CNBC EXCLUSIVE: CNBC TRANSCRIPT: SALLIE KRAWCHECK, FORMER CITI CEO OF WEALTH MANAGEMENT BUSINESS & FORMER CFO, ON CNBC'S "SQUAWK BOX" TODAY, THURSDAY, JULY 23RD AT 8AM ET

KRAWCHECK ON LESSONS :

"There's certainly been alot of lessons learned from the downturn, and if you did have smart people before those smart people have learned a ton of lessons going through the downturn, so we're certainly in better shape because we've got as in industry that much more experience."

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KRAWCHECK ON RECOVERY :

"What we're certainly seeing is an economy that we're going to debate, you know is it improving fast enough, is it improving is it going to be a jobless recovery, is it going to be a profitless recovery, a this-less recovery, or a that-less recovery, but there's no doubt that we've come to the bottom and we may be bouncing along the bottom but there's going to be a recovery one day."

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KRAWCHECK ON INSTITUTIONS :

"What we're certainly seeing is an economy that we're going to debate, you know is it improving fast enough, is it improving - it's going to be a jobless recovery, it's going to be a profitless recovery, thisless recovery, or thatless recovery, but there's no doubt that we've come to the bottom and we may be bouncing along the bottom but there's going to be a recovery one day."

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KRAWCHECK ON WALL STREET :

"In these institutions there's less competition than there was before which means there will be maybe not quite as much business but quite alot of business to go to fewer players and so the business is going to be in good shape over a reasonable period of time."

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KRAWCHECK ON CREDIT RATINGS :

"They made mistakes on the securitizations, heck they made mistakes in tripe A ratings and the banks in GE and so on, right, and that was you know- may have been the bigger mistake quite frankly, as opposed to rating the securitizations. What you have to do in order to get the confidence back is break the conflict that the issuer is paying them for, you know- the rating."

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KRAWCHECK ON OPPORTUNITIES :

"I do think there are some really interesting opportunities in the investor space, the wealth management space, and the individual investor space, and so I am taking some time to look at some initiatives or opportunities there."

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KRAWCHECK ON COMPENSATION V CONFIDENCE :

If the perception is that these guys don't get it and have gone through this and haven't learned a lesson, and if compensation is an example of not getting it, then they can extrapolate that on to the rest of things that are happening in the industry and incorporate that view as they think about making their investment. So I think that's sort of the broader and bigger point. Not is this guy going to get paid this or this guy is going to get paid that, but instead, are we doing the things to sew the seeds of confidence in the system.





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