and employees in the New York area, also has chatted with Winthrop H. Smith Jr., scion of one of the firm’s founders and former chairman of Merrill Lynch International Inc., and John L. “Launny” Steffens, former chief of Merrill’s retail brokerage business.

“She said she has a deep appreciation for the firm and its culture,” said one former Merrill executive, who asked not to be identified.

The former executive, who received a brief phone call from Ms. Krawcheck and may get together with Ms. Krawcheck for lunch in the near future to discuss more details, said the call came as no surprise. Ms. Krawcheck, whose title is president of global wealth management and investment management, covered Merrill Lynch as an analyst in the 1990s when she was with Sanford Bernstein & Co. of New York.

Ms. Krawcheck has been communicating with current Merrill advisers, too.

“For years I have admired this company, and its component parts, immensely,” Ms. Krawcheck wrote in an internal note to advisers and employees last week. “I promise that I will work for all of you, and with all of you, to the utmost of my ability, respecting the culture that you all have created and building on the business’s industry leadership.”