Crain's 2019 Notable Women in Banking & Finance
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Women claim their place in finance INDEX OF HONOREES PAGES 24-25 PAGE 28 PAGE 32 PAGE 36 PAGES 40-41 Ellen Alemany Stephanie Cohen Marisa Harney Anneliese Seelaus Mitnick Denise Smyth Barbara Desoer Susan Cullen Susan Huang Julie Monaco Magda Souffront Mary Callahan Erdoes Dafna Dothan Andrea Kantor Michelle Neal Emily Stoddard Adena Friedman Hafize Gaye Erkan Audrey Kaplan Sandie O’Connor Christine Waldron Sallie Krawcheck Laura Fazio Michal Katz Shelley O’Connor Anne Walker Marianne Lake Carolyn Finer Nancy King Carin Leong Pai Yael Weinstock-Shemesh Barbara Novick Aleida Frederico Esther Lainis Raquel Palmer Ellie Wheeler Anne Clarke Wolff PAGE 30 PAGE 34 PAGES 38-39 Sharon French Janice Liu Abby Parsonnet PAGE 26 Claudine Gallagher Elizabeth Magennis Tina Chan Reich Karen Altfest Lorraine George-Harik Ellen Marshall Diane Reyes Alexandra Barth Leslie Godridge Alison Mass Josephine Savastano Fiona Bassett Maria Grasso Doris Meister Luvleen Sidhu Lissa Baum Deborah Gravinese Melissa Melvin Elena Sisti Katia Bouazza Maria Hackley Denise Menelly Lori Calvasina We congratulate Carin Pai and all of 2019’s Notable Women, for their notable achievements and dedication to the New York City community. More than 85 Years of Truly Personalized Wealth Management. fiduciarytrust.com © 2019 Fiduciary Trust Company International and subsidiaries (doing business as Fiduciary Trust International) are part of the Franklin Templeton Investments family of companies. All rights reserved. FTCI_BIGWORD_MAG_10.25x7_CRAIN_0219_rev.indd 1 2/26/19 6:54 PM COPY EDITOR______ COLD READER______ WRITER______ SENIOR EDITOR______ FINAL______ Contents 22 Women claim their place in finance 24 Profiles of the 2019 Notable Women in 42 Banking & Making a Finance difference How women in finance find ways to give back Personal and Exceptional. Santander congratulates Laura Fazio and Ellen Marshall for making Crain’s Notable Women in Banking and Finance list. santanderbank.com ©2019 Santander Bank, N.A. All rights reserved. Santander, Santander Bank and the Flame logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. 298704 03/11/2019 COPY EDITOR______ COLD READER______ WRITER______ SENIOR EDITOR______ FINAL______ KPS CAPITAL PARTNERS, LP INDEX OF ADVERTISERS P. 18 Fiduciary Trust International P. 33 Capital One P. 19 Santander P. 35 Wilmington Trust/M&T Bank CONGRATULATIONS TO P. 20 U.S. Bank P. 37 IDB Bank P. 21 KPS Capital Partners, LP P. 38 City National Bank P. 23 Citi P. 39 Webster Bank RAQUEL PALMER P. 25 Flushing Bank P. 40 U.S. Bank P. 27 ConnectOne Bank P. 41 BHI ON YOUR P. 29 HSBC P. 43 RBC Capital Markets P. 31 CIT ELEVATION TO CO-MANAGING PARTNER AND RECOGNITION AMONG CRAIN’S “NOTABLE WOMEN IN BANKING AND FINANCE” Celebrating YOU ARE AN INSPIRATION! inspiring women in banking KPS CAPITAL PARTNERS, LP Congratulations, Leslie Godridge, on being named a 2019 Notable Woman in Banking and Finance! U.S. Bank A middle market private equity limited partnership focused on proudly recognizes your outstanding leadership and Leslie Godridge Vice Chairman and Co-Head, constructive investing in highly complex corporate carve-out transactions, inspiring contributions to our industry. With over 30 years Corporate & Commercial Banking in financial services, you combine in-depth expertise, turnarounds, restructurings and other special situations vision and commitment to push boundaries and redefine excellence in banking. Thank you for passionately 485 LEXINGTON AVENUE, 31ST FLOOR working to build new opportunities at U.S. Bank. NEW YORK, NY 10017 TEL: 212.338.5100 Member FDIC. ©2019 U.S. Bank. www.kpsfund.com Untitled-3 1 3/4/19 11:35 AM COPY EDITOR______ COLD READER______ WRITER______ SENIOR EDITOR______ FINAL______ KLN482CN019052.indd Ad_Palmer_03_M01.indd 1 1 2/28/193/4/19 11:4412:49 AMPM KPS CAPITAL PARTNERS, LP CONGRATULATIONS TO RAQUEL PALMER ON YOUR ELEVATION TO CO-MANAGING PARTNER AND RECOGNITION AMONG CRAIN’S “NOTABLE WOMEN IN BANKING AND FINANCE” YOU ARE AN INSPIRATION! KPS CAPITAL PARTNERS, LP A middle market private equity limited partnership focused on constructive investing in highly complex corporate carve-out transactions, turnarounds, restructurings and other special situations 485 LEXINGTON AVENUE, 31ST FLOOR NEW YORK, NY 10017 TEL: 212.338.5100 www.kpsfund.com KLN482CN019052.indd Ad_Palmer_03_M01.indd 1 1 2/28/193/4/19 11:4412:49 AMPM B:11.125” T:10.875” S:10.25” Women claim their place in finance A big round of applause The industry overall remains “People tend to see certain qualities in a positive light At work and at home, Dothan says, she’s had support for when demonstrated by a man and see the same qualities breaking out of traditional gender roles and pursuing her for making Crain’s Notable in a negative light when demonstrated by a woman,” she full career potential. male-dominated. But women said. “The [words] that people choose when talking about “I always looked at myself as an individual,” she said. women versus men tend to be stereotypes—a man being Women in Banking and “The questions I’ve always asked myself are, How, as an leaders say change has arrived. ‘ambitious’ or ‘tenacious’ versus a woman being a ‘shrew’ individual, I can succeed? How can I climb up the lad- or ‘aggressive.’” der?’ Not: How—as a woman—can I succeed?” Finance list. Biases against women are not nearly as overt or common When Andrea Kantor, a senior vice president at IDB Bank, as they once were, Kantor says, but women still must Confidence is key began her career in the 1980s on Wall Street, she faced a contend with them. Industry insiders agree that confidence is a necessity for harsh set of stereotypes that assumed—and helped en- women who want to make it to the top. sure—few women would keep jobs there for long. Being heard also remains a challenge for women in some workplaces. For instance, Sidhu realized early in her career she need- The stereotypical female professional on Wall Street, she ed to get comfortable taking credit for her accomplish- And another. Luvleen Sidhu, who co-founded BankMobile in 2015, recalls, would remain single and be available to work all ments. Women often water down their achievements, she says women are more timid than men about speaking up hours, with no homelife that required balancing. Yet they says, by attributing their actions and successes to their for themselves. At the same time, some male colleagues And another. would never run the company. Men, meanwhile, would teammates—sometimes not even noticing when they say make the problem worse, Sidhu says. marry and have children. What’s more, men were the only “we” instead of “I.” ones in the top jobs. “Sometimes when women speak “You need to be a team player, up,” she said, “I have heard men One day, Kantor went to a job interview at an investment but women also need to be very Congrats to Barbara Desoer, Julie Monaco and cut them off and start talking.” bank that succinctly drove home the double standard. clear about their added value and Maria Hackley. Your relentless dedication to The interviewer pointed to a picture on his desk of his B:14.75” In those situations, Sidhu makes speak up about what their contri- T:14.5” S:14” three daughters, who were close to Kantor’s age, and it a point to intervene: “I try to “You need to be a team bution is,” she said. progress is an inspiration to us all. talked about their aspirations—to get married, to become call that out in a professional player, but women also Sidhu recommends that women mothers. way, helping that person speak keep a record of what they con- up again by saying, ‘Hey, you need to be very clear “He was basically telling me this should be my goal,” she tribute at work and the effects of were saying something. I want said. “I knew immediately I couldn’t work there. It con- their efforts. By taking note of these From your Citi Family you to finish that thought.’” about their added value firmed I should leave the industry.” contributions, women can make a Effective managers and the and speak up about what That experience led Kantor to commercial banking, more persuasive case for a raise or a example set by company leaders where women had already begun to ascend the ranks. their contribution is” promotion, she says. can help change both of those There, she saw examples of the life she wanted—and behaviors and the mindsets that Insiders also agree that women the life she would one day have: Women held leadership Luvleen Sidhu contribute to them, Sidhu says. have reason for confidence be- positions and had families—just as the men did. BankMobile Yet even at senior-executive cause the tide is changing. Today’s The industry has changed significantly since then. levels, this issue can carry over companies are more aware of into salary negotiations. Male inequality’s negative effects on For one thing, more women now work on Wall Street. In senior leaders are typically direct workplaces. In response, many addition, women have assumed some of the top roles about their salary expectations, firms have taken steps to level the at major financial services companies. Many workplac- Sidhu explains. They advocate for themselves, citing their playing field by changing policies, boosting awareness es across industries have tried to attract and hire more market value and opportunity costs. and actively seeking diverse hiring pools. women. “You never have those conversations with women,” she In this era, being different from the status quo might give Nevertheless, some challenges persist.