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MOST POWERFUL WOMEN in BANKING Vol OCTOBER 2020 October 2020 | americanbanker.com 18th annual AMERICAN BANKER | 18TH ANNUAL MOST POWERFUL WOMEN IN BANKING IN WOMEN POWERFUL MOST ANNUAL 18TH | BANKER AMERICAN MOST POWERFUL WOMEN IN BANKING In a year of upheaval for the industry — and the country — these executives are rising to the moment and bringing others along with them Vol. 130/No. 10 Vol. Sharon Miller, Bank of America’s head of small business, at left, with Lisa Sanchez, one of her thousands of colleagues who helped with the Paycheck Protection Program As the Diamond Sponsor of this year’s event, Protiviti celebrates powerful women everywhere. WithAs the their lead unique sponsor impact, of this each honoreeyear’s program, shows Protivitius the way to makecelebrates a meaningful powerful difference women in oureverywhere. communities. With theirTheir unique leadership andimpact, resilience each honoree are an inspiration, shows us FIDELITY CAPITAL MARKETS andthe waytheir to combined make a meaningful contributions reminddifference us thatin our we communities. are strongest Help grow your business whenTheir leadershipwe amplify and all voices.resilience We, asare one, an inspiration, move forward and together.their with our vast client network The most The most combined contributions remind us that we are strongest when Access more than 32 million investors 1 important influential we amplify all voices. We, as and 13,500 financial advisory firms one, move forward together. When you choose Fidelity Capital Markets as one of your certificate of deposit (CD) topics. voices. underwriters, you can leverage our extensive network to help you grow your business. Many of our clients can easily purchase CDs directly at Fidelity.com or on our mobile app—which has more than 3.8 million daily interactions.2 Talk with us to see how we can help you today. As a leader in the financial services industry, Fidelity has more than $8.3 trillion in assets under administration and more As a subscriber to American Banker, you have full access to Leaders than 75 million customer accounts.1 — a forum where senior industry experts and innovators share their To get started: experiences and perspectives on business-critical topics. Call: 800.343.2670 Email: [email protected] This is content that drives decision making. Visit: go.fidelity.com/cdconnect For investment professional or institutional investor use only. Not authorized for distribution to the public as sales material in any form. 1Fidelity by the Numbers, as of 6/30/2020. 2Fidelity Investments data is from 1/02/2020–6/30/2020 and is based on an average of daily total visits. Fidelity Capital Markets is a division of National Financial Services LLC. Clearing, custody, or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC, Members NYSE, SIPC. © 2020 FMR LLC. All rights reserved. 941038.1.0 Join the conversation at americanbanker.com/leaders © 2020 Protiviti Inc. An Equal Opportunity Employer M/F/Disability/Veterans. PRO-0920 As the Diamond Sponsor of this year’s event, Protiviti celebrates powerful women everywhere. WithAs the their lead unique sponsor impact, of this each honoreeyear’s program, shows Protivitius the way to makecelebrates a meaningful powerful difference women in oureverywhere. communities. With theirTheir unique leadership andimpact, resilience each honoree are an inspiration, shows us FIDELITY CAPITAL MARKETS andthe waytheir to combined make a meaningful contributions reminddifference us thatin our we communities. are strongest Help grow your business whenTheir leadershipwe amplify and all voices.resilience We, asare one, an inspiration, move forward and together.their with our vast client network The most The most combined contributions remind us that we are strongest when Access more than 32 million investors 1 important influential we amplify all voices. We, as and 13,500 financial advisory firms one, move forward together. When you choose Fidelity Capital Markets as one of your certificate of deposit (CD) topics. voices. underwriters, you can leverage our extensive network to help you grow your business. Many of our clients can easily purchase CDs directly at Fidelity.com or on our mobile app—which has more than 3.8 million daily interactions.2 Talk with us to see how we can help you today. As a leader in the financial services industry, Fidelity has more than $8.3 trillion in assets under administration and more As a subscriber to American Banker, you have full access to Leaders than 75 million customer accounts.1 — a forum where senior industry experts and innovators share their To get started: experiences and perspectives on business-critical topics. Call: 800.343.2670 Email: [email protected] This is content that drives decision making. Visit: go.fidelity.com/cdconnect For investment professional or institutional investor use only. Not authorized for distribution to the public as sales material in any form. 1Fidelity by the Numbers, as of 6/30/2020. 2Fidelity Investments data is from 1/02/2020–6/30/2020 and is based on an average of daily total visits. Fidelity Capital Markets is a division of National Financial Services LLC. Clearing, custody, or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC, Members NYSE, SIPC. © 2020 FMR LLC. All rights reserved. 941038.1.0 Join the conversation at americanbanker.com/leaders © 2020 Protiviti Inc. An Equal Opportunity Employer M/F/Disability/Veterans. PRO-0920 Contents October 2020 | VOL. 130 | NO. 10 MOST POWERFUL WOMEN 2020 18 In a year of tumult, women stepped up Women across the industry played leading roles in devising their company’s response to the pandemic as well as in implementing the Paycheck Protection Program and getting capital to small businesses struggling to survive. Then, as if on cue to underscore their growing influence, came Jane Fraser’s promotion at Citigroup. 46 One suddenly more powerful woman Citigroup’s CEO-in-waiting is no longer waiting. Jane Fraser, who is taking the reins from Michael Corbat sooner than expected, has plenty of work to do, including, as she put it, positioning Citi “for the digital and disruptive times ahead.” THE LISTS 46 21 The 25 Most Powerful Women in Banking Ellen Alemany, one of the five bank CEOs profiled on the 2020 list, on how CIT Group pulled off the integration of Mutual of Omaha Bank amid the pandemic. Bank of the West’s Nandita Bakhshi is also among those featured. 45 22 64 71 The 25 Most Powerful Women to Watch Sharon Miller, head of small business at Bank of America, led its effort to make emergency loans this spring. And Wells Briefings BankTechnology Fargo staffed up its executive ranks with more women, as it 4 12 works to recover from the scandals of the past few years. Riding a ‘buy now, pay later’ wave Fintech unit embodies Recent rollouts by PayPal, Mastercard, new mission Visa and Citigroup point to the impact M&T’s goal in creating an in-house of emerging products from companies fintech unit wasn’t just to build one 69 like Affirm, Afterpay and Klarna innovative product; it aims to acquire The 25 Most Powerful Women in Finance capabilities that will propel innovation Check out Suni Harford’s “Post-it Challenge,” Katia 6 across the bank Bouazza’s series of notable firsts, and Claudine Gallagher’s Recruiting strategy reimagined new role. How a North Carolina community 13 bank intent on improving diversity Buy-in on bots is working with historically Black Extraco Banks in Texas and Carter 89 colleges to hire and train prospective Bank in Virginia are training bots to Top Teams commercial lenders perform tedious tasks so employees can focus on more productive work Bank of America 8 U.S. Bancorp Room for experimentation Bank of the West Zions Bancorp. The inventors of Grain had the idea, BankThink Howard Bank the research and the coding in place 96 for an app to help bank customers The march goes on build credit, but they had no viable The OCC’s Grovetta Gardineer reflects way to test their product. Enter the on the people who inspired her to go financial sandbox. into public service and the obstacles that women in banking, especially women of color, continue to face Cover photographer: John Davidson americanbanker.com October 2020 American Banker 1 001_ABM1020_001 1 9/16/2020 5:00:29 PM Volume 130, No. 10 What’s going on american banker.com Editor’s View Executive Editor Bonnie McGeer Senior Designer Nick Perkins @americanbanker.com Contributors Laura Alix, Joel Berg, Brian Browdie, Penny Crosman, Miriam Cross, Tanaya Macheel, Matthew de Paula, Jim Dobbs, Alan Kline, Allissa Kline, William Laurent, Jon Prior, John Reosti, Naomi Snyder, Kevin Wack www.americanbanker.com Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 Editor in Chief Alan Kline 571-403-3846 Managing Editor Dean Anason 770-621-9935 Executive Editor Bonnie McGeer 212-803-8430 Technology Editor Penny Crosman 212-803-8673 Washington Bureau Chief Joe Adler 571-403-3832 BankThink Editor Rachel Witkowski 571-403-3857 Community Banking Editor Paul Davis 336-852-9496 Contributing Editor Daniel Wolfe 212-803-8397 Digital Managing Editor Christopher Wood 212-803-8437 Copy Editor Neil Cassidy 212-803-8440 Reporters/Producers Laura Alix 860-836-5431 Kate Berry 562-434-5432 Miriam Cross 571-403-3834 Jim Dobbs 605-310-7780 Neil Haggerty 571-403-3837 John Heltman 571-403-3847 Allissa Kline 716-243-2679 Hannah Lang 571-403-3855 Brendan Pedersen 571-403-3878 Jon Prior 214-629-5894 John Reosti 571-403-3864 Gary Siegel 212-803-1560 Jackie Stewart 571-403-3852 Kevin Wack 626-486-2341 MOST READ MOST SHARED Executive Director, Brand Studio End of the road? Michael Chu 212-803-8313 Total loans distributed through the Paycheck Protection Program have barely budged in recent weeks.
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