MOST POWERFUL WOMEN in BANKING Vol

, one of her thousands of colleagues who helped Bank of America’s head of small business, at left, Bank of America’s , Lisa Sanchez Sharon Miller Sharon with Program with the Paycheck Protection americanbanker.com | 18th annual 18th MOST others along with them along others these executives are rising executives these to the moment and bringing and bringing the moment to October 2020 In a year of upheaval for the for year of upheaval a In industry — and the country — and the country — industry BANKING WOMEN IN WOMEN POWERFUL

OCTOBER 2020 AMERICAN BANKER | 18TH ANNUAL MOST POWERFUL WOMEN IN BANKING Vol. 130/No. 10 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

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

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2 American Banker October 2020

002_ABM1020 2 9/16/2020 5:17:44 PM Congratulations to this year’s honorees. This recognition comes at a time when leadership is more important than ever. As the strength of our industry is tested, you continue to spark innovation that will help shape the future of financial services. You have reminded us that we have the resiliency to emerge from this stronger.

Lauren Kirkley Chief Operating Officer Harland Clarke

We are honored to celebrate all of American Banker’s Most Powerful Women in Banking honorees. Thank you for your leadership, your determination, and the example you are setting for the next generation of powerful women.

harlandclarke.com [email protected]

003_ABM1020Mkcom-2905-01 3American Banker-Women in Banking Congrats-Oct-Print Ad.indd 1 9/16/20209/10/20 4:43:00 7:18 AMPM Briefings CONSUMER LENDING | RECRUITING | REGULATION

Lending on the installment plan Visa, MasterCard and PayPal hop on the ‘buy now, pay later’ bandwagon with new products for shoppers

By Kevin Wack

Financial industry heavyweights are of credit to online shoppers, announced on small-dollar purchases that borrow- taking note of the rapid rise of new a new option called Pay in 4. It largely ers pay off in four installments. borrowing options that offer shoppers mimics offerings from Klarna, Afterpay “This is kind of a new choice for an alternative to the decades-old credit and others — allowing U.S. consumers consumers,” said Mitch Ferro, the chief card. to finance purchases of $30 to $600 executive of Mastercard Vyze, which PayPal, Visa, Mastercard and with four interest-free payments over a offers participating merchants a choice Citigroup have all made recent moves six-week period. of loan offers to extend to particular that reflect the impact of emerging Visa announced a partnership that is customers. “I think it’s just a really products from the likes of Affirm, meant to enable shoppers in India to easy-to-understand-type product for Afterpay and Klarna. make installment payments when they the consumer.” Those loan products, which are often swipe Visa-branded cards. In July, Visa The new wave of installment loan grouped together under the “buy now, and ChargeAfter, a Silicon Valley products can help merchants by pay later” umbrella, allow shoppers to company, unveiled a similar pilot in the boosting their sales. The benefits for make fixed installment payments, United States. consumers are less clear-cut. rather than tapping into a revolving And Mastercard announced a Consumers typically pay either 0% credit line. partnership with QuadPay, which is or an interest rate that is lower than the PayPal, which has long offered a line another firm that offers 0% financing rate on credit cards. But late fees can

4 American Banker October 2020

004_ABM1020 4 9/16/2020 8:46:05 AM Congratulations to Michele Trolli from your friends at M&T.

You help us make a difference. Thank you for being a champion of diversity, inclusion and gender equality, and for fueling economic, social and cultural growth. For driving an incredible tech transformation and creating a model to enrich our communities and make a difference in the lives of our customers. For being named one of American Banker’s 25 Women to Watch 2020. For all your amazing accomplishments on behalf of our communities, customers and colleagues – and the example you set each and every day – we applaud you. Michele Trolli Chief Technology & Operations Officer M&T Bank

005_ABM1020 5 9/16/2020 4:43:01 PM Briefings

pose a risk for borrowers who cannot at traditional brick-and-mortar retailers afford their payments. The installment that are key partners of banks that New-school loans can also add to consumers’ specialize in store-branded credit cards overall debt loads. In a recent survey of declined sharply in the second quarter recruiting N.C. bank’s program focuses Americans by the personal finance site of this year. on historically Black colleges The Ascent, 14% of respondents said “While in-store retail declines during that they have used “buy now, pay the pandemic, e-commerce has Jamarkus Swinson, a recent graduate later” services because their credit thrived,” Hecht wrote. and fresh entrant to the post-college cards were maxed out. He argued that online point-of-sale workforce, has high expectations for his Incumbents in the consumer finance financing from companies like Affirm career — and so too does his new industry also face a tricky calculus. and Afterpay will continue to become employer. Payment networks like Visa and more popular over time. Swinson and a fellow graduate of Mastercard get a small cut of each The rise of digitally focused install- North Carolina A&T State University’s transaction whether it happens on a ment lenders gives shoppers more business school constitute the inaugural traditional credit card or a digital-era choice than they previously had, said class of Piedmont Federal Savings installment loan. Card-issuing banks, AJ Stocker, a former executive at the Bank’s GPS Banker Development which collect interest when shoppers credit card issuer Alliance Data Program, a yearlong, multifaceted revolve their debt, may have the most Systems. training program for new bankers, to lose. “My point of view is that it’s just with an emphasis on recruitment But those banks are now facing another option that they can choose from historically Black colleges and pressure to respond to the rapid growth from depending on their situation,” said universities, or HBCUs. of installment lending, which has gotten Stocker, who is now vice president of Piedmont Federal included GPS in a boost from the recent surge in strategic consulting at Kobie Marketing. the name to connote a sense of e-commerce transactions during the Ricaurte, a former executive at positioning itself and the participants pandemic. American Express, said that credit for the future. “It’ll very clearly start eating into card-issuing banks are not well The goal is for Swinson and others to bank territory,” said Andrés Ricaurte, a positioned to make rapid credit build on their degrees from A&T and senior vice president at the technology decisions like their new competitors do, other HBCUs, learn hands-on the services firm Mphasis. in part because of how their data is various operations of the thrift and At the end of June, Afterpay, of structured and how their risk policies become long-term business bankers Melbourne, Australia, reported having work. and leaders at the $893 million-asset 5.6 million active U.S. customers, up By contrast, the upstart lenders use Piedmont. The Winston-Salem, N.C., from 1.8 million a year earlier. San a limited amount of information that thrift has long been a mortgage lender, Francisco-based Affirm has reportedly their prospective customers provide, but at the start of 2020 it diversified into been preparing for an initial public plus insights gained from their users’ commercial lending with a focus on offering. digital footprints, to determine in real small businesses. Banks that issue store-branded time whether to approve an applica- “That’s the attractive part of this — credit cards, especially cards that can tion, he said. I’m investing myself in the company and only be used at one particular retailer, “They have a ton of very recent data, it’s investing in me for the long term,” may face the most immediate threat. which some might argue is more Swinson said. “They are not just Such cards have traditionally been used relevant than whether you defaulted throwing me to the wolves; they are more frequently by customers with three years ago,” Ricaurte said. training me and providing time to really relatively low credit scores, an audience One bank that has begun to adapt is learn the business so I can succeed. And that overlaps with the young-adult Citi. Last month the New York-based when I succeed, they succeed.” segment that is frequently targeted by bank announced that it will allow Many banks have taken action to the “buy now, pay later” companies. eligible credit card holders to split the diversify their leadership and workforc- In a July research note, analyst John cost of most Amazon purchases over es, as well as invest in disadvantaged Hecht of Jefferies noted that foot traffic $100 into equal monthly payments. communities, amid demands for an end

6 American Banker October 2020

006_ABM1020 6 9/16/2020 8:46:06 AM Honoring the women leading the way in banking and finance. We applaud the strength, vision, and insight of these industry leaders, and wish them continued success in the years to come.

Discover® Global Network is proud to honor this year’s 25 most powerful women in banking and finance. Their achievements are changing the industry and shaping the future of banking and finance.

007_ABM1020 7 9/16/2020 4:43:01 PM Briefings

to systemic racism after the killing of summer, made action more urgent, For his part, Swinson said he is George Floyd and others. Barksdale said. Young Black profession- grateful to have successfully navigated U.S. Bancorp in Minneapolis, for als too often are not entering the a suddenly difficult labor market example, said it would provide $100 workforce on an even playing field, — many employers froze hiring plans million in capital to Black-owned and including in the banking profession. As over the summer, as the shocks of the -operated businesses and organizations. such, banks remain predominantly white pandemic rolled though the economy PNC Financial Services Group in and short on the diversity — in back- — and found an ideal match in his Pittsburgh promoted two Black bankers grounds, in thoughts, in experiences — home state. to its top-level management committee. needed to serve the entirety of their “It’s an uphill battle out there right Among smaller lenders, Bell Bank in potential customer bases. now” for job hunters, he said. “I intend to Minneapolis said this week it hired a “The fact is” in North Carolina’s make the most of this.” — Jim Dobbs community development officer to help Piedmont Triad region, which consists of guide efforts to reach more businesses cities Greensboro, Winston-Salem and and residents in underserved areas. High Point, “there are very few commer- Safe spaces But Piedmont Federal President and cial bankers of color,” Barksdale said. Chief Executive David Barksdale said he Yet about a third of the area’s popula- to experiment thinks the thrift’s program is unique tion is Black or Hispanic. “So clearly, States entice fintechs with the among community banks, though it banks need to do better. You’ve got to freedom to test products would not surprise him to see more be intentional.” The inventors of Grain had the idea, the follow suit. “This is the right thing to do For Piedmont Federal, that meant research and the coding in place for an for a lot of reasons,” he said. deepening existing ties with North Caro- app to help bank customers build credit, Bruce Kershner, head of the banking lina A&T, the largest HBCU in the but they lacked a viable way to test executive search firm Kershner & Co., country, to identify interested and their product. agreed. “I think this is an important talented college seniors and recent Enter the fintech sandbox. step,” Kershner said. “And I think more graduates to launch its development Regulatory sandboxes, which provide banks need to do it.” program. While the effort starts a framework for startups to vet products Kershner said that, especially among modestly, Piedmont Federal expects with consumers before pursuing a big banks, extensive training and participation to expand in coming years license or jumping through onerous development programs were common as the thrift grows. hoops, have caught on more slowly 20 or more years ago but have since The program, which formally in the United States than in other faded in number and are scarce today. launches this month, will be comprehen- countries like the United Kingdom, The result: “Trying to recruit really good sive in scope, covering banking princi- which pioneered the concept. bankers who understand credit is very ples, operations, accounting, technolo- Florida and West Virginia passed difficult,” he said. “So it definitely makes gy, management and leadership. legislation in recent months, joining sense” to develop talent internally. Participants will work through the Arizona, Nevada, Utah and Wyoming as Barksdale, who took the helm at yearlong curriculum building on their states with fintech sandboxes. Several Piedmont in 2019 after helping to lead strengths developed in college with an other states, including Illinois and North other banks in the Carolinas, said the intensive training program to accelerate Carolina, have bills in the works. thrift determined early in his tenure that their careers, preparing them for Arizona, which in 2018 became the it needed to diversify its business lines to advanced positions and future leader- first state to offer a fintech sandbox, is grow and more effectively serve its com- ship roles with Piedmont Federal. the only one with active participants. munities. To do this, it also decided, it Allen Suttle, director of business But some early signs of success show needed to diversify its workforce to banking at Piedmont Federal, said that that fintechs can emerge from this better reflect North Carolina’s popula- while the program is focused on process with a promising product — tion and its business owners. developing commercial bankers, “it is and in Grain’s case, a bank partnership. The killing of Floyd earlier this year, very flexible” and will likely produce States are also innovating beyond followed by the racial reckoning in cities branch managers as well as leaders in the sandbox concept. across the United States throughout the the mortgage business and other areas. The Multistate Money Services

8 American Banker October 2020

008_ABM1020 8 9/16/2020 8:46:07 AM Power your business with a ﬂ exible tech stack.

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39994-39_AD_IX-AmBanker.indd009_ABM1020 9 1 9/16/20209/2/20 4:43:02 2:26 AMPM Briefings

Businesses Licensing Agreement, or state’s fintech sandbox. “We’re trying to Will fintechs sign up? MMLA, which streamlines the money reduce those regulatory barriers and It’s unclear how attractive these transmitter licensing process among 27 eliminate companies going through sandboxes will be for budding entrepre- states, and regulatory sandboxes, “are various agencies to get approval to neurs. “To get venture funding and the not one-offs,” Catherine Pickels, test a product that may or may not attention of strategic partners, you can’t communications director at the be successful. But it’s a sandbox, not a confine yourself to a single state,” Conference of State Bank Supervisors, beach, so it’s not a complete free-for- Lorentz said. “I still find that clients want said. “Experimentation is baked into all.” to go in other directions.” this dynamic system of state regulation Grain is based in the Bay Area, but But he said sandboxes have advan- where states work together to Arizona’s rules allow nonresidents to tages when it comes to spurring harmonize and each state retains the participate, though they are subject to innovation. “It’s good for incumbents to ability to fulfill consumer protection and the state’s jurisdiction. see the lessons others are drawing, economic development mandates.” The startup was admitted in October about how to reach customers and 2018 and spread the word about its configure products, which they wouldn’t How to play product — an app that connects a necessarily do without the pressure of Each state has its own rules concerning revolving line of credit, based on the competition,” Lorentz said. “And it gives the eligibility, residency and reporting income and spending, to an individual’s insurgents the opportunity to prove their requirements for sandbox participants, checking account so they can use their concepts and serve customers, particu- but the broad goals are similar: to debit card as if it’s a credit card larly the underbanked, in ways they entice companies offering innovative — among friends of friends in Arizona, haven’t been served before.” financial products or services — includ- collecting up to 30 beta testers in the Hudson said the pandemic might ing those in the areas of peer-to-peer state. In 2019, Grain signed a deal with lead to more activity in West Virginia’s lending, money transmission and the $1.2 billion-asset Ponce Bank in New sandbox. “I think everyone is looking for cryptocurrency — to bring their business York City to provide the line of credit. a new way to reach different parts of to the state. In West Virginia, a bill to set up a the market, whether through licensable “This is supposed to be a much fintech sandbox was introduced last activity or an innovative product,” she lighter touch regulatory regime so you year but drew opposition from consum- said. can trial and pilot concepts,” said er advocates and other groups; a 2020 Arizona has had 10 participants so Andrew Lorentz, a lawyer at Davis rewrite incorporated more consumer far, including two that have exited. One Wright Tremaine. “There is a balance protections and input from other of the graduates, Verdigras Holdings, between protecting consumers and affected constituencies. which aims to serve the unbanked, is enabling innovation with time and cost A major motivation for the bill was a working toward its own bank charter. It taken up by licensing.” desire to “invite new business to the intends to establish its headquarters in In all the states with sandboxes, firms state,” said Kathy Lawson, general the Phoenix area. won’t need a license to conduct limited counsel for the West Virginia Division of “One thing the pandemic has shown tests with consumers for up to two Financial Institutions, which oversees is how much technology matters in our years, though they may be subject to the sandbox. “It also gives us an lives and how innovation is changing criminal and state consumer protection opportunity to look at our laws and see the world,” Brnovich said. laws. Applicants must outline their plan where there is more opportunity for Carl Memnon, Grain’s chief operating for consumer protection and, once modernization and efficiency.” officer, said his firm wouldn’t exist if not accepted, report to the overseeing The legislative session ended shortly for the sandbox. agency and keep meticulous records. before the pandemic impacted West “There are certain capital barriers to “Companies have to open up their Virginia. Lawson and Tracy Hudson, offer a product like ours,” he said. books so we can run checks to test deputy commissioner of the West “When we discovered the sandbox we their progress and make sure they are Virginia Division of Financial Institutions, saw it as an opportunity to validate our consistent with Arizona law,” said scrambled to get the program up and idea in a controlled environment with Arizona Attorney General Mark running under emergency rulemaking the guidance and oversight of a Brnovich, whose office oversees the by June 5. regulatory authority.” — Miriam Cross

10 American Banker October 2020

010_ABM1020 10 9/16/2020 8:46:08 AM Celebrating women in leadership

JPMorgan Chase is committed to empowering and advancing women, both inside and outside our firm. We’re proud to have so many talented women leading our company. Congratulations to our Most Powerful Women in Banking and Finance.

Lori Beer Joyce Chang Thasunda Brown Duckett Mary Callahan Erdoes

Stacey Friedman Teresa Heitsenrether Marianne Lake Liz Myers Jennifer Piepszak

Learn more about how we support women within the firm and around the world at jpmorganchase.com/WOTM

011_ABM1020 11 9/16/2020 4:43:02 PM Bank Technology

The team held a series of “shark tanks” to whittle down dozens of ideas. These sessions started out as short pitches and progressed to longer, more in-depth pitches in front of top company executives, including Chairman and Chief Executive René Jones. “Nota felt right because it linked directly to a bank product we already have, IOLAs and IOLTAs,” Hayes said, using abbreviations for Interest on Lawyers Accounts and Interest on Lawyers Trust Accounts. “Is it nichey? Yes, but practically every attorney has a trust account when holding funds for various purposes. For small and midsize firms, this is a real pain point.” The market is also bigger than one might think. Small firms and solo attorneys make up the majority of the legal profession, according to the American Bar Association’s 2019 Legal Technology Survey Report. Of the 63% of survey respondents who fell into Birth of a fintech operation these categories, 32% were solo and 31% were from firms with two to nine A new unit at M&T Bank aims to develop innovative products and just launched its first employees. one. It’s part of an effort to prioritize digital transformation. M&T Bank has 150,000 lawyers in its service area. By Miriam Cross Hayes’ team was also excited for the novelty of this project. “Unique solutions When the enterprise transformation The Nota software connects to a by the pandemic, the bank has been can be pretty elusive in banking,” he office at M&T Bank began exploring lawyer’s trust account and helps pleased with customer acquisition. said. “Most of us have similar products problems the bank could fix for its organize and reconcile transactions. Nota had 20 users when the pandemic and features and functionality.” small-business customers, the team But the goal of creating an in-house hit in March, and that number has since The product makes trust-account landed on a challenge facing a very fintech unit wasn’t just to build a hit climbed to 200 despite a three-month management easier. Lawyers have to specific niche: solo attorneys and small product; it was to acquire capabilities pause on outreach efforts before they distribute funds for certain types of law firms that struggled to efficiently that would drive innovation at the bank, restarted in June. transactions, such as immigration, real reconcile their trust accounting. said Tom Hayes, senior vice president of But landing on Nota took time. estate or personal injury fees, from a So M&T hatched a fintech-like unit to enterprise transformation at M&T. Breakthroughs came from conversing trust account rather than their business solve the issue. Nota, which is Latin for Potential benefits for the company with real-life customers to sense what account. To achieve three-way reconcil- “note,” is the inaugural product of as a whole range from learning how to drove them crazy — including issues iation, a process recommended by the Project Swan St., the initiative managed bring products to market swiftly to that they couldn’t quite put into words. American Bar Association, their books by the Buffalo, N.Y., bank’s office tasked attracting top technology talent. “We learned that you don’t go into must be balanced against the transac- with developing new business ideas and The effort is also part of a larger something knowing exactly what to tions in their client ledgers and their tools for its customers. The initiative is push to prioritize digital transformation build,” said Hayes. “We were out in the trust account’s bank statement. named after the location of M&T’s first at the $139.5 billion-asset bank. world, literally sitting next to attorneys, Firms will sometimes use QuickBooks branch, in downtown Buffalo. Although the rollout was disrupted watching how they do their business.” or practice management software to

12 American Banker October 2020 americanbanker.com

012_ABM1020_001 12 9/16/2020 10:22:07 AM The team held a series of “shark reconcile their accounts, but Paul tanks” to whittle down dozens of ideas. Garibian, president of Nota, said that On board These sessions started out as short Nota’s solution plugs into the bank pitches and progressed to longer, more account side, which is more reliable. with bots They’re not just for in-depth pitches in front of top compa- Once a customer links their IOLA or big banks anymore ny executives, including Chairman and IOLTA account from M&T to Nota, it will Chief Executive René Jones. help them tag transactions to different Large banks have avidly adopted “Nota felt right because it linked clients, make notes, send and receive robotic process automation, technology directly to a bank product we already payments and run reports to ensure that lets people set up small pieces of have, IOLAs and IOLTAs,” Hayes said, that balances are aligned. software called bots to handle simple using abbreviations for Interest on Like a fintech, Nota evolved from a tasks normally done by humans. It’s Lawyers Accounts and Interest on minimum viable product to alpha and something they don’t like to talk about Lawyers Trust Accounts. “Is it nichey? beta testing phases. It officially because it’s perceived as a job killer. Yes, but practically every attorney has a launched in August, but relationship It’s tougher for smaller banks to trust account when holding funds for managers began introducing it to follow suit. They often lack large various purposes. For small and midsize prospective and existing customers technology staffs to create and manage firms, this is a real pain point.” before that. bots, and sometimes legacy systems The market is also bigger than one Right now, Nota is considered an don’t play well with RPA software. might think. Small firms and solo autonomous department in M&T Bank. Yet some community banks — Carter attorneys make up the majority of the The bank began development in April Bank & Trust in Martinsville, Va., and legal profession, according to the 2019 and hired Garibian, previously Extraco Banks in Waco, Texas, among American Bar Association’s 2019 Legal head of payments for the Americas at them — have embraced RPA and are Technology Survey Report. Of the 63% Finastra, as president in December. His deploying it in a growing number of of survey respondents who fell into 20 employees take care of software ways throughout their organizations. Birth of a fintech operation these categories, 32% were solo and development, product management, 31% were from firms with two to nine operations and marketing. Before Carter Bank & Trust A new unit at M&T Bank aims to develop innovative products and just launched its first employees. remote work became the norm they Three years ago, the $4 billion-asset one. It’s part of an effort to prioritize digital transformation. M&T Bank has 150,000 lawyers in its were preparing to move to the Innova- Carter began a core conversion and a service area. tion Center on the Buffalo Niagara harsh reality set in. “We had 40 years By Miriam Cross Hayes’ team was also excited for the Medical Campus. of, I would say, lack of data discipline,” novelty of this project. “Unique solutions For now the product is available only Chief Information Officer Matt Speare by the pandemic, the bank has been can be pretty elusive in banking,” he to M&T customers, but the bank will said. “We saw we had massive amounts pleased with customer acquisition. said. “Most of us have similar products consider expanding it to other users in of corrections to do.” Nota had 20 users when the pandemic and features and functionality.” the future. Most banks experience data hit in March, and that number has since The product makes trust-account Hayes’ team is also busy incubating nightmares when they try to pour data climbed to 200 despite a three-month management easier. Lawyers have to another idea that came out of Swan St. from existing applications into a new pause on outreach efforts before they distribute funds for certain types of and running sprints with other lines of core system. Format, software and restarted in June. transactions, such as immigration, real business. inputting glitches can mess up thou- But landing on Nota took time. estate or personal injury fees, from a Hayes stressed, however, that the sands or even millions of records. A Breakthroughs came from conversing trust account rather than their business significance is not a singular product glitch from a previous core conversion, with real-life customers to sense what account. To achieve three-way reconcil- but the broader intent. for instance, gave all customers the drove them crazy — including issues iation, a process recommended by the “Nota is very important to us, but birth date of Jan. 1, 1900, setting the that they couldn’t quite put into words. American Bar Association, their books there is a bigger purpose,” he said. average customer age at close to 118. “We learned that you don’t go into must be balanced against the transac- “We’re taking what we learned back Having humans manually fix these something knowing exactly what to tions in their client ledgers and their within the bank, becoming more kinds of problems takes an inordinate build,” said Hayes. “We were out in the trust account’s bank statement. innovative and going down paths that amount of time. world, literally sitting next to attorneys, Firms will sometimes use QuickBooks maybe a decade or two ago we “We needed a way to be able to watching how they do their business.” or practice management software to wouldn’t have gone down.” automate that, which took us down the

americanbanker.com October 2020 American Banker 13

013_ABM1020_001 13 9/16/2020 10:22:08 AM Bank Technology

path of RPA,” Speare said. “RPA is great The software can also blend bot and possibility of human error, when you’ve at being able to take an input and put human actions. For instance, in got a human going through one it in one or more systems and do that anti-money-laundering work, bots can customer request after another and as a repeatable process over and over do certain kinds of steps, such as their eyes start to cross.” and over again.” Google searches on new customers, The same bot can also determine Speare and his team then started overnight. In the morning, Carter’s Bank whether someone should be allowed to finding other opportunities to automate Secrecy Act analysts can review the deposit checks at the ATM. It will look similar tasks. For instance, the bank information the bots have come up at the customer’s qualifying score and offers so-called positive pay, where with. Over time, with machine learning, how many debit cards are on the business customers provide a list to the the bots learn from the articles the account, and turn that functionality on bank each day of the checks they send humans accept and reject and become or off. “Since all this COVID stuff has to it in order to prevent fraudulent ones more accurate in the information they popped up,” Stevens said, “one of the from being honored. The bank com- present to analysts. top 10 requests we get is customers pares the list against the actual checks calling saying: ‘I have a debit card and I received, flags any that do not match Extraco Banks really don’t want to go through the and notifies the company. At Extraco Banks, which has more than drive-through and touch a deposit slip, Some commercial clients have $1.5 billion in assets, 15 branches and touch a withdrawal slip, write a check questions throughout the day — did the 120,000 customers, a team of two out and have you touch it and send it bank receive the file, did it process the people has begun deploying RPA back to me through the tube. I really file, and so on. “If we were to handle software, starting with vetting the use of just want to go to the ATM machine real that manually, we would have to have mobile check deposits. quick and deposit a check, whether it somebody watching this file transfer “We know how much check fraud be after hours or before hours of protocol server, grabbing the file, we’re probably going to get every year,” operation.’ And since not all of our uploading it into the positive pay said Cal Stevens, vice president and customers have that ability, it’s got to system, looking for any errors, sending business process improvement manag- be requested by the customer and then an email back to that customer that er at Extraco. “We’re always looking at we approve it. We get fewer phone calls says, got it, we processed it, then at the newer technology, whether it be with in our call center because they’re not end of the day, doing a summary our core or with an RPA tool, to help us having to call in and ask for that document,” Speare said. manage the risk.” functionality.” Now RPA handles all those steps, he The bank analyzes each customer Another area where the bank is said. “The more we work with the tools, and check according to several criteria deploying RPA is in automatically the more ideas we come up with,” and comes up with a score to deter- detecting people who signed up for bill Speare said. mine which pass the test. pay but haven’t used it in six months, RPA software from WorkFusion takes Then RPA software, which used to be and deactivating it. This will save the care of 211 processes throughout the called Foxtrot and is now called Nintex bank money, because it pays per bank overall. Speare estimates the bots RPA, takes the score and uses pre- account for the bill-pay service. save the bank $2.5 million to $3 million defined rules to determine how many Stevens has been in the business a year in labor costs. They also can checks a customer is allowed to deposit process improvement department since easily work at night. per day and per month. last November. The bank originally No one at the bank has lost their job “RPA does that for us so that we learned about RPA technology from because of bots, Speare said. “It does don’t have a human being here at the another bank that, like Extraco, uses allow you to take some things off their bank doing that monotonous work, core software from Jack Henry. plate or reallocate them for something where they go into a portal and they Now Stevens and his colleague have else,” he said. look at all the customers who submitted amassed a long list of processes they WorkFusion software runs on a a request for remote deposit capture want to automate using enterprise server and provides management tools and they have to qualify them and workflow and RPA. “It’s going to be a that let Speare and his team see and adjust their limits,” said Stevens. “And long time before we run out of good control what all the bots are doing. then of course that opens up the ideas,” he said. — Penny Crosman

14 American Banker October 2020

014_ABM1020_001 14 9/16/2020 10:22:09 AM A Commitment to First -Class Business

Morgan Stanley proudly congratulates Shelley O’Connor for being honored as one of the Most Powerful Women in Finance by American Banker.

Shelley O’Connor, Chairman and CEO Morgan Stanley Private Bank, National Association and Morgan Stanley Bank, N.A.

015_ABM1020 15 9/16/2020 4:43:02 PM

JOB INFORMATION SPECIFICATIONS NOTES PROJ. NO.: 9891952/ 605008802 TRIM SIZE: 7.875" × 10.5" Mkt Cayabyab Most Powerful FINISHED SIZE: 7.875” × 10.5” MECH JOB NAME: O’Connor CorpAd WITH BLEED: NA POST-PROD.: TMPL: CREATIVE STUDIO DESCRIPTION: Shelley O’Connor 1585 Broadway, 23rd Floor PICKUP: PAPER: TBD New York, NY 10036 MODIFIED BY 750 Varick Street, 3rd Floor CLIENT NAME: Rose, Maura CH SK 08-26-20, CH SK 08-27-20, CH AR 08-31-20 New York, NY 10014 CH MS 09-02-20 PROJECT MGR.: Byrne, Chris PRINTING: PDF COST CENTER: 210085 QC MANAGER APPROVAL m2 DUE DATE: 10/27/20 04:30 COLORS: CMYK FILENAME: 9891952 Most Powerful O'Connor m2 LAST MODIFIED: 2 September 2020 3:40 PM Most powerful women in banking Most powerful women to watch

Ellen Alemany, CIT Group...... p. 22 Paulette Mullings Bradnock, BNY Mellon...... p. 52 18th annual Nandita Bakhshi, Bank of the West...... p. 23 Jeanne Crain, Bremer Financial...... p. 48 MOST Lori Beer, JPMorgan Chase...... p. 30 Kate Danella, Regions Financial...... p. 60 Amy Brady, KeyCorp...... p. 30 Michelle Di Gangi, Bank of the West...... p. 62 Jill Castilla, Citizens Bank of Edmond...... p. 24 Ellen Fitzsimmons, Truist Financial...... p. 54 Ranjana Clark, MUFG...... p. 32 Jane Fraser, Citigroup...... p. 46 POWERFUL Kelly Coffey, City National Bank...... p. 23 Deborah Guild, PNC Financial Services Group...... p. 50 Thasunda Brown Duckett, JPMorgan Chase...... p. 34 Sharon Haward-Laird, BMO Financial...... p. 67 Anne Finucane, Bank of America...... p. 28 Beth Johnson, Citizens Financial Group...... p. 54 WOMEN IN Stacey Friedman, JPMorgan Chase...... p. 38 Gonca Latif-Schmitt, Citigroup...... p. 67 Hannah Grove, State Street...... p. 40 Angela Mago, KeyCorp...... p. 62 Rosilyn Houston, BBVA...... p. 40 Kavita Mahtani, HSBC...... p. 56 Helga Houston, Huntington Bancshares...... p. 42 Cassandra McKinney, Comerica...... p. 60 BANKING Patricia Husic, Centric Financial...... p. 24 Mary McNiff, Citigroup...... p. 56 Ernie Johannson, BMO Financial...... p. 34 Sharon Miller, Bank of America...... p. 64 The 2020 honorees are presented Marianne Lake, JPMorgan Chase...... p. 36 Stephanie Novosel, PNC Financial Services Group...... p. 64 here alphabetically. In this Karen Larrimer, PNC Financial Services Group...... p. 36 Jennifer Smith, Zions Bancorp...... p. 50 unprecedented year, we took an Diane Morais, Ally Financial...... p. 38 Melissa Stevens, Fifth Third Bancorp...... p. 51 unprecedented — and temporary — Jennifer Piepszak, JPMorgan Chase...... p. 42 Jennifer Strybel, HSBC...... p. 58 break from our traditional ranking. Sandy Pierce, Huntington Bancshares...... p. 44 Julieann Thurlow, Reading Cooperative Bank...... p. 48 On the following pages the Kate Quinn, U.S. Bancorp...... p. 28 Michele Trolli, M&T Bank...... p. 52 Most Powerful Women are Diane Reyes, HSBC...... p. 32 Marla Willner, TD Bank...... p. 66 grouped according to their Dorothy Savarese, Cape Cod Five Cents Savings Bank...... p. 26 Anne Clarke Wolff, Bank of America...... p. 66 roles and listed alphabetically Andrea Smith, Bank of America...... p. 44 Liz Wolverton, Synovus Financial...... p. 58 within those categories. Laura Lee Stewart, Sound Community Bank...... p. 26 Wells Fargo...... p. 68

americanbanker.com October 2020 American Banker 16 americanbanker.com

016_ABM1020 16 9/16/2020 2:06:56 PM Most powerful women in banking Most powerful women to watch Most powerful women in FINANCE

Ellen Alemany, CIT Group...... p. 22 Paulette Mullings Bradnock, BNY Mellon...... p. 52 Katia Bouazza, HSBC...... p. 82 Nandita Bakhshi, Bank of the West...... p. 23 Jeanne Crain, Bremer Financial...... p. 48 Candace Browning, Bank of America...... p. 80 Lori Beer, JPMorgan Chase...... p. 30 Kate Danella, Regions Financial...... p. 60 Nadine Chakar, State Street...... p. 87 Amy Brady, KeyCorp...... p. 30 Michelle Di Gangi, Bank of the West...... p. 62 Joyce Chang, JPMorgan Chase...... p. 80 Jill Castilla, Citizens Bank of Edmond...... p. 24 Ellen Fitzsimmons, Truist Financial...... p. 54 Mary Callahan Erdoes, JPMorgan Chase...... p. 70 Ranjana Clark, MUFG...... p. 32 Jane Fraser, Citigroup...... p. 46 Claudine Gallagher, BNP Paribas...... p. 83 Kelly Coffey, City National Bank...... p. 23 Deborah Guild, PNC Financial Services Group...... p. 50 Maria Hackley, Citigroup...... p. 83 Thasunda Brown Duckett, JPMorgan Chase...... p. 34 Sharon Haward-Laird, BMO Financial...... p. 67 Suni Harford, UBS...... p. 71 Anne Finucane, Bank of America...... p. 28 Beth Johnson, Citizens Financial Group...... p. 54 Teresa Heitsenrether, JPMorgan Chase...... p. 87 Stacey Friedman, JPMorgan Chase...... p. 38 Gonca Latif-Schmitt, Citigroup...... p. 67 Elinor Hoover, Citigroup...... p. 84 Hannah Grove, State Street...... p. 40 Angela Mago, KeyCorp...... p. 62 Yie-Hsin Hung, New York Life Insurance Co...... p. 71 Rosilyn Houston, BBVA...... p. 40 Kavita Mahtani, HSBC...... p. 56 Abigail Johnson, Fidelity Investments...... p. 72 Helga Houston, Huntington Bancshares...... p. 42 Cassandra McKinney, Comerica...... p. 60 Margaret Keane, Synchrony Financial...... p. 78 Patricia Husic, Centric Financial...... p. 24 Mary McNiff, Citigroup...... p. 56 Gunjan Kedia, U.S. Bancorp...... p. 72 Ernie Johannson, BMO Financial...... p. 34 Sharon Miller, Bank of America...... p. 64 Katy Knox, Bank of America...... p. 74 Marianne Lake, JPMorgan Chase...... p. 36 Stephanie Novosel, PNC Financial Services Group...... p. 64 Ida Liu, Citigroup...... p. 76 Karen Larrimer, PNC Financial Services Group...... p. 36 Jennifer Smith, Zions Bancorp...... p. 50 Charlotte McLaughlin, PNC Financial Services Group...... p. 84 Diane Morais, Ally Financial...... p. 38 Melissa Stevens, Fifth Third Bancorp...... p. 51 Julie Monaco, Citigroup...... p. 85 Jennifer Piepszak, JPMorgan Chase...... p. 42 Jennifer Strybel, HSBC...... p. 58 Liz Myers, JPMorgan Chase...... p. 85 Sandy Pierce, Huntington Bancshares...... p. 44 Julieann Thurlow, Reading Cooperative Bank...... p. 48 Shelley O’Connor, Morgan Stanley...... p. 76 Kate Quinn, U.S. Bancorp...... p. 28 Michele Trolli, M&T Bank...... p. 52 Diane Offereins, Discover Financial Services...... p. 78 Diane Reyes, HSBC...... p. 32 Marla Willner, TD Bank...... p. 66 Emily Portney, BNY Mellon...... p. 88 Dorothy Savarese, Cape Cod Five Cents Savings Bank...... p. 26 Anne Clarke Wolff, Bank of America...... p. 66 Jackie Reses, Square...... p. 88 Andrea Smith, Bank of America...... p. 44 Liz Wolverton, Synovus Financial...... p. 58 Michelle Seitz, Russell Investments...... p. 74 Laura Lee Stewart, Sound Community Bank...... p. 26 Wells Fargo...... p. 68 Elif Bilgi Zapparoli, Bank of America...... p. 86

October 2020 American Banker 16 americanbanker.com October 2020 American Banker 17

017_ABM1020 17 9/16/2020 2:06:59 PM 18 American Banker October 2020

018_ABM1020 18 9/16/2020 2:29:39 PM MOST POWERFUL WOMEN 2020

he bombshell announcement came just Many women across the industry also played as this issue of American Banker was a leading role in implementing the government’s Tgoing to press: Jane Fraser, a Citigroup Paycheck Protection Program and getting veteran and a mainstay in our annual Most critically needed capital into the hands of small Powerful Women rankings, would become businesses hit hard by stay-at-home orders. chief executive in February when Michael Corbat It was under Chief Information Officer Amy retires. Brady that KeyCorp was able to build — in less That announcement on the morning of Sept. than a week — a platform to make 40,000 10 was one female bankers have been waiting PPP loans totaling $8.5 billion. And it was with on for decades. Fraser won’t be the first female leadership from Sharon Miller, the head of small CEO of a top U.S. bank — Beth Mooney broke business, that Bank of America approved nearly that glass ceiling when she took the helm at 344,000 PPP loans, more than any other bank. KeyCorp in 2011. Lisa Sanchez was among many at BofA, and at banks across the country, who worked long hours processing applications. Sanchez, who is “When times are bad, based in San Antonio, said Miller was right there with the team, always offering encouragement. what is the resilience? Miller said BofA did 18 years’ worth of small- How do you react? business loan volume in just 45 days, which took collaboration across multiple departments and That, to me is what is so had many employees sacrificing their weekends. powerful,” says BofA’s She said they were just as inspiring to her as the scrappy small-business owners who make her Sharon Miller. feel like she is in her dream job. “You can always do things when times are good, but when times are bad, what is the resilience?” she said. “How But Fraser will be the first to lead a large, do you react? That, to me, is what is so powerful.” global bank. Citi, with $2 trillion of assets, is the Miller and Sanchez are on the cover of this third-largest bank in the United States and one year’s issue to represent all those in the industry of the 15 largest in the world. Her promotion who played such a crucial role on the front underscores the growing influence of women in lines of banking throughout the crisis. With the an industry in which men have long held most of pandemic still raging, we were unable to bring the decision-making power. together a group of honorees for our annual This year’s Most Powerful Women in Banking photo shoot, as the empty stools suggest. and Finance honorees include CEOs of small We also did something else unprecedented in and large banks, major asset managers such this unprecedented year — we decided to forgo as Fidelity Investments, and numerous heads of the ranking of the executives. We categorized business lines at the likes of JPMorgan Chase, the honorees by their roles and listed them UBS and New York Life. Moreover, one honoree alphabetically within each group. Next year we Sound Financial’s Laura Lee Stewart, is the hope that the world will have become a better current board chair at the American Bankers and safer place for all of us and the business of Association. ranking the honorees will be back. Another example of the growing clout women In the wake of the killing of George Floyd by wield in the industry played out this spring, as Minneapolis police, and the widespread protests many were tapped to lead their company’s over police brutality and racial injustice, many responses to the pandemic. Fraser, who led Citi’s banks are taking steps to speed up what has response in her role as the company’s president, been an excruciatingly slow process to diversify said she believes that being a woman “has real their senior ranks. So we feel hopeful that those power and strength” at this moment in time. “I empty stools will be overflowing in coming years, can be much more vulnerable talking about the as not only more women, but more diverse human dimensions of this than some of the male women, make their way to industry C-suites, and colleagues feel comfortable with,” she said. like Fraser, make history. ■

October 2020 American Banker 19

019_ABM1020 19 9/16/2020 2:29:41 PM The ideas you need. The issues that matter. Leaders is a forum where the most inﬂ uential minds weigh in on the topics shaping your industry. Participate in livestreams, view on-demand videos and listen to podcasts — shape your own strategies with these insightful perspectives.

Ira Robbins John Asbury Diversity & Inclusion Ronald Oliveira Stuart Sopp Disruption & Innovation Rosilyn Houston Dr. Tanu Luke Automation & AI Javier Rodriguez Soler Karen Elinski Policy & Regulation Stephanie Epstein Claudine Gallagher Erminia Johannson The Future of Money Michal Katz The Future of the Workplace Oliver Jenkyn

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020_ABM1020Leaders House Ad_WIB2020.indd 20 3 9/17/20209/17/20 2:31:44 12:16 PMPM CEOs - Regional Banks Ellen Alemany Nandita Bakhshi Kelly Coffey

CEOs -Community Banks Jill Castilla Patricia Husic Dorothy Savarese Laura Lee Stewart

Vice Chairs Anne Finucane Kate Quinn

Technology Lori Beer MOST POWERFUL Amy Brady WOMEN IN BANKING Transaction Banking Ranjana Clark The 2020 honorees presented here Diane Reyes are ordered differently than in past years. In this unprecedented year, we took an unprecedented Retail Banking — and temporary — break from Thasunda Brown Duckett our traditional ranking. On the Ernie Johannson following pages the Most Powerful Women are grouped according to Marianne Lake their roles and listed alphabetically Karen Larrimer within those categories. Diane Morais

Senior Management Stacey Friedman Hannah Grove Rosilyn Houston Helga Houston Jennifer Piepszak Sandy Pierce Andrea Smith

americanbanker.com October 2020 American Banker 21

021_ABM1020 21 9/16/2020 2:37:18 PM THE MOST POWERFUL WOMEN IN BANKING

Ellen Alemany Chairman and CEO CIT Group

llen Alemany has overseen acquisitions before, but never in circumstances quite like this. E Less than three months after CIT Group acquired Mutual of Omaha Bank in Nebraska, the coronavirus pandemic forced more than 90% of the company’s 4,400 employees to work at home. Add to that the drive to get Paycheck Protection Program loans to small businesses in crisis, widespread race Nandita Bakhshi protests that closed some branches in California, hurricanes President and CEO in the East and wildfires in the West, and it’s easy to see Bank of the West how the integration could have ended up getting delayed. But “frequent and proactive communication” with employees and a rebranding effort “organized with military precision” made a huge difference in bringing the two andita Bakhshi has long been an advocate for companies together, said Alemany, CIT’s chairman and women, and lately she’s stepped up her efforts to chief executive. Nadvocate for something else too: the environment. Alemany, who led Citizens Financial Group through the Since she joined Bank of the West as president and chief financial crisis, came out of retirement in 2016 to undertake executive in 2016, the U.S. banking unit of BNP Paribas has the transformation of CIT from a commercial finance bank made a $1 billion commitment to clean energy financing to a more traditional bank. over five years and has stopped financing activities that run The $1 billion acquisition of Mutual of Omaha Bank was counter to its ideals, including fracking and Arctic oil and a chance to take a giant step in that direction by adding a gas exploration. Now the San Francisco-based bank is offering its customers new ways to support the cause. This summer A rebranding “organized with Bank of the West launched a checking account for those military precision” was vital to who support climate action and committed to donating 1% of revenue from the account to environmental nonprofits. a major M&A integration. The rollout follows what Bakhshi describes as one of the bank’s most productive years; in 2019, its assets climbed stable, lower-cost source of deposits through a homeowner 5.6% from a year earlier, to $93 billion. association banking channel, new treasury and payment The pace of growth has accelerated this year, as assets options and middle-market bankers to do more commercial increased more than 7% through the first half, to $100 loans. billion, and deposits ballooned by 14%, to $80.3 billion. Last year, CIT reported a 28% increase in net income One of Bakhshi’s proudest moments this year was when and achieved its growth target in core loans and leases, her team pulled an all-nighter to ensure customers’ loan while trimming $50 million from expenses, one year earlier applications for the Paycheck Protection Program were than expected. In keeping with the ahead-of-schedule submitted to the Small Business Administration before the achievements, Alemany said she expects to realize initial round of funding was exhausted. $25 million of its projected 2021 savings this year instead At one point, the Treasury had closed the system to of next year. large banks like Bank of the West for eight hours so smaller Outside of CIT, Alemany and her family are supporting banks could submit their customers’ applications. the creation of the Alemany Learning Center, a state-of- “At midnight, we had 70 volunteers log back on and the-art facility scheduled to open in 2022 at the Children’s discover that funds were still available after all — if we Specialty Hospital at the Center for Discovery in Harris, N.Y. could act quickly,” Bakhshi said. “From that point we began The center offers housing and special education diligently working all night to submit, even staying on past programs to more than 1,200 children and adults every the morning shift, and ultimately successfully submitted year. Alemany is a board member at the center, where her 10 times more loans than we had previously for our oldest daughter, also named Ellen, is a resident. ■ customers.” ■

22 American Banker October 2020 americanbanker.com

022_ABM1020 22 9/17/2020 9:52:00 AM Nandita Bakhshi Kelly Coffey President and CEO CEO Bank of the West City National Bank

andita Bakhshi has long been an advocate for ity National has been on a growth tear since Kelly women, and lately she’s stepped up her efforts to Coffey joined as chief executive last year. Nadvocate for something else too: the environment. C Not only has she opened offices in some of Since she joined Bank of the West as president and chief the country’s largest metro areas — and staffed them executive in 2016, the U.S. banking unit of BNP Paribas has with newly hired teams — she has worked to back up its made a $1 billion commitment to clean energy financing expanded physical presence with a more robust virtual one. over five years and has stopped financing activities that run Her goal is a tech-fueled transformation that allows counter to its ideals, including fracking and Arctic oil and the Los Angeles-based bank — long known for serving the gas exploration. entertainment industry — to be more of a digitally enabled Now the San Francisco-based bank is offering its relationship bank. Over the past year it premiered a new customers new ways to support the cause. This summer mobile app, strengthened its treasury services capabilities Bank of the West launched a checking account for those and streamlined the process for onboarding new clients. who support climate action and committed to donating 1% The bank, a unit of Toronto-based Royal Bank of of revenue from the account to environmental nonprofits. Canada, also expanded its niche offerings through fintech The rollout follows what Bakhshi describes as one of the acquisitions. It bought FilmTrack, which offers cloud-based bank’s most productive years; in 2019, its assets climbed intellectual property rights management, in August 2019. 5.6% from a year earlier, to $93 billion. And it finished integrating Exactuals, a payments platform The pace of growth has accelerated this year, as assets it bought in August 2018 to allow its clients to track and increased more than 7% through the first half, to $100 manage royalties. The moves helped sustain City National’s billion, and deposits ballooned by 14%, to $80.3 billion. growth, which continued at a rapid pace last year even in One of Bakhshi’s proudest moments this year was when the face of falling interest rates. Assets had jumped to $71.5 her team pulled an all-nighter to ensure customers’ loan billion as of June 30, up from $55 billion a year earlier. applications for the Paycheck Protection Program were Coffey is tending to the culture at City National as well, submitted to the Small Business Administration before the reinforcing its emphasis on customers, colleagues and initial round of funding was exhausted. communities. New programs include one called Tell Kelly, At one point, the Treasury had closed the system to which she introduced to foster transparency shortly after large banks like Bank of the West for eight hours so smaller she arrived at City National in February 2019. It is an idea banks could submit their customers’ applications. she brought from her previous role as the CEO of JPMorgan “At midnight, we had 70 volunteers log back on and Chase’s U.S. private bank. discover that funds were still available after all — if we The program is essentially an invitation to employees could act quickly,” Bakhshi said. “From that point we began to email her directly if they want to share any ideas for diligently working all night to submit, even staying on past growth, flag a problem or suggest a way to improve client the morning shift, and ultimately successfully submitted relationships. “During the pandemic, this has allowed me to 10 times more loans than we had previously for our communicate with colleagues directly and show them that customers.” ■ the leadership team is here for them,” Coffey said. ■

americanbanker.com October 2020 American Banker 23

023_ABM1020 23 9/16/2020 2:37:26 PM THE MOST POWERFUL WOMEN IN BANKING

Jill Castilla Patricia Husic President and CEO President and CEO Citizens Bank of Edmond Centric Financial

ill Castilla is one of the few bank chief executives n 2015, Patricia Husic began pushing Centric with a Twitter following of customers and NBA Financial into the suburbs of Philadelphia, a much Jowners. Ibigger market than its home base in Harrisburg, Pa. As the coronavirus pandemic began to grip the U.S. Five years later, the push is paying off. The Philadelphia economy earlier this year and small businesses scrambled area is delivering the lion’s share of Centric’s growth, to find help, Castilla, the CEO of Citizens Bank of Edmond according to Husic, who has been president and chief in Oklahoma, took to the social media site to keep executive since founding the bank in 2007. customers informed. Dallas Mavericks owner Mark Cuban Centric’s compound annual growth rate for lending in began directing his followers to Castilla. suburban Philadelphia is 35.9% over the past five years, Soon, the two would partner on multiple fronts. A compared with 3.5% in central Pennsylvania, Husic said. plan Cuban had been trumpeting since the start of The bank’s overall growth rate was 16%. the pandemic to allow business owners to overdraft Centric executives suspected they would find receptive their banking accounts without paying fees was readily customers after conversations with leaders around the embraced by Castilla, and over the next three months her Keystone State’s largest city, Husic said. But, she added, $317 million-asset bank collected no overdraft fees from “Sometimes talk is cheap and the proof is going to be in its business customers. Then, after hearing from people the pudding. So, was that a strategic risk we took? It was.” desperate to get through the labyrinth of the Paycheck As Centric grows — it topped $1 billion in assets at Protection Program, Castilla and Cuban partnered to build the end of June — it faces a new challenge: delivering a website borrowers could use to prepare applications for consistent service to its customers, no matter where they loan forgiveness. are. “We started to see some fractures of that as we got So far, “hundreds of thousands” of small businesses bigger,” said Husic, who put together a three-year strategic have accessed the site, Castilla said. But she’s still tweeting, plan with a focus on improving the customer experience. offering more ideas — sometimes in GIF form — to help The goal is growth and retention. small businesses in any way she can. The plan was interrupted by the coronavirus pandemic Castilla is also tackling issues of economic inequality and the demands of making loans through the Paycheck that have been at the heart of protests across the country. Protection Program. But it also may have gained new She told of a recent presentation from the Federal Reserve urgency: Nearly 70% of Centric’s PPP loans went to Bank of Kansas City, where research showed that Black borrowers who were not previously customers, Husic said. women are more likely to own businesses than their male Husic is active in industry causes, and she is particularly peers but face higher barriers to credit. So she has made passionate about bringing more women and minorities recruiting Black women to her a bank a priority. into the banking sector. She founded a women in banking “It’s important to be representative of our community,” program at the Pennsylvania Bankers Association and she said. “If you see someone of color at the bank and recently was selected to join the American Bankers you’re a woman of color, there’s an impression the Association’s new Diversity, Equity and Inclusion Advisory customer has that this person will know what is needed.” ■ Group. ■

24 American Banker October 2020 americanbanker.com

024_ABM1020 24 9/16/2020 2:37:29 PM Achieve. Inspire. Elevate.

U.S. Bank celebrates the power of women, whose work drives results and advances excellence across our company and the entire financial industry.

We are honored to congratulate Kate Quinn and Gunjan Kedia on being named among the 2020 Most Powerful Women in Banking and Finance. And we proudly applaud the executive leaders of our 2020 Top Team in Banking.

Thank you to all the honorees for your remarkable impact and influence.

Kate Quinn Gunjan Kedia Vice Chair and Chief Vice Chair, Wealth Administrative Officer Management and Investment Services

025_ABM1020 25 9/16/2020 4:43:02 PM THE MOST POWERFUL WOMEN IN BANKING

Dorothy Savarese Laura Lee Stewart Chairman and CEO President and CEO Cape Cod Five Cents Savings Bank Sound Community Bank

or the chief executive of a bank with not quite $4 aura Lee “Laurie” Stewart was looking forward billion of assets, Dorothy Savarese wields a lot of to conversations about diversity and the next Fclout. Lgeneration of bankers when she became chairman The head of Cape Cod Five Cents Savings Bank in of the American Bankers Association last October. Hyannis, Mass., since 2005, Savarese serves on community The conversations turned into a hard look as the industry bank advisory councils for both the Federal Reserve and grappled with its history and its need for more diversity the Federal Reserve Bank of Boston, is a member of Gov. amid racial justice protests this spring and summer. Charlie Baker’s economic development task force and is a “I think for the most part we thought we were doing past chair of the American Bankers Association. OK,” said Stewart, president and chief executive of Sound Policymakers seek her counsel in large part because Community Bank in Washington. “And I think we’ve come of her success in building the bank, known as Cape Cod to understand that even if we were doing OK, OK wasn’t 5 for short, into one of New England’s most influential good enough and that, in many cases, we probably weren’t community banks. Assets have more than doubled during doing OK.” her tenure and her bank has, by far, the top market share To keep the conversation alive at her bank, Stewart on Cape Cod, Nantucket and Martha’s Vineyard. established a committee of employees representing all Cape Cod 5 is also mindful of its responsibility levels of the business. “We got more diversity in the group as a corporate citizen, as evidenced by its longtime than I anticipated including things we didn’t think about,” commitment to financing affordable housing and initiatives said Stewart. aimed at combating climate change. The bank has placed An older customer service rep, for example, raised solar panels atop its new headquarters building, makes issues around ageism, Stewart said. “It made us think how loans to help customers install their own solar panels and broad and deep this conversation could be.” sponsored conferences by the Cape Cod Climate Change She hasn’t shied away from taking the conversation Collaborative to make other businesses aware of what they outside the bank. After the killing of George Floyd in can do. Savarese joined the nonprofit’s board this year. Minneapolis, she wrote an email to customers expressing “This isn’t theoretical for us,” said Savarese, who, outrage and outlining how the bank was stepping up its since moving to Cape Cod in 1993, has witnessed the efforts to address racism. encroaching march of climate change in the form of more The reaction was mostly positive, Stewart said. But a severe storms and more acidic oceans. “To me, it’s a very few customers took her to task for straying beyond what natural fit for a community bank to be focused on this.” they saw as the bank’s business. One customer even Another of Savarese’s top priorities is succession closed her accounts. Stewart said she was sorry to lose the planning. Savarese last year named Matthew Burke and business but not for speaking up. “There is no middle of the Robert Talerman as co-presidents, a move that allowed road, plain vanilla, please everybody,” she said. “It doesn’t other executives to move up the ranks, including 10 women exist. So, let’s find out what’s important and find those who are now poised to rise even higher as members of the values and go forward. They won’t be same as everybody bank’s expanded 23-person leadership team. ■ else’s values and that’s OK.” ■

26 American Banker October 2020 americanbanker.com

026_ABM1020 26 9/16/2020 2:37:32 PM CR8564_AmericanBankerAd_CIT_v5_BLEEDS_AND_CROPS.pdf 1 9/2/20 4:18 PM

C Ellen Alemany, M

Y Chairwoman and CEO,

CM CIT Group

CMY K Strength. Resilience. Leadership.

Congratulations to Ellen Alemany on being named as one of American Banker’s Most Powerful Women in Banking.

We celebrate you and all the 2020 honorees.

cit.com

027_ABM1020 27 9/16/2020 4:43:03 PM THE MOST POWERFUL WOMEN IN BANKING

Anne Finucane Kate Quinn Vice Chairman Vice Chairman and Bank of America Chief Administrative Officer U.S. Bancorp

hen protests and civil unrest over police n May 5, Kate Quinn sent an email to the 3,140 brutality and racial inequality spread across U.S. Bancorp employees she was managing at Wthe country this summer, Bank of America did Othe time. The subject line — “I’m OK, I’m not more than just talk about the issues. OK and it’s OK” — and the words within were meant to The nation’s second-largest bank doubled a broad offer reassurance to those coping with the angst of the racial equality initiative it had in the works, committing coronavirus pandemic. $1 billion to a range of causes spanning health care to She received more than 20 written replies and heard housing. It also issued a $1 billion corporate social bond praise from others throughout the summer. “I was really entirely focused on raising capital to lend to the health care overwhelmed by the response to that,” Quinn said. “I think industry amid the COVID-19 crisis. And it pledged $250 people felt like it gave them permission to feel a certain million in new capital to community development financial way and not feel OK. Sometimes people need to know institutions and minority depository institutions to lend to we’re all human.” small businesses and nonprofits. Quinn has spent much of the year managing the Anne Finucane, who leads the company’s Minneapolis banking company’s COVID-19 response plan. environmental, social and governance strategy, has been a Along with Chief Risk Officer Jodi Richard, Quinn helped driving force behind each of those decisions. Much of her shift 55,000 employees to remote work, implemented experience up until now has prepared her for this moment. a 20% pay premium for front-line workers and secured She has steered BofA through thorny issues in the recent additional paid time off, child care and other benefits for past, from Brexit to its decision to quit financing private those affected by the virus. prisons and certain types of gun manufacturers. She has done it while wearing two hats — on top Many of the BofA’s employees have been touched by of her oversight of strategy, government relations, tragedies, from wildfires to hurricanes to mass shootings. communications, marketing, corporate social responsibility, Those past crises have helped Finucane develop a sort of customer and employee experience and digital, Quinn crisis-response blueprint. was acting chief human resources officer from January to “You begin to, unfortunately, create a muscle memory mid-September. She’s done it, too, while raising two autistic of how you deal with a crisis, what’s going to be needed sons, ages 11 and 16. immediately and what’s going to be needed in the longer Quinn, who joined the company in 2013 as chief term,” said Finucane, who is also the chairman of the board marketing officer, said the events of the past few for Bank of America Europe months have forced her to “lead differently” than in the In the near term, the emphasis is on funding past. “I’m really taking into account people’s individual organizations that can do more testing and contact tracing circumstances,” she said. “Not that I didn’t before, but now for COVID-19. In the long term, it’s on accessible treatment I’m talking to people and their kids are playing piano in the for coronavirus patients and a vaccine. “The health care background and the dogs are barking. It’s an emotional work we are doing through our $1 billion is especially for and stressful time for people because they are pulled in so people who don’t usually get helped,” she said. ■ many directions.” ■

28 American Banker October 2020 americanbanker.com

028_ABM1020 28 9/16/2020 2:37:36 PM Helga Houston

Sandy Pierce Great Leaders Serve With Heart. Congratulations to all of the American Banker’s Most Powerful Women in Banking honorees, including our own Helga Houston and Sandy Pierce. You continuously challenge our entire industry to be better every day. Your drive and dedication is an inspiration to us all.

029_ABM1020 29 9/16/2020 4:43:03 PM THE MOST POWERFUL WOMEN IN BANKING

Lori Beer Amy Brady Global Chief Information Officer Chief Information Officer JPMorgan Chase KeyCorp

Morgan Chase is the nation’s largest bank, my Brady has spent nearly a decade leading a but thanks to Lori Beer’s army of more than tech transformation at KeyCorp, investing heavily JP50,000 technologists, it remains competitive Ain people and systems that together have helped with smaller, nimbler fintechs. strengthen cyberdefenses, speed up loan delivery, boost In a year marked by extraordinary hardship, Beer’s digital engagement and improve customers’ financial team automated 10,000 daily customer requests to defer health. loan payments. In one week, the team built and deployed So when Congress passed the coronavirus relief bill in a bot to process 10,000 loan applications each day and, March that, among other things, put banks on the front to cope with higher market volatility and trading volume, lines of disbursing hundreds of billions of dollars in loans to managed to support three times the average number of small businesses, Brady and her team were prepared. daily transactions. Less than a week after the relief measure was signed Beer is in charge of JPMorgan’s technology systems and into law, the $171 billion-asset Key was able to start taking infrastructure worldwide. She joined the firm in 2014 and applications for the Paycheck Protection Program, as the became global chief information officer three years later. tech team had leveraged 119 bots to build an end-to-end Under her guidance, JPMorgan has invested more than process. The result: Key has been one of the country’s top $30 billion in digital banking, investing advice, trading and producers of PPP loans, delivering more than $8.5 billion to cybersecurity, all meant to improve the user experience. more than 40,000 small businesses. JPMorgan’s accomplishments under Beer include “I am incredibly proud of the dedication and passion launching the digital investing service You Invest Portfolio, of our teams demonstrated during COVID-19,” said Brady, adding mobile platform capabilities, accelerating its who is also the executive vice president of operations, artificial intelligence work and becoming the first bank to technology and services for Key. “Our work will continue to offer real-time payment capabilities in U.S. dollars, British look different and come with new demands on time, talent pounds and euros. and leadership.” In 2017, Beer and her husband established a scholarship Brady is drawing on her tech expertise to play a role in fund for students enrolled in information systems and shaping public policy. She is the board chair at the Bank analytics programs at the University of Cincinnati’s Policy Institute’s Technology Policy Division and among her business school. The scholarship gives preference to female myriad responsibilities is leading an effort to build a global students. “I advise young women to be continuous learners cybersecurity framework for regulatory examinations. by being courageous and taking risks,” Beer said when the The intention is to improve banks’ cyber capabilities while scholarship was established. protecting consumers. Beer also advocates for employees with disabilities, Brady is a member of the board of directors at the as well as those who serve as caregivers for people with Federal Reserve Bank of Cleveland and the chemical giant disabilities and long-term illnesses. She led the launch DuPont. She also serves on the boards of several Cleveland of Autism at Work, a hiring program focused on finding nonprofits, including the Cleveland Leadership Center and neurodiverse talent, which is now five years old. ■ the Playhouse Square Foundation. ■

30 American Banker October 2020 americanbanker.com

030_ABM1020 30 9/16/2020 2:37:40 PM Congratulations, MOST POWERFUL WOMEN IN BANKING HONOREES Including our very own Kelly Coffey.

Kelly Coffey Chief Executive Officer, City National Bank

Her strong leadership, dedication and passion continues to inspire us every day.

Proud to be one of America’s best employers for women.

031_ABM1020 31 9/16/2020 4:43:03 PM THE MOST POWERFUL WOMEN IN BANKING

Ranjana Clark Diane Reyes Head of Global Transaction Banking Group General Manager and Global MUFG Head of Liquidity and Cash Management HSBC

anjana Clark is leading the first line of business anks aren’t famous for their ability to make at MUFG to move to a global business model, fast cultural or digital transformations, but Rspanning the Americas, Asia, Europe, the Middle BDiane Reyes led HSBC through both this year, East and Africa. in a global pandemic, resulting in record payment Clark expanded her responsibilities last year to lead volumes and value across online and mobile channels. global transaction banking for the Japanese banking giant, And Reyes, the global head of liquidity and cash while keeping her other two jobs: head of transaction management, expects the shift to be permanent. banking for the Americas and Bay Area president for its “Clients who weren’t previously reliant on digital, or U.S. banking unit, Union Bank. didn’t see its value, now do,” Reyes said, adding that they’ll Since then, she has been on a listening and learning “be reaping the rewards of digitization long after the tour as part of an effort to create a business strategy pandemic.” for serving corporate customers worldwide. As part of In February, Reyes launched a transformation program that strategy, Clark is instituting global cross-functional across her unit that uses different technologies to improve teams to bring new products to market and standardize client experiences. U.S. teams found, among other things, processes. She’s also investing in digitizing products in ways that they could log client inquiries in seconds, versus three that ease customer pain points. minutes in person, and automatically compose email In January, Clark’s unit launched receipt of real-time responses to routine requests. Canada and U.K. teams are payments for corporate, commercial and retail customers, set to adopt this software next, and save 70,000 hours on and since then it has reported increased volumes week 1.4 million inquiries each year. over week. And after the COVID-19 crisis disrupted the HSBC also held webinars for clients to discuss key workflows of corporate customers, MUFG started offering topics and made it easier to access accounts online with a check printing for those with limited on-site resources, live code sent to their phone, rather than a hard token, deposit chat and chatbot functionality, faster onboarding, digital checks digitally and email instructions rather than provide signatures and faster account openings. paper copies. “We focused on products that would help clients during Being at the forefront of disruptive technologies is kind this extraordinary time and address contingency planning of Reyes’s MO. This year her team was invited to join the and fraud prevention,” Clark said. “Prior to COVID-19, we World Economic Forum’s Digital Currency Governance were already realizing the benefits of global investments Consortium, which steers discussions on the global use of in our people and processes. However, this unprecedented digital currencies. That builds on three years of her work time gave us the opportunity to iterate our approach. examining the role of artificial intelligence, blockchain and With so much global travel suspended, Clark adopted central bank digital currencies in the future of payments. video communication to “sit down” with colleagues at all Cultural changes are here to stay too. levels across the world. This year she held the company’s “The way people have stayed connected virtually has first Global Transaction Banking all-hands meeting, which broken down barriers and brought us closer — and I will included employees in 23 countries. ■ continue to build on this team spirit,” Reyes said. ■

32 American Banker October 2020 americanbanker.com

032_ABM1020 32 9/16/2020 2:37:44 PM relentlessly leading the banking industry forward. Congrats, Di Morais, on being named one of the 25 Most Powerful Women in Banking for the 5th year in a row!

033_ABM1020 33 9/16/2020 4:43:04 PM THE MOST POWERFUL WOMEN IN BANKING

Thasunda Brown Duckett Ernie Johannson CEO, Chase Consumer Banking Group Head, North American Personal JPMorgan Chase and Business Banking BMO Financial Group

t’s rare to see a bank executive who is big on social ome executives might look at a smattering of media, but Thasunda Brown Duckett has nearly branches in a state and wonder how they could I22,000 followers on Instagram, where she posts on Sever match the growth of bigger banks. matters of financial health, wealth and more. Not Erminia “Ernie” Johannson, who viewed BMO Harris “To be an effective leader, you have to own your story Bank’s relatively light branch presence in states like Arizona and be your authentic self,” Duckett said. “Being open, and Florida as an opportunity to pursue aggressive growth revealing your true self to others, encourages others to do in digital deposits. the same — and that’s when people truly connect.” The branches gave the bank some brand recognition, Duckett joined JPMorgan Chase in 2004 and was chief she said. It just needed to build a technology platform to executive of its auto finance unit before being named open savings accounts digitally, which it accomplished in CEO of Chase’s consumer banking unit in 2016. In this a six-month crash program staffed by a cross-functional role, Duckett oversees $500 billion of deposits, 25 million team and dubbed Project Kermit. checking households, 50,000 employees and 4,900 “It was a landmark move for us because it changed branches. even the culture of our organization,” said Johannson. Such Her team is in the midst of a five-year plan to add an effort would once have taken 18 to 24 months. Now, 400 branches in 20 new markets, and is now prioritizing she said, Project Kermit is a model for similar initiatives physical distancing in light of COVID-19. underway for small-business and mortgage products. In recent months, the pandemic and the Black The U.S. unit of BMO Financial Group began collecting Lives Matter movement have highlighted disparities deposits online in summer 2019, and the total climbed to $1 and systemic barriers to opportunity in struggling U.S. billion in nine months, with customers coming from all 50 communities. But Duckett has a longer track record as an states, an equally important benchmark. advocate for inclusion and financial health. The digital platform feeds real-time information to the You can find her preaching big ideas in small social- bank, so it can quickly adjust pricing as needed and test media snippets, such as “Live your life like a diversified different strategies on various customer segments, said portfolio” and “It’s not what you make, it’s what you keep.” Johannson, whose role was expanded in March. She had Another mantra — “Keep it 700+” — is a call for consumers previously been group head of North American personal to get serious about their credit scores. banking and U.S. business banking. Duckett is the executive sponsor of JPMorgan Johannson’s innovative approach carries over to BMO Chase’s Advancing Black Pathways program, a member Harris’ philanthropy. She was instrumental in helping create of the steering committee for its Women on the Move a new program called BMORE that is designed to train initiative and the executive sponsor of the Fellowship future bankers from two low-income neighborhoods in Initiative, a program at the company that offers academic Chicago. Through this program, the bank plans to hire 10 and social support to young men of color. people this fall who will be coached on the job for a year Last November Duckett was also named to the board by Cara Chicago, a job training and placement provider for of directors of the sneaker giant Nike. ■ people living in homelessness and poverty. ■

34 American Banker October 2020 americanbanker.com

034_ABM1020 34 9/16/2020 2:37:51 PM Group Head, North American Personal & Business Banking, BMO Financial Group

035_ABM1020 35 9/16/2020 4:43:07 PM

CYAN PUBLICATIONS File Name: 11437793_BMO_AmericanBanker_PrintAd Safety: MAGENTA YELLOW Docket #: 11437793 Trim: 7.875” x 10.5” BLACK ROUND 01 Client: BMOH Bleed: 8.125” x 10.75” MOD DATE: 9 Sept., 2020 Producer: Liz Hooper START DATE: 3 Sept., 2020 Artist: Greg Marczak THIS IS NOT A COLOUR PROOF THE MOST POWERFUL WOMEN IN BANKING

Marianne Lake Karen Larrimer CEO, Consumer Lending Head of Retail Banking and JPMorgan Chase Chief Customer Officer PNC Financial Services Group

hen Marianne Lake became the chief hen talk turned to streamlining the array of executive of consumer lending at JPMorgan products that had accumulated under the WChase in May 2019, the business was already Wumbrella of PNC Financial Services Group, working on digitization efforts. So for the next 10 executives usually found other priorities to pursue. months, the unit forged ahead with its plan, based on Karen Larrimer decided it was time to act. “I have had its view of how the world was gradually changing. a mantra with my team for a couple of years now,” said Then the world changed very abruptly. Larrimer, PNC’s head of retail banking and chief customer Within eight days of the nation’s first statewide stay- officer. “Our goal is to make banking easier.” at-home order, Chase launched a fully digital process for So last year, she marshaled support from PNC’s board requesting loan forbearance. The rapid response enabled and executive team and made product simplification a borrowers who were suffering through a financial hardship priority. Through mergers and acquisitions, the company tied to COVID-19 to avoid waiting on the phone. had piled on an array of products with differing features. Chase also launched new functionality that allowed Some were no longer sold but had been grandfathered in. cardholders to cancel travel plans digitally, and took There were substantial upfront costs, but Larrimer steps to further digitize the mortgage application process, focused attention on the long-term benefits. They included including through the use of remote appraisals. “Of course reducing operational risk, as well as making life easier for a crisis is a mother of invention,” Lake said in a recent customers and employees, who would need less training. interview. The simpler structure also helped prepare PNC for future She argued that faster adoption of digital banking acquisitions. functionality during the pandemic has not only yielded Apart from making products simpler, Larrimer also is efficiency gains for her company, it is also better for making them more accessible as the executive sponsor of customers. an employee resource group that advocates for customers Before the coronavirus crisis, Chase had certain beliefs and employees with disabilities. The role is an outgrowth about the level of personal service that its customers of her work with Goodwill of Southwestern Pennsylvania, a expected, Lake said. A Chase Sapphire Reserve cardholder nonprofit whose mission is to help people with disabilities may have had expectations about how long call wait find jobs. times should be. But during the pandemic, the nation’s Last year, she and her team spent a day navigating largest banking company has found that digital adoption is PNC’s website from the perspective of people with varying strong even among customers who previously would have levels of visual impairment. “It isn’t until you have those said that they preferred the human touch. “If you get the experiences that you realize the complicated lives that customer experience right — if it’s intuitive, if it’s simple — some people lead.” then people really do like it,” Lake said. Larrimer is making her mark in the community as well. Lake leads a team of 41,000 employees in auto lending, She led a capital campaign that raised nearly $19 million mortgages and credit cards, businesses that accounted for for the Children’s Museum of Pittsburgh and was recently roughly one-fourth of the company’s revenue last year. ■ elected chair of the museum’s board. ■

36 American Banker October 2020 americanbanker.com

036_ABM1020 36 9/16/2020 2:37:56 PM Cathy Bessant Chief Operations & the power to Technology Officer Hall of Fame inspire Candace Browning Head of Global Research Today we celebrate women leaders from all over the globe who are 25 Most Powerful Women in Finance inspiring and empowering others to achieve their career goals.

From all of us at Bank of America, congratulations to our executive leaders for being recognized as part of American Banker’s Most Powerful Women in Banking, and for the significant roles you play Anne Finucane in driving success within our company. In addition to those pictured Vice Chairman, Bank of America here, the following executives were also honored with a Top Team and Chairman of the Board, Bank of America Europe in Banking Award: Cynthia Bowman, Sheri Bronstein, 25 Most Powerful Women Lauren Mogensen, Tram Nguyen, Holly O’Neill, Lorna Sabbia, in Banking April Schneider, Meredith Verdone and Anne Walker.

With women making up more than half of the global workforce at Bank of America, your recognition reinforces and honors our Katy Knox commitment to helping female teammates make meaningful President; Private Bank contributions within our company and all around the world. 25 Most Powerful Women in Finance We value your leadership now more than ever. What would you like the power to do?®

Sharon Miller Head of Small Business

25 Most Powerful Women to Watch

Andrea Smith Chief Administrative Officer

25 Most Powerful Women in Banking

Anne Clarke Wolff Chairman, Global Corporate & Investment Banking

25 Most Powerful Women to Watch

Elif Bilgi Zapparoli Co-Head of Global Capital Markets

25 Most Powerful Women in Finance

037_ABM1020 37 9/16/2020 4:43:07 PM AD-09-20-0140_f.indd 1 9/11/20 3:52 PM THE MOST POWERFUL WOMEN IN BANKING

Diane Morais Stacey Friedman President, Consumer and Commercial General Counsel Banking Products, Ally Bank JPMorgan Chase Ally Financial

ince helping launch Ally Bank in 2009, Diane Morais tacey Friedman has spent the last couple of years has been a driving force for innovation. Aptly, the using technology to make JPMorgan Chase’s legal Sword itself was part of her first title at the digital-only Sdepartment faster. But this year she was forced to bank, where she started as deposits and product innovation crank it up even more — this time with people and brain executive. power. Now, more than a decade later, with the bank having When the COVID-19 crisis hit, the volume and velocity surpassed $100 billion in retail deposits after a breakout of incoming legal and regulatory actions at the largest U.S. year in 2019, she continues to be a disruptor for good. bank by assets grew significantly. Friedman’s team had Morais purview is broad, encompassing deposits, to move fast to interpret them and provide advice for the mortgage, corporate finance, brokerage and wealth relevant business functions, all while monitoring and reacting management. She also heads digital-transformation to new developments. From the start of the pandemic strategy and customer-care operations, and in 2019 she through May alone, it tracked 2,200 developments globally. was put in charge of personal lending after the acquisition “Across the firm, things were getting done in a week that of Health Credit Services. normally could have taken a year,” said Friedman, who has One of her innovation success stories, which took been JPMorgan’s general counsel for four years. inspiration from Stanford University’s school of design, was Friedman formed a “legal response incident team” and the launch of an internal concept-testing studio. Steeped appointed a representative for each business or function in intensive customer research and operating under short to be the decision-maker and liaison for those areas. They development cycles — referred to as “rapid prototyping” met at least daily to communicate information from the — the studio’s small team works to solve a revolving set of operating committee and focus on pressing firmwide legal customer problems using so-called human-centered design. issues. The initiative, which kicked off in 2018, led to the “We are a much higher performing department when introduction of new savings tools that operate like “digital we get the right decision-makers and subject matter envelopes” designed to eliminate the mental math of saving experts together to make sound decisions and act quickly,” for multiple priorities. One feature, Surprise Savings, uses Friedman said, adding that the company is implementing an algorithm to analyze a customer’s cash flow, spending many lessons of this period into its future operations. patterns and account balances to ferret out “safe to save” Friedman is a strong advocate for diversity and was funds that can be moved automatically into savings. instrumental in a decision to increase fertility benefits and The novel coronavirus itself has spurred even more surrogacy assistance to all employees last year, making it innovation, such as virtual mortgage closings and remote easier for LGBTQ employees to expand their families. training for new hires. JPMorgan now covers up to $30,000 for services like “There are so many examples of innovation that in-vitro fertilization, intrauterine insemination, hormone shattered our conventional wisdom,” Morais said. “The replacement and associated medication for all employees. changes we’ve made will pay dividends well into the Before, same-sex couples had to pay for these services out future.” ■ of pocket. ■

38 American Banker October 2020 americanbanker.com

038_ABM1020 38 9/16/2020 2:38:00 PM Diverse voices. Dynamic ideas. Leaders curates perspectives and insights from industry-shaping experts who have encountered challenges and change ﬁ rsthand. Hear their stories, strategies and analysis — and gain from their experience.

Diversity & Inclusion Disruption & Innovation Automation & AI Policy & Regulation The Future of Money The Future of the Workplace

REALIZING GROWTH BY HOW STARTUPS CHANGING CUSTOMER CAN SURVIVE THE BEHAVIOR PANDEMIC Lou Anne Alexander Jonathan Stein Chief Product Ofﬁ cer, CEO, Early Warning Betterment

Join the conversati on at americanbanker.com/leaders

039_ABM1020Leaders House Ad_WIB2020.indd 39 2 9/17/20209/17/20 2:32:26 12:16 PM THE MOST POWERFUL WOMEN IN BANKING

Hannah Grove Rosilyn Houston Chief Marketing Officer Chief Talent and Culture Executive State Street BBVA

ith many of her colleagues around the globe still osilyn Houston is on a mission to help her colleagues working at home because of the coronavirus save their lives — and maybe other peoples’ lives Wpandemic, State Street’s Hannah Grove has Rtoo. begun taking what she calls a “surround sound” approach Last year she spearheaded an initiative in BBVA’s to communicating with them. Birmingham, Ala., and Houston markets: For every She has started writing a weekly blog, become a more employee mammogram screening during October, which frequent user of video chatting tools and has even taken is Breast Cancer Awareness month, the bank sponsored to mailing handwritten notes to employees who may need another screening for an uninsured woman in a low-income words of encouragement. “In this new normal ... relying too community. much on one medium can get overwhelming,” said Grove, Houston, who is in charge of culture and talent at BBVA who has been State Street’s chief marketing officer since USA, is a cancer survivor herself. She was inspired to push 2010. “How many emails can people really absorb?” for more mammograms after learning how many other Grove said her primary responsibilities are to bring the BBVA employees have been affected by cancer. Research voice of the client to the organization and to make sure strongly suggests that early detection is key to survival. clients’ needs are being met. It’s why, a few years back, she More than 240 employees participated in last year’s introduced the net promoter score at State Street, a metric initiative, and 22 of them discovered potential signs of that is widely used in business-to-consumer settings but less breast cancer. The company plans to extend the initiative to so in the business-to-business world. additional communities this year. The score is a gauge of how favorably customers Houston calls herself a women’s health and self- overall think of a company and whether they are likely to care advocate, and is an active board member with the recommend a product or service to others, and over the Birmingham chapter of the American Cancer Society. past year State Street’s score has increased sharply as the Her own battle with cancer has given her a hard-won metric has helped it better anticipate people’s needs. perspective on turning despair into hope. She sees a parallel Grove has also pushed the company to move away from between that experience and the current pandemic. PowerPoint presentations filled with charts and business “COVID-19 feels like an enemy I’ve faced, having battled speak and engage clients through powerful storytelling a similar dark disease that also attacks its victims at that aims to “demystify and simplify” financial services. On random,” she said. Grove’s watch, State Street formed a group focused on Houston helped form the Pandemic Response Team client experience that is now run by Julia McCarthy, State at BBVA and serves as its chair. That work represents an Street’s head of client onboarding. extension of her day-to-day responsibilities for the welfare Grove is planning to retire around the end of November of the workforce. She has outlined four main priorities for and pursue spots on corporate boards. In addition to getting BBVA through the coronavirus crisis: making team financial services, she has her eye on companies in retail, members feel safe, keeping them working and engaged, aviation and life sciences, all industries undergoing making them feel financially secure and keeping the significant transformation, she said. ■ company productive and sustainable. ■

40 American Banker October 2020 americanbanker.com

040_ABM1020 40 9/17/2020 10:17:04 AM Creating Opportunities Creating opportunities for all.

We proudly congratulate Rosilyn E. Houston on being named one of the “25 Most Powerful Women in Banking.” As the Chief Talent & Culture Executive for BBVA USA, she is an inspiring example of our mission to bring the age of opportunity to everyone.

Rosilyn’s leadership helps fuel a workplace culture of highly engaged team members who work hard to meet the needs of BBVA’s clients and communities. We applaud Rosilyn for being ambitious, bold and courageous, which is creating opportunities for our organization and our industry.

And we congratulate each of this year’s honorees for their fine examples and contributions.

Well done.

bbvausa.com • 1-844-BBVA USA

BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. BBVA USA, Member FDIC. Rev. 09/2020 / #936291

041_ABM1020936291 - Rosilyn 41 Houston Ad_v2.indd 1 9/16/20209/4/20 4:43:09 12:25 PM THE MOST POWERFUL WOMEN IN BANKING

Helga Houston Jennifer Piepszak Chief Risk Officer Chief Financial Officer Huntington Bancshares JPMorgan Chase

or Helga Houston, the global pandemic brought an ennifer Piepszak’s May 2019 promotion to chief unexpected opportunity. After decades of managing financial officer of JPMorgan Chase landed her on Frisk at work, she is now seeing the benefit of all that Jone of the most-watched lists in corporate America: experience on the home front. those who are considered by industry observers to be In early March, her father, two of her children, a possible successors to longtime Chief Executive Jamie daughter, 20, and son, 23, along with her son’s girlfriend had Dimon. all converged on her home in Columbus, Ohio. The plan was Piepszak is unquestionably one of the company’s stars. for her father to stay in Columbus to look after her three She leads quarterly earnings calls with investors, oversees younger children, ages 13, 15 and 18, while the others spent more than 15,000 employees in JPMorgan’s global finance spring break together in the Cayman Islands with Houston. department and manages corporate strategy and strategic Those plans were soon aborted. investments. Since her promotion, she has participated in “Everyone stayed and I adjusted to working from more than 80 gatherings across the world with investors, home with nine people in the house,” said Houston. It research analysts, regulators, politicians, clients and was especially raucous, having four extra bodies in the industry members and met with thousands of employees. household and kids of various ages trying to finish school To connect with people, she often gets personal. In her remotely as the adults worked. Houston remained positive first town hall meeting as CFO in June 2019, she shared — cherishing the moments. “The time we are having pictures of her family in a PowerPoint presentation and together as a family is a true gift,” she said at the time. talked about her life outside of work. The effort — dubbed Much like with her family, Houston’s been instrumental in Humans of Office of the CFO — has cascaded to other guiding Huntington Bancshares through the pandemic. areas of the company that are now using the same tactic She has served as chief risk officer since 2012 and is a to kick off meetings and help employees get to know each member of the executive leadership team. With oversight other better. of the $109 billion-asset company’s risk management “This concept has demonstrated how important it is to framework, she has direct influence on capital allocations, deliberately make the space for personal conversations strategy and critical business decisions. In 2019, her duties at the workplace,” Piepszak said. “It is one way of giving expanded to include oversight of more credit functions, people a platform to open up and be vulnerable while including credit policy and strategy, credit approval, feeling comfortable doing so. Now more than ever, as we collections, bankruptcy and credit bureau reporting. mobilize around standing up against the systemic racism One critical move Houston made in 2019 that set the that continues to exist in our country, we’re seeing how company up for success during the pandemic was creating powerful it can be to make the workplace personal and find a new director of global risk position that consolidated the the commonalities that connect us all.” responsibility of identifying and reacting to emerging risks. Piepszak, a 26-year veteran of the banking industry, Previously these responsibilities had been dispersed among has held various roles at JPMorgan, including CEO of several leaders, which made it difficult to provide deep risk Chase Card Services, CEO of business banking and CFO of analysis as they juggled other responsibilities. ■ mortgage banking. ■

42 American Banker October 2020 americanbanker.com

042_ABM1020 42 9/16/2020 2:38:09 PM Karen Larrimer Charlotte McLaughlin Most Powerful Women in Banking Most Powerful Women in Finance

Stephanie Novosel Debbie Guild Women to Watch Women to Watch

All we can add to your well-earned recognition is our sincere thanks. At PNC, we’re proud to count Karen, Charlotte, Stephanie and Debbie as members of our team. And we’re proud of their business leadership, as well as their contributions to creating an inclusive, collaborative and innovative culture. Congratulations on your recognition by American Banker. And thank you for all you do for our company, our customers and the communities we call home.

043_ABM1020 43 9/16/2020 4:43:10 PM THE MOST POWERFUL WOMEN IN BANKING

Sandy Pierce Andrea Smith Senior EVP, Private Client Group, Chief Administrative Officer Regional Banking Director and Bank of America Chair of Michigan Huntington Bancshares

hen Sandy Pierce was 9 years old, she witnessed conomic mobility has always been deeply personal tanks rolling down her street in Detroit’s for Andrea Smith, the daughter of a divorced WPoletown neighborhood during the 1967 race Eworking mother who went back to college while riots. “I lived in a very diverse neighborhood, so I didn’t raising three children and whose $10,000-a-year starting really understand what was happening,” she said in a 2017 salary as a social worker was so low that the family of four interview with Detroit Public TV. qualified for food stamps. Despite this and other formative experiences growing So it’s fitting that finding ways to help others rise up up in the Motor City, the gravity of the COVID-19 pandemic, out of poverty is one of Smith’s priorities, both at Bank of which hit Detroit particularly hard early on, stands out. America and in the communities the bank serves. Pierce recalls learning of the stay-at-home orders in As co-chair of the Leading on Opportunity Council, March and pondering what the lockdown would mean for a group convened by the Charlotte-Mecklenburg business and life in general. She took inspiration from the Opportunity Task Force to study economic mobility words of Huntington Bancshares founder H. W. Huntington challenges, Smith helped create a road map to address from more than a century ago: “In prosperity, be prudent. In early childhood education, workforce development, adversity, be patient.” affordable housing and family stability. With responsibility for multiple corporatewide lines of Last year, she took that road map to BofA’s 91 market business and regional banking operations, not to mention presidents in an effort to drive change in local communities serving as chair of Michigan, prudence and patience were across the United States. essential. “It was the inspiration I needed to be a part of the “In this pandemic, it’s really working,” Smith said. “Many solution without surfacing the fear inside me,” Pierce said. nonprofits are struggling to stay afloat, so one of the things So far, so good, as far as her boss is concerned. “She the team is doing is looking at how to bring them together has successfully navigated her complex and diverse … to get more strength.” business segments through this unprecedented period, and Smith is now five years into her role as chief I have relied on her expertise and partnership as we work administrative officer at BofA. It’s a wide-ranging job: together to lead the entire bank,” said Stephen Steinour, Along with being a member of the executive management Huntington’s chief executive. team and adviser to Chief Executive Brian Moynihan As director of the $109 billion-asset company’s Private and the board of directors, Smith has oversight of local Client Group, Pierce oversees Huntington Private Bank, markets, corporate real estate, brand and reputation which manages $18 billion in assets and has $12 billion in management, marketing, crisis management and business deposits and loans. She also oversees Huntington Insurance, continuity — which means she’s been one of the leaders in the fifth-largest bank-owned insurance agency in the United charge of the bank’s COVID-19 pandemic response plan. States and Huntington Auto Finance and RV/Marine, which “We have done some amazing things that I’m not sure accounts for nearly 20% of Huntington’s balance sheet. ■ we thought we could do,” Smith said. ■

44 American Banker October 2020

044_ABM1020 44 9/16/2020 2:38:12 PM President - Large Bank Jane Fraser

CEOs - Community Banks Jeanne Crain Julieann Thurlow

Technology Deborah Guild Jennifer Smith Melissa Stevens Michele Trolli

Senior Management Paulette Mullings Bradnock + Ellen Fitzsimmons Beth Johnson MOST POWERFUL Kavita Mahtani Mary McNiff WOMEN TO WATCH Jennifer Strybel Liz Wolverton The 2020 honorees presented here are ordered differently than in Retail Banking past years. In this unprecedented year, we took an unprecedented Kate Danella — and temporary — break from Cassandra McKinney our traditional ranking. On the following pages the Most Powerful Business Banking Women are grouped according to Michelle Di Gangi their roles and listed alphabetically within those categories. Angela Mago Sharon Miller Stephanie Novosel Marla Willner Anne Clarke Wolff

Payments Sharon Haward-Laird Gonca Latif-Schmitt

Wells Fargo

americanbanker.com October 2020 American Banker 45

045_ABM1020 45 9/16/2020 6:06:00 PM THE MOST POWERFUL WOMEN TO WATCH

Jane Fraser President Citigroup

n the day that Jane Fraser made Kleinhanzl, an analyst at Keefe, Bruyette & history as the first woman to Woods. Olead a major U.S. bank, she didn’t Fraser, 53, has built — and cleaned up conduct any media interviews. It was — several operations since she joined Citi’s perhaps a sign that she’s poised to assume corporate and investment banking division in the chief executive role at Citigroup at a 2004. A former partner at McKinsey, where she moment when there’s little time to reflect or advised financial firms, she was Citi’s global celebrate. head of strategy and mergers and acquisitions The Scottish-born banker has plenty of from 2007 to 2009 and then spent the next work to do when she succeeds Michael Corbat four years as CEO of Citi’s private bank. in February. She faces pressure to improve In 2013, she was named CEO of U.S. Citi’s profitability metrics and stock market consumer and commercial banking and valuation while steering the $2.2 trillion-asset CitiMortgage and, two years later, ascended company through lingering fallout from the to CEO of Citi’s Latin America region, where coronavirus pandemic. The health crisis she oversaw the company’s strategy across has led to a slump in card activity — Citi’s 23 countries, including Mexico. The job lifeblood — higher credit costs and myriad included a multiyear restructuring, a major employee- and customer-safety issues. transformation in controls and ethics and a $1 billion investment program in Mexico to upgrade technology and provide a range of Fraser will replace new services. Last fall, Fraser became the first female Michael Corbat as president in the company’s history and, as Citi’s CEO in February. CEO of the global consumer bank, took on responsibility for all of Citi’s consumer businesses, including retail banking, wealth In a memo to employees on Sept. management, credit cards and mortgages, as 10, the day she was named CEO, Fraser well as operations and technology across 19 acknowledged the work to be done to craft markets. the company’s next chapter. Fraser is a vocal advocate for gender She said Citi must position itself “for the equality. Last year she was named co-chair of digital and disruptive times ahead and for the Citi women affinity group, a role in which consistent, sustainable performance and long- she is now responsible for global diversity and term success.” inclusion initiatives to ensure that the company She also said Citi needs to “ensure that we is recruiting, promoting and retaining more have a culture which demands excellence in women. these areas because it will ultimately make us Since the spring, Fraser has led Citi’s North more competitive and improve our ability to America response to the COVID-19 crisis, and serve our customers and clients.” she said it is helpful to have a woman in that Fitch Ratings analysts Christoper Wolfe role. and Mark Narron said that the move “I can be much more vulnerable talking “demonstrates solid succession planning and about the human dimensions of this than some bench strength.” of the male colleagues feel comfortable with,” But what ultimately matters to investors is she said. “It is very powerful. I’ve been able to performance, and they’ll be watching closely have a conversation with our people, across to see what steps Fraser takes to boost the bank, that I wouldn’t have been able to organic growth and improve returns, said Brian have without the crisis.” ■

46 American Banker October 2020 americanbanker.com

046_ABM1020_001 46 9/17/2020 10:08:41 AM americanbanker.com October 2020 American Banker 47

047_ABM1020 47 9/16/2020 6:06:07 PM THE MOST POWERFUL WOMEN TO WATCH

Jeanne Crain Julieann Thurlow President and CEO President and CEO Bremer Financial Reading Cooperative Bank

his past year Jeanne Crain has been enmeshed in ulieann Thurlow has learned a few things about an unusual fight to save her bank from a forced fintech innovation over the last few years at Tsale. But she still managed to position Bremer JReading Cooperative Bank, where she has been Financial for growth while fending off the court battle president and chief executive since 2006. that threatened its future. A few years ago, the Massachusetts bank tried to The biggest challenge in her view has been to ensure go it alone by building a commercial lending platform the St. Paul, Minn., bank’s 1,700 employees in three states that originated loans from end to end. After that proved stayed focused on their work while keeping them up to problematic, the $600 million-asset Reading Cooperative speed on the legal twists and turns. brought in a consulting firm for guidance, which was “I cannot emphasize enough how important it has been helpful, but expensive. to share both the encouraging and the ‘hard to hear’ news,” So, in 2018, the bank became a founding member of said Crain, who has led the privately held, $15 billion- the Alloy Labs Alliance, a consortium of community banks asset Bremer since 2016. “It is impossible to eliminate collaborating on new products. That was followed by the uncertainty and fear someone might be feeling, but an invitation for Thurlow to join a Massachusetts group it is important as a leader to demonstrate empathy and working to retain fintech talent in the state. acknowledge how people are feeling.” Thurlow has applied lessons learned to another Bremer employees managed to stay intensely focused challenge she has taken on: devising innovative products this spring, when the bank generated such a heavy volume for the largely immigrant population of Lawrence, one of of Paycheck Protection Program loans in its home state Massachusetts’ poorest cities and the site of her bank’s that it rivaled even large competitors like U.S. Bancorp and newest branch, scheduled to open next year. Wells Fargo. The first new product will be a $1,000 credit-building And it did so without an online application form. loan. The bank will hold on to the loan proceeds while Crain redeployed hundreds of employees to ensure borrowers make monthly payments of $100 to demonstrate every applicant for a loan through the Small Business creditworthiness. Once the loan is paid the proceeds are Administration’s emergency program was able to speak released. In pilot tests with college-age children of bank with someone at the bank about the process. employees, credit scores rose an average of 43 points. “We had people setting alarm clocks so they could get Thurlow expects the loan and other products in up in the middle of the night and upload documents,” Crain development to gain traction in the bank’s other markets. told the Star-Tribune, which reported that 21% of Bremer’s The branch itself got a pre-opening boost this nearly 6,900 PPP borrowers across three states had not spring from the Paycheck Protection Program. During been existing customers of the bank. “This is definitely a the program’s second round, the bank worked with a moment in my career I will never forget.” community development financial institution to process Crain also created Bremer’s first-ever staff position loans for small businesses that had trouble accessing the charged with monitoring and supporting corporate social first round. “We now have customer relationships with a lot responsibility. ■ of those small businesses,” Thurlow said. ■

48 American Banker October 2020 americanbanker.com

048_ABM1020 48 9/16/2020 6:06:10 PM 049_ABM1020 49 9/16/2020 4:43:10 PM THE MOST POWERFUL WOMEN TO WATCH

Deborah Guild Jennifer Smith Melissa Stevens Chief Security Officer Corporate Chief Information Officer Chief Digital Officer PNC Financial Services Group Zions Bancorp. Fifth Third Bancorp

ike Michael Oher, the offensive tackle portrayed ennifer Smith has a bunch of technology projects ost banks have art on the in the book and movie “The Blind Side,” Deborah in the works at Zions Bancorp. walls and might sponsor an LGuild has a keen instinct to protect her company’s J The $76 billion-asset Zions is in the midst of a Marts festival. But employees most valuable assets. multiyear mission to revamp its core banking system, typically don’t create a public art It’s a lot to protect: As chief security officer at PNC but Smith has found time to oversee investments in installation. Financial Services Group, Guild oversees all efforts to other technology meant to improve service for customer Melissa Stevens did just that, detect and deter fraud, cybersecurity attacks and physical segments such as middle-market and small businesses. though. crime. Those new capabilities were put to the test with the Stevens is the chief digital officer Having one person lead all these areas has a distinct onset of the pandemic, and Smith, the corporate chief for Fifth Third Bancorp, responsible for advantage — Guild’s team can observe patterns of bad information officer, is pleased with the results. She credits guiding its digital transformation. For behavior across all channels. After all, criminals don’t stick the investments — in automated processing, collaboration years the $185 billion-asset company to just fraud or just phishing attacks or just ATM theft or platforms and application programming interface has been hiring top-notch innovators just branch robbery. They want to steal money however capabilities — with allowing Zions to quickly build a digital from across multiple industries, they can. system for processing and approving tens of thousands of including aviation and design. Guild is one of the few women in financial services Paycheck Protection Program loans. So it wasn’t as strange as it might with the title of chief security officer. The security and Smith takes a long view when it comes to the workplace seem that Stevens and her team technology fields are underrepresented by women, and as well. With most of her 2,000-plus employees scattered came up with one of the exhibits for in both of those areas there’s a natural “fallout rate” over across 11 facilities in the Salt Lake Valley, Smith lobbied Cincinnati’s BLINK art festival last time, she pointed out. to build a new, more cost-effective, 400,000-square-foot October. They worked with the design Guild started coding when she was 15 and was hooked. campus to house the local contingent. The campus is and production company Brave Berlin “I was probably just too bullish to let anything dissuade scheduled to be completed in mid-2022. to create an outdoor interactive me,” she said. “I love applying technology to business To collaborate effectively, Smith stresses the display seen by more than 1 million problems.” importance of relationships, whether it’s between a banker people in Fountain Square, site of Fifth She rose through the technology ranks at Bank of and small-business customers or among company leaders. Third’s headquarters. America, then became chief technology officer at PNC in The pandemic has only reinforced the importance of Stevens said participating in 2013. She was promoted to her current role in 2017. relationships in all facets of her life. the design challenge had benefits One initiative Guild has undertaken recently is an While checking on Zions’ buildings after an earthquake for recruiting and exercising her upgrade of authentication technology and procedures hit outside Salt Lake City in March, Smith came across a team’s creativity. The interactive across the bank that helps spot malware and other threats. security guard sitting alone in a facility that had lost power. display sparked interest from some Such efforts have become even more important during “Her face and voice broke and showed the agony that people who looked into getting jobs the pandemic, when cyberattacks, ransomware, branch only a pandemic, an earthquake and loneliness can bring,” on the digital team at Fifth Third vandalism, ATM theft, and unemployment check fraud said Smith, who stayed there until the guard’s employer and challenged the team to think have spiked, and phishing attempts are nonstop. “I always released her for the day. differently — which is something that think that there’s some Nigerian prince over there going, “When experiencing uncertainty, we need our would turn out to be needed much ‘Why does nobody respond to my emails?’ ” Guild said. ■ relationships the most,” Smith said. ■ more during the coming pandemic.

50 American Banker October 2020 americanbanker.com

050_ABM1020 50 9/16/2020 6:06:14 PM The team scrambled to meet customer the world differently,’’ Stevens said. needs this spring, including by creating “That’s the beauty of BLINK. It’s taking automated text alerts to let borrowers structures we see every day and know the status of their loans from forcing us to see them in a different the Small Business Administration’s light. It’s something we do every day Paycheck Protection Program. here as we create and innovate for our “Art literally challenges us to see customers.” ■

Melissa Stevens Corporate Chief Information Officer Chief Digital Officer Fifth Third Bancorp

ennifer Smith has a bunch of technology projects ost banks have art on the in the works at Zions Bancorp. walls and might sponsor an J The $76 billion-asset Zions is in the midst of a Marts festival. But employees multiyear mission to revamp its core banking system, typically don’t create a public art but Smith has found time to oversee investments in installation. other technology meant to improve service for customer Melissa Stevens did just that, Congratulations to segments such as middle-market and small businesses. though. Those new capabilities were put to the test with the Stevens is the chief digital officer Julieann Thurlow, onset of the pandemic, and Smith, the corporate chief for Fifth Third Bancorp, responsible for Reading Cooperative Bank President & CEO, information officer, is pleased with the results. She credits guiding its digital transformation. For for making the American Bankers Top 25 the investments — in automated processing, collaboration years the $185 billion-asset company Women to Watch list! platforms and application programming interface has been hiring top-notch innovators capabilities — with allowing Zions to quickly build a digital from across multiple industries, RCB is extremely proud that you have earned system for processing and approving tens of thousands of including aviation and design. this honor once again. We are thankful for your Paycheck Protection Program loans. So it wasn’t as strange as it might empathetic leadership throughout this tumultuous Smith takes a long view when it comes to the workplace seem that Stevens and her team time and appreciate your passion for providing as well. With most of her 2,000-plus employees scattered came up with one of the exhibits for timely products and services that meet consumers across 11 facilities in the Salt Lake Valley, Smith lobbied Cincinnati’s BLINK art festival last needs and improve their financial wellbeing. to build a new, more cost-effective, 400,000-square-foot October. They worked with the design campus to house the local contingent. The campus is and production company Brave Berlin Thank you to Julie and the rest of our team for scheduled to be completed in mid-2022. to create an outdoor interactive demonstrating what community banking is all To collaborate effectively, Smith stresses the display seen by more than 1 million about as we navigated the crisis, wrote PPP loans importance of relationships, whether it’s between a banker people in Fountain Square, site of Fifth and small-business customers or among company leaders. Third’s headquarters. in pajamas, and overcame every challenge that The pandemic has only reinforced the importance of Stevens said participating in arose along the way. Our combined efforts have relationships in all facets of her life. the design challenge had benefits exceeded expectations, proving that, by working While checking on Zions’ buildings after an earthquake for recruiting and exercising her together, we can achieve great things! hit outside Salt Lake City in March, Smith came across a team’s creativity. The interactive security guard sitting alone in a facility that had lost power. display sparked interest from some “Her face and voice broke and showed the agony that people who looked into getting jobs only a pandemic, an earthquake and loneliness can bring,” on the digital team at Fifth Third said Smith, who stayed there until the guard’s employer and challenged the team to think released her for the day. differently — which is something that “When experiencing uncertainty, we need our would turn out to be needed much relationships the most,” Smith said. ■ more during the coming pandemic.

americanbanker.com October 2020 American Banker 51

051_ABM1020_002 51 9/16/2020 6:19:32 PM THE MOST POWERFUL WOMEN TO WATCH

Michele Trolli Paulette Mullings Bradnock Chief Technology and Operations Officer Chief Audit Executive M&T Bank BNY Mellon

hen Apple unveiled the iPad in 2010, Michele nnovation draws attention mainly on the front lines of Trolli saw an opportunity. She brought one of the banking. Paulette Mullings Bradnock has been making Wnew tablets to M&T Bank’s board of directors Iit happen more quietly in the back office, boosting and asked for $40 million to develop a mobile banking efficiency while burnishing her team’s digital skills. platform. As chief audit executive at Bank of New York Mellon “One of the directors kind of shook it, and said, ‘You since 2015, Bradnock has spearheaded a range of initiatives mean to tell me that you think people are going to do their to upgrade her department, from implementation of a banking on this thing?’ ” she recalled. “In 2013, I went back customized internal audit workflow system to the build-out to the board to share the work we had done on mobile of an internal audit center of excellence in Poland. banking, and I was able to pick up the iPhone and shake Her most recent effort is the adoption of robotics it back at the board and say, ‘750,000 customers are now to conduct audit testing and automate repetitive doing their banking on this thing.’ ” administrative tasks. While automation can often mean job Trolli didn’t set out to pursue a career in banking. elimination, for Bradnock it was an opportunity to meet the Instead, she earned a degree in computer science and needs of the $442.3 billion-asset BNY Mellon. became a coder before taking a job at Society Bank — now “We are now required to review larger volumes of data KeyBank — in Cleveland. “As a technician, the place you without increasing our headcount,” said Bradnock, who want to be is in the financial industry, because that’s when manages a team of 380 auditors. “If we are not using new technology matters,” she said. technologies to audit, we will not be able to recruit new She is now leveraging her tech experience toward her talent. Nor we will be able to retain talent, as this is an area goal of transforming M&T’s hometown of Buffalo, N.Y., into where there is an interest for professional development.” a leading regional tech hub. Last year, the $139 billion-asset After overseeing a successful pilot with a core group in M&T announced it was remodeling a building in downtown the audit department, she is now working to ensure all of Buffalo to establish the Silicon Valley-esque M&T Tech Hub her team members can benefit from the technology. under Trolli’s leadership. The bank hopes it will help attract As a leading voice on diversity and inclusion at BNY other tech organizations to the city. Mellon, Bradnock makes sure to consider candidates from Trolli, who has headed the bank’s tech team since diverse backgrounds when hiring, whether they are interns 2014, is also in charge of starting an M&T “tech academy,” or full-time employees. which will help bank employees as well as Buffalo residents “I am passionate about this topic, and the importance sharpen their tech skills. of making significant progress is reinforced by the recent “There will be an opportunity for people to reinvent protests that unfortunately have devolved into riots in some themselves here in the tech hub, and it’s not just M&T — the cities, where people from all cultures and races are pushing community will be able to use it,” she said. “And I hope when for real change in the treatment of African Americans,” it’s up and operational, less-fortunate high schoolers or she said. “I am hopeful that change can happen, in a more graduates in our community will be able to take advantage peaceful manner, by having corporate leaders join with of it ... without charge.” ■ community leaders in driving the conversation.” ■

52 American Banker October 2020 americanbanker.com

052_ABM1020 52 9/16/2020 6:06:19 PM An honor for one is an honor for all.

ynovus is proud to congratulate S Liz Wolverton for her inclusion in Liz Wolverton American Banker Magazine’s “Most Synovus Chief Strategy Powerful Women in Banking” program and Customer for the sixth consecutive year. Experience Officer This prestigious recognition is an honor for all the dedicated women who lead across our footprint and beyond. Today, women play important roles on our board of directors, our executive team, and with our key lines of business. It’s this ongoing commitment to championing women in the workplace that sets us apart. Recently, Forbes named Synovus as one of America’s Best Employers for Women 2020. Here’s to the women who make us who we are. We value the importance of their contributions to charting our course in an ever-changing world.

synovus.com

Synovus Bank, Member FDIC.

053_ABM1020 53 9/16/2020 4:43:11 PM THE MOST POWERFUL WOMEN TO WATCH

Ellen Fitzsimmons Beth Johnson Chief Legal Officer and Head of Enterprise Chief Experience Officer Diversity and Human Resources Citizens Financial Group Truist Financial

llen Fitzsimmons played a major part in the deal that hen the COVID-19 pandemic hit hard in March, led to the formation of Truist Financial. the timing looked terrible for Citizens Financial E And it wasn’t just the company that grew from WGroup’s Beth Johnson. She had been named the biggest financial services merger since 2008; so did chief experience officer just weeks before — and now she Fitzsimmons’ responsibilities. In addition to her role as chief and her team were tasked with responding in real time to a legal officer for Truist, Fitzsimmons was named head of full-blown crisis. enterprise diversity and human resources at the end of 2019, But Johnson was better prepared than most. In the adding oversight of tasks like inclusion, corporate social years before taking on her new role, she’d led several responsibility and community reinvestment. initiatives that positioned the $180 billion-asset Citizens to “We’re committed to increasing racially and learn and pivot quickly — programs that had also powered ethnically diverse talent in leadership roles; delivering a the company’s steady rise into the top echelon of regional comprehensive total rewards program that attracts and banks. retains top teammates; working tirelessly to invest in our In 2019, she spearheaded large investments in new communities; and creating sound environmental, social and technology to create a seamless integration of digital and governance practices that reflect our mission and values,” physical customer experiences while making the company said Fitzsimmons, who joined Truist’s predecessor, SunTrust more versatile. By the end of the year, Citizens’ digital Banks, in 2018 as its general counsel. SunTrust merged last operations had handled more than four times the number year with BB&T to create the $467.3 billion-asset Truist. of transactions of branch and contact center operations In her expanded role, Fitzsimmons relies on an informal combined. Streamlined customer experiences, with faster approach that integrates the legal and human resources problem-solving, fueled a 45% improvement overall in the teams to meet the needs of customers, regulators and bank’s Net Promoter Score in two years. business units. She also has been building on what she This work was informed by an earlier Johnson-led learned during the numerous meetings she held before the project, Citizens Listens, a voice-of-the-customer program merger with business and community leaders in the regions that has enabled the Providence, R.I., company to integrate Truist serves. customer-centricity into the daily routines of all of its “It was clear there was a much-needed influx of employees. investment into critical programs that improved affordable “My team has shown incredible resilience and agility housing, mortgage lending, small-business development in the face of COVID-19,” Johnson said. “This is important, and economic development projects to low- and moderate- because so much of our organization’s response to the income people and communities,” Fitzsimmons said. pandemic has come through my organization. We took a Truist’s response is a $60 billion investment between coordinated approach that emphasized the importance 2020 and 2022 in mortgage, small-business and of alignment and collaboration. We launched the digital community-development lending. Truist also plans to tools needed to support the Paycheck Protection Program, open at least 15 branches in low- and moderate-income reshaped our brand platform and so much more — all while communities and majority-minority communities. ■ adapting to entirely remote ways of working.” ■

54 American Banker October 2020 americanbanker.com

054_ABM1020 54 9/16/2020 6:06:23 PM A toast to the women whose impact reaches beyond banking.

The remarkable women celebrated this year view the future through a lens of confidence, responsibility, and optimism. Their example inspires us to give our best every day.

At KeyBank, we know that the best leaders thrive in a culture where every person feels included, valued, and empowered.

Congratulations to all of the women being honored, notably our own Amy Brady and Angela Mago for being named among the 2020 Most Powerful Women™ honorees.

866281-American055_ABM1020 55 Banker ad-P2.indd 1 9/16/20209/2/20 4:43:11 12:43 PM THE MOST POWERFUL WOMEN TO WATCH

Kavita Mahtani Mary McNiff Chief Financial Officer Chief Compliance Officer HSBC North America Holdings Citigroup

or many new hires, the first couple of months tend to hen the World Health Organization declared the be a period of observation and learning. But when novel coronavirus a pandemic in March, Mary FKavita Mahtani started at HSBC North America WMcNiff was fully occupied as the chief executive Holdings, she was given 60 days to complete her first big of Citibank, leading business operations in 95 countries assignment. across five continents. Nonetheless, she found time to Mahtani, who joined the company in October of last become a part-time manufacturer. year, had to look at the various businesses and present a McNiff — who has since become chief compliance compelling value proposition for each. She said proactive officer at parent company Citigroup — and her two communication helped her to build relationships, which daughters, Caitlin and Jessica, used a 3D printer in their enabled her to accomplish the mission swiftly. home to make more than 1,000 ear protectors they “Building the network and bringing people on donated to front-line workers at hospitals in Connecticut. board along the way were two strategies that helped “We spent hours attaching the elements to hair bands in developing the plan in a short period of time, but for use with face masks, but it was so rewarding to help also eventually led to its successful approval and our essential workers and give them some comfort while implementation,” Mahtani said. wearing masks all day long,” she said. She kept senior leadership in the loop on her progress McNiff’s can-do attitude is evident in her career journey, and incorporated real-time feedback that cut down on which began 32 years ago when she was a hired to be an revisions and allowed for early buy-in from decision makers. auditor at Abbey National Bank in London. She has since “Everyone felt like they owned the new strategy,” she said. held audit manager, director and chief jobs at JPMorgan Mahtani, a former Citigroup executive, played a key Chase, Barclays Bank and Lloyds Banking Group. She spent role in regulatory stress-testing exercises in the wake of 15 months as CEO of Citibank, an operating unit within the 2008 financial crisis. She joined HSBC North America Citigroup that accounts for approximately 75% of the as chief financial officer at the same time as another Citi global banking giant’s nearly $2 trillion of assets. veteran, Michael Roberts, took over as president and chief During that time, she led the shift to an agile style executive. London-based parent company, HSBC Group, of project management, drove governance initiatives has roughly $211 billion of assets in the United States and to improve safety and soundness and implemented has branches in eight states and the District of Columbia. a framework for oversight of all key programs. The Mahtani said the COVID-19 crisis and unrest in the enterprisewide program set a foundation for the company nation over racial inequality brought home to her that she to further implement best practices. had to stay in touch with her team frequently to see how Since 2018, McNiff has also been co-lead of Citi’s they’re holding up. “I have spent these past few weeks Hispanic/Latino heritage affinity group, helping employees drawing people out and giving them the opportunity to develop as leaders — a surprising role, she has said, for a have difficult conversations,” she said in early summer. “That British woman of Irish descent. But McNiff is animated by question about ‘feeling’ is so important, and I listen carefully her love for Hispanic culture, which she acquired while in a to ensure people are feeling OK in these uncertain times.” ■ regional role for Citi in Latin America and Mexico. ■

56 American Banker October 2020 americanbanker.com

056_ABM1020 56 9/16/2020 6:06:27 PM CONGRATULATIONS, Melissa Stevens! Thank you for always putting 166.7% into everything you do.

MELISSA STEVENS | Chief Digital Ocer; Head of Digital, Design & Innovation | Fifth Third Bank

We are so proud of you—and all of the women honored by American Banker—for being transformational, innovative and leading the way.

Fifth Third Bank, National Association. Member FDIC. BD7273033

057_ABM1020 57 9/16/2020 4:43:12 PM THE MOST POWERFUL WOMEN TO WATCH

Jennifer Strybel Liz Wolverton Chief Operating Officer Chief Strategy and Customer Experience HSBC Bank USA Officer Synovus Financial

ennifer Strybel thrives on routines. She has a n an effort to reenergize executive meetings, expose favorite workout and a steady commute, works organizational issues and foster teamwork among Jbest at the office, loves social interaction and Icolleagues, Liz Wolverton came up with a novel idea: likes to be able to gather people around to jump on a have Synovus Financial team members rehearse their ABCs. problem. In this case, the acronym stands for “achievements and COVID-19 threw the world for a loop, and though it accountabilities, barriers and bright ideas, and customer disrupted all of Strybel’s routines, she adapted — and her and culture.” Wolverton came up with the ABCs after the team didn’t skip a beat servicing HSBC customers, even as executive team expressed a need to actively address key it shifted to fully remote work. issues, such as pain points in the loan process that may Strybel is in charge of operations, services and have been evident to front-line staff but not immediately technology at HSBC Bank USA. She manages its digital apparent to the back office. transformation programs, which last year included the The first few meetings focused on organizational issues launch of real-time payment functionality. Transaction and led to developing a better framework of expectations volume subsequently grew by 21%. for Synovus leadership. When the pandemic hit, her team increased its Her approach to problem-solving is now being used bandwidth by a factor of 10 so its 10,000 employees could across the company. “There is something about the transition to working from home smoothly. It also built four simplicity of ABCs that immediately disarms and engages new servers to support remote trading operations and people,” Wolverton said. launched Zoom two months ahead of schedule to interact The ABCs sessions typify a cut-to-the-core approach with clients and collaborate with colleagues. that has earned Wolverton respect from peers and her Through endless challenges and sleepless nights, bosses for the way she achieves consensus despite diverse Strybel learned to create new routines that would help her viewpoints and personality differences. lead in a different environment — daily Zoom huddles, Wolverton’s responsibilities are vast, as she oversees Thursday virtual happy hours and a scheduled 7 p.m. corporate strategy, marketing, digital initiatives, customer shutdown of the computer. She even found a new fitness experience, and diversity and inclusion efforts at the routine. $54 billion-asset Synovus. In March, she was tasked with Strybel, who is a member of the U.S. executive leading an efficiency effort called Synovus Forward aimed committee and the global COO leadership team for the at cost savings, revenue enhancements and improved British banking giant, also learned to be open about her customer experience with a target to produce $100 million travails. She and her teammates, for example, wrote blog in pretax income over three years. posts about how they were coping. “It speaks volumes that we have asked Liz to lead this “Within hours of sending my blog, the reactions from program. She is a proven leader who delivers results, and my staff were truly overwhelming,” she said. “Sharing my that is what we need in a time of volatility and uncertainty,” vulnerabilities made me stronger and a better leader. I feel said Kevin Blair, president and chief operating officer of more connected to my team than ever before.” ■ Synovus. ■

58 American Banker October 2020 americanbanker.com

058_ABM1020 58 9/16/2020 6:06:30 PM Celebrating your outstanding achievement

Congratulations to Ellen Fitzsimmons, Chief Legal O icer and Head of Enterprise Diversity at Truist, for being recognized in American Banker’s 2020 list of “25 Most Powerful Women to Watch.” Ellen, your exceptional leadership and commitment to excellence inspires us. Each of this year’s honorees strengthens our communities and enriches our futures—we thank you all.

059_ABM1020 59 9/16/2020 4:43:12 PM THE MOST POWERFUL WOMEN TO WATCH

Kate Danella Cassandra McKinney Head of Strategic Planning, Consumer Bank Executive Director of the Retail Bank Products and Origination Partnerships Comerica Regions Financial

fter being named co-chair last year of a Regions assandra McKinney hit the ground running when Financial initiative to serve the underbanked, Kate she joined Comerica 15 years ago as a product and ADanella wanted to see what it was like to have no Csales management executive. In her first 12 months, banking relationship. McKinney introduced 13 products, helping drive growth for So she brought in the nonprofit Financial Health the now-$73.4 billion-asset bank. Network to put Regions bankers in the shoes of the She maintained the pace as her responsibilities grew. underserved. In an immersive experience called FinEx, they In her role last year as national director for retail cashed checks, bought prepaid cards and applied for non- product and operations, she helped propel double-digit bank loans. growth in net income from her area of the business for 2019. The project spurred Regions to make pricing changes She also oversaw an overhaul of branch technology that to its prepaid cards, improve check-cashing approval added digital teller and customer relationship management rates, launch a down-payment assistance program and systems as well as digital platforms for loan origination and enhance Western Union services. “While spending a few customer account opening, with the first phase for checking hours navigating the nonbank financial world is clearly no and savings products successfully deployed. substitute for living it every day, the FinEx experience did Promoted to executive director of the retail bank in quickly bring to light the pain points for consumers,” Danella April, McKinney now oversees an operation that accounts said. for roughly 40% of Comerica’s workforce and includes Danella has risen quickly through the ranks at Regions 435 branches spanning five states. Her leadership after coming aboard in 2015 as a strategy and effectiveness responsibilities extend to personal and small-business executive for Regions Wealth Management. In 2018 she was banking as well. named head of strategic planning, and last year added McKinney also has taken on leadership roles outside of responsibility for consumer bank products and origination Comerica. She is a past president of the Greater Denton partnerships. On her watch, Regions has generated close to County Chapter of The Links, a community-service $3 billion of loans through partnerships with fintechs. nonprofit that focuses on the cultural and economic In her role as head of strategic planning, she oversaw health of African Americans and that has gained greater Regions’ August 2019 acquisition of the Birmingham, Ala.- prominence since the death of George Floyd. McKinney based institutional investment firm Highland Associates. said she was moved by the 8 minutes and 46 seconds that And in managing fintech partnerships, she helped strike she sat silently during Floyd’s memorial service, trying to deals that to date have generated nearly $3 billion of loans. imagine what he experienced. Danella is also committed to improving economic “Through this experience I’ve reinforced my commitment conditions in Regions’ hometown of Birmingham. to speak boldly against racism, create an environment for Representing Regions, she helped found a local nonprofit conversation and act for change,” said McKinney, who grew called Birmingham Prosper whose goal is to develop up in Birmingham, Ala., with parents who she says fought an inclusive, citywide economic development plan in against injustice. “I am faithful and encouraged that change partnership with the Brookings Institution in Washington. ■ will come,” she said. ■

60 American Banker October 2020 americanbanker.com

060_ABM1020 60 9/16/2020 6:06:34 PM Inclusion. Equality. Friendship.

“As a nation, as a people, we must come together to defeat fear, hatred, prejudice and violence. I want to ensure the memory of my brother Patrick is a catalyst against injustice.”

— Angela Underwood Jacobs, California Bank & Trust SVP and Region Manager, testifying on June 10, 2020 before the U.S. House Judiciary Committee. Her brother was a federal protective service officer shot and killed on May 29 in Oakland while guarding a federal building during protests over the tragic death of George Floyd.

“We want this to be the kind of organization where people of all different backgrounds feel welcome, respected and loved.”

— Zions Bancorporation Chairman and CEO Harris Simmons, during an all-employee call July 21, 2020

Zions Bancorporation salutes the banks, companies and individuals across the financial industry who are taking actions for more equitable opportunities for all. Congratulations to all the “Most Powerful Women in Banking” honorees making their workplaces better.

Divisions of Zions Bancorporation, N.A. Member FDIC

061_ABM10202009-EPxxx-Amercian_banker_ad-v4CMYK.indd 61 1 9/16/20209/14/20 4:43:12 11:28 PMAM THE MOST POWERFUL WOMEN TO WATCH

Michelle Di Gangi Angela Mago Head of Small and Medium Enterprise President, Key Commercial Bank and Banking KeyBank Real Estate Capital Bank of the West KeyCorp

ichelle Di Gangi is building on her impressive track n 2019, Angela Mago saw an opportunity for KeyCorp to record leading small and midsize business lending expand its affordable housing business nationwide. Mat Bank of the West to tackle an even bigger job. I Under Mago’s leadership, the company leveraged Leaders of the $100 billion-asset bank tapped Di Gangi the platform of its real estate capital group to develop to head a sweeping effort to knit together its business lines broad banking relationships with for-profit owners active in a bid to deepen customer relationships, attract new ones in the affordable housing market. The move helped Key and increase its market share in places where the bank sees maintain its top-five status among lenders in the affordable the most opportunity. housing sector, according to Affordable Housing Finance To develop the new strategy, Di Gangi formed teams magazine. As recently as 2014, it hadn’t even been top 25. staffed with leaders from across Bank of the West. They Mago is also president of Key Commercial Bank, and came up with an approach that gave front-line staff a in that role she implemented a new sales process and bigger voice in meeting the personal, wealth and business management framework that increased revenue and needs of their customers and prospects. positioned the business for the onslaught of demand for It was tested first in California through a pilot program loans from the government’s Paycheck Protection Program. that entailed creating and training six cross-functional Mago’s team secured more than 3,000 loans, totaling sales squads, representing wealth management, small $3.3 billion. Roughly a fourth of those went to borrowers in and medium enterprise banking, retail banking and other low- and moderate-income communities. business lines. The pilot succeeded in helping bring in new “No company can say it was fully prepared, but I customers and increase business with existing customers. can say that Key’s focus on data and technology and Just as important, it earned rave reviews from employees, collaboration positioned us well both for the challenges our who enjoyed the more collaborative work environment. The clients suddenly faced and our ‘new normal,’ ” Mago said. program has since been rolled out in other markets. Last year Mago led the creation of a reverse mentoring The results should come as no surprise. Di Gangi’s program in which 23 junior members of her team were forward-thinking approach has powered Bank of the West’s paired with 34 senior leaders, including Mago herself. The small and medium enterprise business since she took over initial goal was to share knowledge about technology the fledgling unit in 2008. The business line now accounts platforms like Tableau and Salesforce and cultivate for almost 30% of the bank’s income and 25% of its fee understanding of how to improve business operations. But revenue. the program accomplished much more by breaking down Di Gangi’s penchant for collaboration, meanwhile, the traditional walls between junior and senior leaders. extends to her work for the community. She recently Younger employees learned how Mago and other senior partnered with Bank of the West’s corporate social leaders think about strategic issues and approach their responsibility arm to launch a program called work. Mago gained a better understanding of barriers to #ActForImpact that offers coaching and other support to the retention and promotion of minority employees, which entrepreneurs hoping to make a positive social impact, with dovetails with her recent appointment as executive sponsor a special focus on businesswomen. ■ of Key’s Hispanic-Latinx Business Networking Group. ■

62 American Banker October 2020 americanbanker.com

062_ABM1020 62 9/16/2020 6:06:37 PM Give women the floor. Watch them shatter the ceiling.

Congrats to the Most Powerful Women in Banking. We’re proud to have you leading the way and shaking things up.

Member FDIC, TD Bank, N.A. | Equal Opportunity Employer

063_ABM102037817-TD20_American_Banker_WTW_7.875x10.5_4C_r2.indd 63 1 9/16/20209/2/20 4:43:12 4:40 PM THE MOST POWERFUL WOMEN TO WATCH

Sharon Miller Stephanie Novosel Head of Small Business Head of Commercial Banking Bank of America PNC Financial Services Group

mall business has always meant big business for Bank ne of Stephanie Novosel’s chief initiatives last of America, going all the way back to its roots with year was introducing a new online portal for SA.P. Giannini and the Bank of Italy at the dawn of the Ocommercial banking customers at PNC Financial 20th century. Services Group. Her goal was to make the online experience Today, Sharon Miller, the $2.4 trillion-asset company’s easier and more intuitive, sort of like shopping on Amazon. head of small business, leads a 2,500-person unit that Novosel faced skepticism from colleagues who, while serves 12 million customers and oversees a loan book that acknowledging that the ease of online shopping had totaled nearly $39 billion at the end of 2019, according to radically changed expectations for consumers, argued the Federal Deposit Insurance Corp. that business owners would still prefer to do much of their “We serve one of every three business owners in the banking in person. She forged ahead anyway and the new United States,” Miller said in a recent interview. site made its debut in the first quarter of 2020. It attracted That vast reach magnified the challenges Miller faced 40,000 unique businesses in the first six months. helping lead BofA’s effort to roll out the Paycheck Protection Among other things, it allows customers to view Program amid the coronavirus crisis. statements, deposit checks remotely, initiate payments and But after some stumbles, BofA established itself as apply for a commercial rewards credit cards, while offering the leading PPP lender in the country, booking more than a range of self-help tools, such as one that shows business 345,000 loans worth $26 billion to small businesses affected owners what peers are spending on marketing. by the pandemic. “That’s what most businesses want these days from During PPP’s hectic first phase, when bankers around their banks — the ability to find out more upfront without the country distributed more than $342 billion in just 13 having to have a series of meetings,” said Novosel, who days, BofA employees worked around the clock, Miller said. has headed commercial banking at PNC since 2011 and “It wasn’t just us,” she said of her team. “It was 10,000 of last year assumed responsibility for two other business our teammates, coming together, redeployed to our space. lines: equipment leasing and centralized credit products. Whether you were a mortgage loan officer, a financial She leads a team of roughly 650 employees serving about adviser in training, a small-business banker, working in the 20,000 businesses with annual sales of $5 million to $50 contact center, everyone was focused on this.” million. Miller plays a central role in managing BofA’s growing Outside of work, Novosel is drawing on her expertise partnership with the Tory Burch Foundation’s Capital and experience in commercial banking to help women- Program, which aims to increase access to capital for owned businesses thrive. She serves as a mentor with female business owners. the Center for Women’s Entrepreneurship at Chatham The original commitment dates to 2014. Bank of University in Pittsburgh, her alma mater, and has helped America pledged a fresh $100 million last year. sponsor similar mentorship programs in Baltimore, “The culture of our bank is one of ‘This is what we stand Cleveland and other markets. “Once you hear from them,” for,’ ” Miller said. “We want to promote racial equality and Novosel said of the female entrepreneurs, “it’s hard not to women equality.” ■ be passionate about what they’re doing.” ■

64 American Banker October 2020 americanbanker.com

064_ABM1020 64 9/16/2020 6:06:41 PM American Banker – 2020 Most Powerful Women to Watch Congratulations to the 2020 Most Powerful Women in Banking and Finance

Your accomplishments reflect the exceptional leadership demonstrated every day by women in our industry and our communities. We are proud to celebrate our own for strengthening our culture, transforming the way we do business, and going above and beyond in serving our clients and communities every day. We are proud to recognize:

Julie Caperton Muneera Carr Mary Mack Lisa McGeough Kara McShane Head of Wealth Chief Accounting CEO of Consumer Head of Wells Fargo Head of Commercial Client Solutions Officer and Controller & Small Business International Real Estate Banking

Mandy Norton Ellen Patterson Julie Scammahorn Julia Wellborn Chief Risk Officer General Counsel Chief Auditor Head of Private Wealth Management

065_ABM1020 65 9/16/2020 4:43:13 PM THE MOST POWERFUL WOMEN TO WATCH

Marla Willner Anne Clarke Wolff Sharon Haward-Laird Head of Corporate and Specialty Banking Chairman of Global Corporate Head, North American Treasury TD Bank and Investment Banking and Payment Solutions Bank of America BMO Financial Group

s Marla Willner surveyed the consolidation fter nine years running the global corporate banking fter being promoted in 2016 to lead North American underway in health care, she saw a path for TD and leasing businesses for Bank of America Merrill treasury and payment solutions for BMO Financial ABank to become a major player in the field. ALynch, Anne Clarke Wolff was promoted in March to AGroup, Sharon Haward-Laird asked the company’s She developed a long-term strategy and positioned chairman of global corporate and investment banking for chief executive, David Casper, what she could do to succeed her team in corporate and specialty banking for success. the newly named BofA Securities. In her new role, Wolff is in her role. Key steps included creating a new head of business focused on working as a trusted adviser to some of BofA’s It was the first time that Haward-Laird, an attorney who development for the health care unit and assuaging risk- largest clients around the world. had worked previously in communications, investor relations management concerns about her team’s ability to handle The pandemic has interrupted prospecting for Wolff, and government relations, was taking on a revenue- the underwriting needs associated with expanding the who is normally an enthusiastic traveler. So she has been generating role, and Casper told her to start by thinking health care portfolio. spending much of her time deepening relationships with about what’s best for the customer, Haward-Laird recalled. “It paid unexpected dividends in the pandemic as we existing clients and fine-tuning a program she started last She has been pushing the unit to new heights since. were dressed to play and ready to help our customers,” year to provide education and guidance to women serving Treasury and payment solutions is consistently generating said Willner, who is on her second stint at TD. She left on boards of directors. double-digit growth and the highest return on equity the bank in 2015 to work at Brightwood Capital Advisors The first two events in 2019 were salon-style dinners among BMO’s business lines. Revenue was up 15% in 2019, before returning in 2018 as head of corporate and specialty with about 30 women. This year’s events, scheduled for while net income rose 18%. banking. “We expanded our portfolio and added $4 billion the fall, will cover topics such as demystifying the path to Product innovations under Haward-Laird include a new of new business by providing critical liquidity lines at a the boardroom and managing liquidity in a financial crisis, biometric authentication platform for commercial banking time when the industry really needed increased financing. Wolff said. and a simplified, lower-cost process for conducting small- We are really proud that we were able to be there for this “Part of why I still love my job is that it ultimately goes value transactions internationally, called BMO Global Pay. crucial sector through the crisis.” back to, you have to love problem-solving with clients Haward-Laird has also been fine-tuning the way her She has since taken on a stickier task: executive sponsor and you have to be incredibly curious,” said Wolff, who division collects feedback from its customer advisory of the $320 billion-asset bank’s transition from Libor to brings a diverse background to the task, including stints in council. She changed the format so that BMO spends less alternative reference rates. The transition got started in investment banking, capital markets and derivatives. time talking and more time listening. And she split the 2017, but because of a lack of resources it stalled before All that experience came in handy when capital markets council into groups for larger and smaller businesses in a bid reaching the finish line. began seizing up at the onset of the coronavirus pandemic to make them more useful for attendees. “This was distressing as the transition date was fixed, and clients immediately began to turn to BofA for balance “Every year after we do the customer advisory council, and we were working under a compressed time frame with sheet and liquidity solutions. Wolff and her team helped we ask, ‘How did that work? Could we get more out of it?’ little tangible successes at that point,” said Willner, who clients weather those difficult days by providing new loans And we try to make changes,” Haward-Laird said. brings experience from a large-scale platform transition for and working with them on draw-downs, all while focusing When she was younger, Haward-Laird briefly considered TD’s corporate banking. on managing risk and appropriately allocating capital. The becoming a writer. She still loves to read and followed Despite other pressing, pandemic-realted needs, Willner first quarter turned out to be the most active quarter for her passion to a seat on the board of the Writers Trust of marshaled necessary resources to put the Libor project back BofA’s corporate banking arm. Canada. on track. “We are a large lender and so the sheer volume of “It was probably one of the brightest moments in our Its founders include one of Haward-Laird’s favorite loans and customers impacted makes this a mammoth task, industry in seeing that bankers do serve a purpose and that writers, Margaret Atwood, author of “The Handmaid’s Tale.” but we have an incredible team,” she said. ■ bankers do play a vital role for clients,” Wolff said. ■ The two even sat together at a recent event. ■

66 American Banker October 2020 americanbanker.com

066_ABM1020 66 9/17/2020 9:46:08 AM Sharon Haward-Laird Gonca Latif-Schmitt Chairman of Global Corporate Head of North American Global Head of Commercial Cards and Investment Banking Treasury and Payment Solutions Citigroup BMO Financial Group fter nine years running the global corporate banking fter being promoted in 2016 to lead North American orporate travel drives much of the revenue for and leasing businesses for Bank of America Merrill treasury and payment solutions for BMO Financial Citigroup’s commercial credit card business, so ALynch, Anne Clarke Wolff was promoted in March to AGroup, Sharon Haward-Laird asked the company’s Cwhen the pandemic hit and ground travel to a halt, chairman of global corporate and investment banking for chief executive, David Casper, what she could do to succeed revenue suffered. Instead of lamenting the loss of business, the newly named BofA Securities. In her new role, Wolff is in her role. Gonca Latif-Schmitt, the global head of Citi’s $600 million focused on working as a trusted adviser to some of BofA’s It was the first time that Haward-Laird, an attorney who commercial card business, saw an opportunity for her largest clients around the world. had worked previously in communications, investor relations team to focus on developing new sources of revenue in the The pandemic has interrupted prospecting for Wolff, and government relations, was taking on a revenue- business-to-business market. who is normally an enthusiastic traveler. So she has been generating role, and Casper told her to start by thinking “Although we know that travel will eventually come spending much of her time deepening relationships with about what’s best for the customer, Haward-Laird recalled. back over time, we have developed resilience against this existing clients and fine-tuning a program she started last She has been pushing the unit to new heights since. adversely affecting our financial health by developing year to provide education and guidance to women serving Treasury and payment solutions is consistently generating different markets and revenue streams,” said Latif-Schmitt, on boards of directors. double-digit growth and the highest return on equity who has headed global commercial cards since 2017. The first two events in 2019 were salon-style dinners among BMO’s business lines. Revenue was up 15% in 2019, Before the pandemic struck, Latif-Schmitt was at work with about 30 women. This year’s events, scheduled for while net income rose 18%. on a range of initiatives designed to take advantage of the the fall, will cover topics such as demystifying the path to Product innovations under Haward-Laird include a new growth in e-commerce and enhance digital and mobile the boardroom and managing liquidity in a financial crisis, biometric authentication platform for commercial banking experiences. The efforts have yielded 14% growth in new- Wolff said. and a simplified, lower-cost process for conducting small- card spending, a client retention rate of more than 98% and “Part of why I still love my job is that it ultimately goes value transactions internationally, called BMO Global Pay. an increase in market share for Citi. back to, you have to love problem-solving with clients Haward-Laird has also been fine-tuning the way her Call center volume also has been growing. That led and you have to be incredibly curious,” said Wolff, who division collects feedback from its customer advisory Latif-Schmitt to introduce the use of conversational artificial brings a diverse background to the task, including stints in council. She changed the format so that BMO spends less intelligence from a company called Interactions. She had investment banking, capital markets and derivatives. time talking and more time listening. And she split the little history to guide her, as there was scant precedent for All that experience came in handy when capital markets council into groups for larger and smaller businesses in a bid serving business travelers through an AI-powered virtual began seizing up at the onset of the coronavirus pandemic to make them more useful for attendees. agent — not to mention the risk of a customer backlash. and clients immediately began to turn to BofA for balance “Every year after we do the customer advisory council, However, the technology now handles routine calls, freeing sheet and liquidity solutions. Wolff and her team helped we ask, ‘How did that work? Could we get more out of it?’ up live agents to deal with more complicated questions. clients weather those difficult days by providing new loans And we try to make changes,” Haward-Laird said. Latif-Schmitt has long been a mentor to women across and working with them on draw-downs, all while focusing When she was younger, Haward-Laird briefly considered the global organization, but to make an even bigger impact, on managing risk and appropriately allocating capital. The becoming a writer. She still loves to read and followed she co-founded a network within Citi for women in treasury first quarter turned out to be the most active quarter for her passion to a seat on the board of the Writers Trust of and trade solutions. Networking is a big part of the group’s BofA’s corporate banking arm. Canada. mission, but its members also spend a lot of time talking “It was probably one of the brightest moments in our Its founders include one of Haward-Laird’s favorite about leadership and the importance of being authentic. industry in seeing that bankers do serve a purpose and that writers, Margaret Atwood, author of “The Handmaid’s Tale.” “Compared to 15 years ago, we speak more candidly on bankers do play a vital role for clients,” Wolff said. ■ The two even sat together at a recent event. ■ many fronts,” Latif-Schmitt said. ■

americanbanker.com October 2020 American Banker 67

067_ABM1020 67 9/17/2020 11:31:02 AM THE MOST POWERFUL WOMEN TO WATCH

Wells Fargo

ince taking over as Wells Fargo’s chief executive president of Wells Fargo Advisors — has been a significant last fall, Charlie Scharf has moved quickly to catalyst for changing how Wells approaches cross-selling Srevamp the leadership ranks. and sales goals. A handful of his key senior hires are women who will join Other senior women Wells will be looking to for longtime Wells’ leaders like Mary Mack in working to move leadership are Lisa McGeough, Kara McShane, Julie the $1.9 trillion-asset company past the scandals that have Wellborn and Julie Caperton. tarnished its reputation in recent years and drawn the ire of McGeough was named head of Wells Fargo the public and regulators alike. International in April. The first woman to Among the fresh recruits are Ellen hold the title, she has oversight of nearly Patterson and Muneera Carr. all international businesses, functions and Patterson, a familiar face in the Most operations across the Americas, Europe, Powerful Women rankings, succeeded C. Asia Pacific, the Middle East and Africa. She Allen Parker as general counsel in March, previously co-led the corporate and investment having been recruited from TD Bank Group, banking business. where she had also been general counsel. McShane took over as head of commercial “She will play a critical leadership role on our real estate in February, a unit within the operating committee as we continue to work corporate and investment bank that has been Mary Mack on our company’s top priority of meeting the country’s top CRE lender since 2009. regulatory expectations,” Scharf said when McShane, who moved up from her previous role announcing the hire. as head of structured real estate within that Carr, formerly of Comerica, started in same group, now oversees a $160 billion-asset January as the new controller and added the balance sheet of commercial and industrial title of chief accounting officer a few months loans and construction loans, along with a later when Richard Levy announced his third-party servicing portfolio of about $600 retirement after 18 years with the company. billion. Earlier arrivals include Julie Scammahorn Wellborn stepped into the newly created as chief auditor in April 2019 and Mandy role of head of private wealth management Norton as chief risk officer in June 2018, both Muneera Carr in September 2019. Her unit combines Wells of whom are also members of the operating Fargo Private Bank and Abbot Downing, two committee. Scammahorn, a 10-year Marine businesses previously run independently within veteran, had been chief auditor at Citibank, the wealth and investment management and Norton joined from JPMorgan Chase, division. She joined Wells from Comerica, where where she was the chief risk officer for its she had been executive director of wealth consumer and community banking business. management. All four women are in roles that are Caperton, who has appeared in the Most especially meaningful to the work Wells is Powerful Women rankings several times, doing to change its culture and improve its became head of wealth client solutions in governance. Mandy Norton February, after serving as head of corporate But perhaps the most important woman development for five years. Besides managing leading that charge is Mack, now CEO of products and services for clients within Wells’ consumer and small-business banking. She got that title in group of wealth businesses, Caperton oversees M&A February, in what is just the latest expansion of her duties. business sales and advisory services for private companies. Mack took over as head of community banking in July Wells is perhaps the company that the industry is 2016 in the wake of the phony-accounts scandal. Her role watching more than any other, and this unprecedented expanded to include consumer lending in late 2017, just as entry in our Most Powerful Women to Watch, citing a group some practices in the mortgage and auto lending units of women in the senior ranks, seems fitting to us in a case were attracting regulatory scrutiny, and has continued to where a team effort by so many individuals who are new to evolve since. their roles — and often new to the company as well — will Mack — who moved to retail banking from her role as be crucial to its turnaround. ■

68 American Banker October 2020

068_ABM1020 68 9/16/2020 6:06:51 PM Asset and Wealth Management Mary Callahan Erdoes Suni Harford Yie-Hsin Hung Abigail Johnson Gunjan Kedia Michelle Seitz

Private Banking Katy Knox Ida Liu Shelley O’Connor

Cards Margaret Keane Diane Offereins MOST POWERFUL Research WOMEN IN FINANCE Candace Browning Joyce Chang The 2020 honorees presented here are ordered differently than in Investment Banking past years. In this unprecedented year, we took an unprecedented Katia Bouazza — and temporary — break from Claudine Gallagher our traditional ranking. On the Maria Hackley following pages the Most Powerful Elinor Hoover Women are grouped according to Charlotte McLaughlin their roles and listed alphabetically within those categories. Julie Monaco Liz Myers Elif Bilgi Zapparoli

Custody Banking Nadine Chakar Teresa Heitsenrether Emily Portney

Fintech Jackie Reses

americanbanker.com October 2020 American Banker 69

069_ABM1020 69 9/16/2020 10:33:44 AM THE MOST POWERFUL WOMEN IN FINANCE

Mary Callahan Erdoes CEO, Asset and Wealth Management J.P. M organ

ary Callahan Erdoes is not downplaying the long- term impact that the pandemic will have on the Mlives of people around the globe. But she sees a lot to feel positive about in how the world has responded to the COVID-19 crisis. “You should never bet against humanity,” Erdoes said in an interview over the summer with the public relations firm Weber Shandwick. Suni Harford Erdoes, who has headed the asset and wealth President management unit at J.P. Morgan, the investment banking UBS Asset Management arm of JPMorgan Chase, for 11 years, predicted that investors will pour money into health care systems that were poorly prepared for the crisis. And she contended that, even during this period of destabilization, businesses are keeping uni Harford called it her “Post-It challenge.” When a focus on environmentally and socially sound practices. she took over as head of UBS Asset Management “I hope we don’t lose that momentum,” she said. Slate last year, Harford sent out packs of Post-It notes Nonetheless, Erdoes argued that the pandemic will to employees around the globe and asked them to “write disrupt global supply chains as nations become more down all of those little things that drive them crazy” and isolationist. “What are the relationships that we have with send them back to her. all of our different trading partners around the world? Those Hundreds came back. Among them: a 10-slide rule for are going to be strained, hopefully not broken. And I think PowerPoint presentations and no more prep meetings new alliances will be formed,” she said. ahead of internal meetings. The notes were posted on what’s called “The Wall” and when an issue is addressed, Harford removes it. Progress “You should never bet against updates on The Wall are now part of Harford’s quarterly humanity,” says Erdoes, of the town halls. “Our first objective was straightforward, but it wasn’t world’s pandemic response. easy: Simplify our everyday world to free up time, energy and money to invest where we wanted to invest,” said In the second quarter, as the global economy chilled, Harford, the first woman to head UBS Asset Management. the unit that Erdoes leads, which oversees $3 trillion in “Eliminate bureaucracy. Cut back on unnecessary meetings. client assets, fared better than several other segments at Stop spending more time documenting and presenting the nation’s largest banking company. Asset and wealth ideas than actually executing on those ideas.” management reported net income of $658 million, which Harford was head of investments at UBS before being was down just 8% from the second quarter of 2019. promoted to president and on her watch the unit thrived. Erdoes is proud of the way her unit responded to the Assets under management climbed 16% last year to $903 crisis. Even though 95% of the group transitioned to working billion and profits increased 17%. At the Lipper Fund Awards from home, the equity team managed to oversee trading earlier this year, the group took home 95 best fund awards volumes that were three and a half times higher than across 11 countries. normal. “It’s one thing to be there for clients during uncertain When she was promoted in October 2019, Harford was times,” Erdoes told American Banker, “but it’s quite another also named to the executive board of UBS Group AG — to do it when our personal lives are equally unsettled.” potentially putting her in line to someday be CEO of the Erdoes spent the early part of the pandemic in South Zurich-based global investment bank and asset manager. Florida, where her family volunteered weekly at a local food Sergio Ermotti, the group chief executive at UBS, said bank. “It was an amazing experience and there was so much Harford has all the “critical traits” it takes to lead a large, gratitude from everyone,” she said. “It also helped us become global organization. a bit more patient with each other — and more aware of the “Her style is to be open, demanding, accountable and collective impact of our time and energy as a family.” ■ collaborative,” he said. ■

70 American Banker October 2020 americanbanker.com

070_ABM1020 70 9/16/2020 10:33:48 AM Suni Harford Yie-Hsin Hung President CEO UBS Asset Management New York Life Investment Management

uni Harford called it her “Post-It challenge.” When s the chief executive of New York Life Investment she took over as head of UBS Asset Management Management since 2015, Yie-Hsin Hung has been Slate last year, Harford sent out packs of Post-It notes Aa steadfast advocate for underserved segments of to employees around the globe and asked them to “write the investing community. She helped initiate a large-scale down all of those little things that drive them crazy” and study on how to encourage women to become investors and send them back to her. participated in a host of CEO leadership events, including Hundreds came back. Among them: a 10-slide rule for Bloomberg’s Helping Women Achieve Financial Stature PowerPoint presentations and no more prep meetings summit. ahead of internal meetings. Meanwhile, Hung’s efforts in fostering a diverse and The notes were posted on what’s called “The Wall” and inclusive culture with New York Life Investment Management when an issue is addressed, Harford removes it. Progress helped its parent company, New York Life Insurance Co., updates on The Wall are now part of Harford’s quarterly earn the No. 1 ranking for Latina Style’s 50 Best Companies town halls. for Latinas last year and a top 10 workplace for multicultural “Our first objective was straightforward, but it wasn’t women as ranked by Working Mother. easy: Simplify our everyday world to free up time, energy The business Hung oversees continues to generate and money to invest where we wanted to invest,” said strong returns. Last year, assets under management climbed Harford, the first woman to head UBS Asset Management. to $352 billion, a 17% improvement from 2018. This year “Eliminate bureaucracy. Cut back on unnecessary meetings. the investment arm is expected to contribute $1.9 billion to Stop spending more time documenting and presenting New York Life’s dividend, which would be the most in the ideas than actually executing on those ideas.” insurance firm’s history. Harford was head of investments at UBS before being Hung also led a successful initiative last year to align promoted to president and on her watch the unit thrived. several of New York Life’s boutiques into an integrated Assets under management climbed 16% last year to $903 organization, New York Life Investments Alternatives, billion and profits increased 17%. At the Lipper Fund Awards creating new opportunities for the group to capitalize on earlier this year, the group took home 95 best fund awards its financial strength. Simultaneously, through a series of across 11 countries. high-profile acquisitions, she positioned the investment When she was promoted in October 2019, Harford was management unit for growth in many of the most also named to the executive board of UBS Group AG — dynamic areas of the business, most notably solidifying its potentially putting her in line to someday be CEO of the international positions in alternative investments. Zurich-based global investment bank and asset manager. Outside of the office, Hung is active with the Chinese- Sergio Ermotti, the group chief executive at UBS, said American Planning Council, a New York nonprofit promoting Harford has all the “critical traits” it takes to lead a large, economic empowerment for immigrant and low-income global organization. communities, and in February was named the group’s “Her style is to be open, demanding, accountable and Honoree of the Year. Recently she was also invited to join collaborative,” he said. ■ the board of trustees at Northwestern University. ■

americanbanker.com October 2020 American Banker 71

071_ABM1020 71 9/16/2020 10:33:51 AM THE MOST POWERFUL WOMEN IN FINANCE

Abigail Johnson Gunjan Kedia Chairman and CEO Vice Chairman, Wealth Management Fidelity Investments and Investment Services U.S. Bancorp

nder Abigail Johnson’s leadership, Fidelity’s assets unjan Kedia hadn’t pulled an all-nighter since under management climbed 26% in 2019 to a record her days as an engineering student in India. U$3.2 trillion, which helped boost revenue to $20.9 GBut that’s what happened this spring when she was billion and operating income to $6.9 billion. All that after the asked to help mobilize more 3,000 U.S. Bancorp employees company eliminated commissions for online trades. who would go on to process tens of thousands of Paycheck In keeping with Johnson’s commitment to offer an Protection Program loan applications for small-business increasingly seamless digital experience to customers, owners desperate for cash early on in the pandemic. Fidelity plans to spend more than $3 billion on technology Kedia, who has led the wealth management and this year, including making substantial investments in investment services division since late 2016, helped guide bleeding-edge areas such as quantum computing and the effort to become a 24/7 operation to process as many cryptocurrency trading. PPP loans as possible. By the end of the second round, U.S. Still, even with the large technology spend, Johnson said Bancorp had assisted nearly 100,000 small businesses. she believes that person-to-person contact needs to remain On the eve before the second wave of funding became the cornerstone of Fidelity’s customer service strategy. This available, Kedia and her colleagues, Tim Welsh, vice notion was reconfirmed when the COVID-19 virus started to chairman of the consumer and business bank, and Jeff Von shake the markets. Gillern, chairman of technology and operations, wanted “Most people still want to talk with other people in times to show support for their teams and did that “through a of economic uncertainty,” she said in a podcast earlier this good, old-fashioned all-nighter,” she said. “We had chat year. Under the strain of the pandemic, Fidelity was forced sessions open all night and we chimed in with encouraging to scale up its customer service capabilities at lightning messages and a wonderful sense of team solidarity, all speed in order to handle an unprecedented level of phone fueled by something very much worth doing.” calls from its personal investing and workplace benefits One of Kedia’s key accomplishments over the past customers. Prompted in part by the circumstances created year was leading the wealth management unit’s expansion by COVID-19, Fidelity will increase its hiring of financial in Europe — adding products in Ireland and entering consultants, software engineers and licensed phone Luxembourg for the first time. Overall, the unit, which has representatives across the United States over the coming more than 7,500 employees worldwide, generated $2.96 year. billion in revenue in 2019, up 10% from the prior year. Johnson has repeatedly stressed her commitment to Kedia, one of three female leaders on the company’s getting more women involved in investing. By commissioning management committee, is also part of a group of senior- teams to study how the packaging of financial services level women working on an initiative to increase financial and products are perceived along gender lines, Fidelity has awareness among women and underrepresented groups. In started to make headway in expanding investment interest the first year, the group hosted listening sessions with 400 and financial literacy among women. “Women need to know women in more than 10 cities and used the feedback to that they can be successful investors, and many of them are train advisers and add new programs. A similar project this — we just need more of them out there,” she said. ■ fall aims to build wealth in the Black community. ■

72 American Banker October 2020 americanbanker.com

072_ABM1020 72 9/16/2020 10:33:54 AM Stronger Together

We applaud American Banker’s Most Powerful Women in Banking awardees. Your courage, leadership and passion are an inspiration to all the leaders of tomorrow.

Congratulations to our own fearless and most powerful women in banking, Nadine Chakar and Hannah Grove.

statestreet.com 3240651.1.1.AM.RTL

073_ABM1020 73 9/16/2020 4:43:14 PM THE MOST POWERFUL WOMEN IN FINANCE

Michelle Seitz Katy Knox Chairman and CEO President Russell Investments Bank of America Private Bank

uring the height of the COVID-19 pandemic, aty Knox believes that the future profitability of Bank Michelle Seitz often publicly chronicled how emotion of America’s Private Bank depends on hiring more Dcan become a mortal enemy to sound investment Kadvisers and using technology to make the client strategy. experience more personal. Fortunately for Russell Investments, her dedication to So Knox has been investing heavily in recruiting and intellectual objectivity in times of extreme market volatility mobile technology since becoming head of the private bank has paid off handsomely. In 2019 — which saw frequent in early 2018 — and it didn’t take long for those efforts to daily market fluctuations — her data-driven approach pay off. helped Russell achieve $37 billion in global sales, a 28% BofA’s wealth division, which serves clients with a increase over 2018, with $7.4 billion of net inflows, when minimum investment capacity of $3 million, ended 2019 with many of her competitors saw net outflows during the same a record $288 billion in assets under management, after mercurial period. adding 64% more households than it had served in the Seitz’s passion to improve people’s financial security, previous year. By launching the Branded Client Experience along with her commitment to increasing financial literacy — a digital platform to guide, measure and manage and inclusive capitalism, continues to drive her personal meaningful client interactions — Knox helped the private efforts in philanthropy and volunteerism. Her public-service bank establish 3,900 new client relationships, a 60% year- highlights include being a founding member and donor to over-year increase. All In Seattle, a $30 million fund that deploys money directly When the COVID-19 crisis struck, Knox showed effective to nonprofits serving those in need amid the pandemic; and and empathetic leadership — guaranteeing that the her role as a founding co-chair of the Chicago Council’s robustness and resiliency of private banking services were Women and Global Development Forum, which works to not compromised, while ensuring that the mental and promote inclusive global development practices and provide physical health of her employees remained a priority. mentorship for women advancing into leadership roles. Through her well-orchestrated regimen of daily team Seitz, Russell’s chief executive since 2017, has overseen updates and real-time check-ins, her team was able to feel the enhancements of the company’s environmental, engaged and maintain productivity while working remotely. social and governance and tax-managed investing Her clear guidance assured that the private bank service opportunities. She also has been instrumental in rolling model, which relies so heavily on face-to-face interaction, out highly customized investment solutions, such as its could shift to a virtual domain, with minimal interruption or Personalized Retirement Accounts, which help customers decline in service. understand their retirement and investment needs through Knox has long worked to advance the careers of advanced prescriptive analytics — automatically collecting women. She established the National Business Banking information about individual investors, applying an adaptive Women’s Conference, a program that provides professional retirement methodology and building a customized development and training to high-potential female leaders, portfolio. “Ultimately, I want to make a sustainably positive as well as a communications coaching program within BofA impact on other people’s lives,” Seitz said. ■ to help female managers build confidence. ■

74 American Banker October 2020 americanbanker.com

074_ABM1020 74 9/16/2020 10:33:58 AM Brava! To the inspiring women named in American Banker’s 2020 “Most Powerful Women”, we celebrate your leadership and efforts in driving positive change across our industry.

We also honor the next generation of women who support us every day.

To our industry’s future leaders, here’s to you.

ubs.com/am

075_ABM1020AMMA-5106 Suni-American 75 Banker Ad_p6_FNL.indd 1 9/16/20209/11/20 4:43:14 12:33 PM THE MOST POWERFUL WOMEN IN FINANCE

Ida Liu Shelley O’Connor Head of Citi Private Bank, North America Chairman and CEO Citigroup Morgan Stanley Private Bank and Morgan Stanley Bank

efore joining Citigroup in 2007, Ida Liu was ntil recently, Morgan Stanley Bank, serving working at Vivienne Tam as the global head Institutional clients, and Morgan Stanley Private Bof sales and business development, where she UBank, serving wealth management clients, were run encountered many fashion designers who asked her for as two separate businesses — with independent boards, investment advice. management teams and support partners. Liu, who was an investment banker before working in When Shelley O’Connor was asked to lead both last the fashion industry, said it was after one such encounter year, she immediately tried to understand how the two where she had her “aha” moment. She realized “there was entities could be better aligned and then took decisive a massive void in the marketplace” to help designers with action. By creating a single board of directors to govern wealth management. Not long after that, she said in an both and a single executive team to oversee strategy interview with Women in Technology, “I pitched the concept operations and risk, she successfully broke down those of launching and heading a business focused on fashion, barriers that were impeding agility and synergy. media, and entertainment to Citi Private Bank. The rest is These changes yielded measurable improvements in history.” governance and interbank communication, and resulted in greater efficiency of day-to-day business activities for “There was a massive void in individual and franchise clients. They also helped Morgan Stanley reach record loan production and loan balances in the marketplace,” says Liu, who 2020, with a top ranking among wealth management firms convinced Citi to let her fill it. in securities-based lending balances. O’Connor is a longtime champion of improving diversity in the financial industry and she has been particularly active Liu is now the head of Citi Private Bank North America in her call for action over the last year. after being promoted to the post in May 2019. Despite the She is a board member at Catalyst, a nonprofit focused challenges posed by the COVID-19 pandemic, her team on the advancement of women in the workplace. In a is on pace to eclipse last year’s pace of growth, thanks speech to the group’s member companies this year she largely to her focus on client acquisition. Citi Private Bank called on senior executives to take diversity and inclusion North America acquired 302 new clients in 2019, which efforts “to the next level.” represented a double-digit increase over 2018. “Accelerate your numbers of women in executive Liu is a World Economic Forum Young Global Leader leadership. Make sure the workplace allows women to thrive. and was selected as one of five Citi delegates at Davos in Keep a laser focus on inclusive leadership and engage more 2019 to discuss opportunities and trends in global finance men as advocates, sponsors and partners,” she said, giving and investment. Outside of Citi, Liu is a supporter of the her company a shout-out. “Morgan Stanley understands Forté Foundation, a nonprofit that provides professional the incredible impact of productivity, innovation and hiring development, education and mentorship to women who top talent that results when we include women and diverse are starting their careers. ■ employees in the conversation and at the table.” ■

76 American Banker October 2020 americanbanker.com

076_ABM1020 76 9/16/2020 10:34:02 AM 077_ABM1020 77 9/16/2020 4:43:17 PM THE MOST POWERFUL WOMEN IN FINANCE

Margaret Keane Diane Offereins CEO President, Payment Services Synchrony Financial Discover Financial Services

t’s been a year of expansion for Synchrony Financial n an increasingly competitive and technology-driven and its chief executive, Margaret Keane, as the co- payments industry, Discover Financial Services continues Ibranded credit card lender announced more than 30 Ito gain market share under the leadership of its partnerships with a wide range of merchants, including, longtime head of payment services, Diane Offereins. Last most notably, Verizon. year, she presided over a business unit that saw substantial The Verizon Visa Card, the telecommunications giant’s increases in total network volume — from $376 billion to first credit card, was launched in June and is available $403 billion — and reached a global merchant acceptance exclusively to Verizon Wireless customers. Among the key tally of over 48 million locations. selling points: Users receive discounts on their monthly In addition to setting Discover’s strategic direction and wireless bills if they pay with the card and can redeem company culture, she successfully led the company’s most rewards points for the purchase of new phones and other mission-critical technology initiatives, delivering improved accessories from Verizon. Synchrony will also be the lender value to customers and internal company stakeholders. behind Venmo’s first credit card, which is expected to roll For example, by working closely with Discover’s fintech out later this year. partners, her team was able to achieve considerable Along with spearheading new partnerships, Keane is improvements to D-PAS, the company’s secure chip card also driving Synchrony’s digital transformation. Almost half payments technology, which now leverages on-chip data of the company’s credit applications now originate online storage for a variety of nonpayment solutions, such as or via mobile sources, and losses from fraud have been e-receipts, hotel keys, transit passes and loyalty programs. markedly reduced thanks to new enterprisewide credit Adapting a wider perspective has been a recurrent platform that combines artificial intelligence, machine theme for Offereins: “When my team set ambitious long- learning, and data analytics to improve underwriting. term profitability goals for the business, we realized that we Under Keane, Synchrony has also earned a reputation had to change our approach to growing the bottom line as one of the country’s best employers and corporate and design creative ways to deliver value,” she said. One citizens. Synchrony was named one of Fortune’s 100 Best way her group did that was by bringing in new minds and Companies to Work For in 2020, and placed in the top “stealing a few great folks” from other business lines within 10% of companies on the Diversity Best Practices Inclusion Discover. Index. Programs it put in place to help support customers, During the height of the COVID-19 crisis, with more communities and employees during the COVID-19 outbreak than 95% of its workforce able to conduct their tasks also earned Synchrony the top ranking among financial remotely, Offereins and her team were able to provide high- firms. In June, Synchrony committed $5 million in grants to quality service with minimal interruptions. Still, Offereins help small businesses, particularly those owned by women acknowledged that home-centered work environments and minorities, recover from the pandemic. It recently demand new perspectives on work-life balance. “Working pledged a $1 million donation to the World Central Kitchen, from home can quickly cause work and home life to bleed a nonprofit run by the celebrity chef José Andrés, for into one another. Encourage your remote workers to unplug, purchases made at restaurants using a Synchrony card. ■ take a half-day when possible,” she said. ■

78 American Banker October 2020 americanbanker.com

078_ABM1020 78 9/16/2020 10:34:07 AM DIGITAL BANKING December 7-9, 2020 A truly digital experience

The conference comes to you In a year of transformations, American Banker’s DIGITAL BANKING 2020 event has been reimagined as an interactive, world-class digital experience. DIGITAL BANKING 2020 will deliver the same peer-to-peer networking, roundtable discussions and interactive demos the industry has come to expect — on a sleek, intuitive digital platform.

Learn more and register at conference.americanbanker.com/digital-banking

079_ABM1020 79 9/16/2020 4:43:18 PM AB_DigBank_House Ad.indd 1 9/16/20 8:17 AM THE MOST POWERFUL WOMEN IN FINANCE

Candace Browning Joyce Chang Head of BofA Global Research Chair, Global Research BofA Securities J.P. M organ

n Candace Browning’s watch, Bank of America’s s head of J.P. Morgan’s award-winning research Global Research division — with its more than 680 operation, Joyce Chang has been at the forefront Oanalysts across more than 20 countries — was the Aof analyzing the investment implications of top-rated research provider overall across eight rankings everything from climate change to blockchain technology, compiled by Institutional Investor last year. trillion-dollar deficits and negative yields. In addition to initiating coverage of more than 60 And investors want to hear what Chang has to say. She global companies, Browning’s team launched ESG Meter, a has been a ubiquitous presence on CNBC, Bloomberg and collection of proprietary metrics that assess a company’s other leading financial media outlets for years and her future financial viability based on its performance along social media posts and podcasts have attracted more than various environmental, social and governance benchmarks half a million views. as well as data points such as greenhouse gas emissions The pandemic has only heightened investors’ appetite and board diversity metrics. for information. In the first five months of 2020, viewership for electronically presented global research from JPMorgan Chase’s investment banking arm had already surpassed COVID-19 “will completely 2019 totals, registering more than 1 million views across various digital channels. reshape geopolitics, societies Chang said the coronavirus pandemic is speeding up and markets,” Browning says. innovation in institutional investment strategy and analysis. “The shift to using big data and alternative data has Browning’s team has been relentless in its coverage accelerated under COVID-19 and is changing the nature of and analysis of the pandemic’s impact on the markets, the indicators that we use to make our economic forecasts reporting, for example, that companies in more than 80% and strategy recommendations,” she said. of all industries have experienced some sort of supply chain Her team has augmented its pool of big-data points to disruption. “The coronavirus is one of those rare events in include environmental, social and governance dimensions history — like the Great Depression and fall of the Berlin so that analysis can better accommodate discussions Wall — that will completely reshape geopolitics, societies, around areas of income inequality and other risk factors for and markets,” Browning told Barron’s earlier this year. emerging markets that may be tempted to open up their In recognition of her accomplishments, which includes economies too rapidly under pandemic conditions. a strong focus on hiring diverse talent, she was named to Chang serves on the board of directors of Trickle Up the inaugural list of the “100 Most Influential Women in U.S. and Girls Inc.; is a member of the Council on Foreign Finance,” published by Barron’s in March of this year. Relations and the Inter-American Dialogue; and is a Foreign Outside of Bank of America, Browning serves on the Policy Association fellow. board of the Dutchess Land Conservancy, a nonprofit She’s also the senior sponsor for her company’s Women conservation organization dedicated to preserving the rural on the Move Network in the corporate and investment character and open lands of Dutchess County, N.Y. ■ banking division. ■

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080_ABM1020 80 9/16/2020 10:34:12 AM Congratulations are in order. So here they are.

It takes amazing individuals to bring us all forward. That’s why we wanted to publicly congratulate all honorees, including our own Kavita Mahtani, Jennifer Strybel, Diane Reyes and Katia Bouazza, for being this year’s American Banker 18th Annual Most Powerful Women in Banking. It’s because of their dedication and business prowess that we can all take steps toward an even more successful future.

Together we thrive

081_ABM1020 81 9/16/2020 4:43:18 PM THE MOST POWERFUL WOMEN IN FINANCE

Katia Bouazza Vice Chairman, Capital Markets, Americas HSBC

atia Bouazza can boast a series of notable firsts over the past year. K Her team at HSBC led the issuance of Chile’s green deal in 2019, making it the first country in Latin America to issue a sovereign green bond. The team also steered the Brazilian food processing giant Marfrig through its first issuance of a green bond, which represents its commitment to the control of deforestation. Claudine Gallagher And HSBC structured a BBVA Bancomer deal that was Chief Conduct and Control Officer, the first Tier 2 Basel II-compliant transaction for a Mexican Corporate and Institutional Banking bank, and a private placement for the airport operator BNP Paribas Opain that was the first transaction of its kind in Colombia. In short, Bouazza’s pioneering exploits are further expanding her influence. In May, she was named vice laudine Gallagher has become a virtuoso in chairman for capital markets in the Americas, making her double-hatting at the highest levels. the only female with a vice chair title on HSBC’s global C In mid-March, in addition to her responsibilities banking executive committee as well as at the group level. as head of securities services for the Americas, she was The new role expands her previous responsibilities asked to assume the role of chief conduct and control to a broader geography. As part of her duties, Bouazza officer for BNP Paribas’ corporate and institutional banking is charged with managing and growing the transaction unit, with the expectation that she would hold two senior banking business across the region. She also has oversight roles simultaneously until her successor on the securities of trade and receivables financing, cash and liquidity side arrived from Paris. management, and securities services. Not only did Gallagher have to juggle her duties in securities services with the steep learning curve of her new role, she had to deal with a blitz of operational constraints “Why shouldn’t we embrace created by the COVID-19 pandemic. remote work all the time?” Describing this period as perhaps the most grueling time in her career, she credits her family with providing Bouazza asks. much needed encouragement over the most hectic days. “During those many weeks, my husband, who was working Among the landmark deals she shepherded this spring, hard to ensure the continuity of his own business, took time one in particular that stands out is the first transaction out on a daily basis to bring me coffee, meals, snacks, even of Latin America after the pandemic hit. Though HSBC makeshift bouquets from the garden,” she said. had just migrated to a remote working environment at the In 2019, Gallagher became a mentor for the Posse time, Bouazza’s team helped lead the $2.5 billion deal for a Foundation, where she works with colleges to increase the group of issuers that included the Central American Bank recruitment of diverse talent. At the same time, she and for Economic Integration and Panama. It was the largest several members of her company’s Women’s Leadership international issuance in Panama’s history. “We’ve proven team made a three-year commitment to the Renaissance remote work doesn’t undermine our ability to serve our Youth Center in the Bronx to provide financial resources clients during the COVID-19 lockdown, so why shouldn’t we and personal mentorship to young women to help them embrace remote work all the time?” Bouazza said. realize their potential in education and civic engagement. As an advocate for workplace flexibility that supports In February, they hosted 15 of the young women at BNP both women’s professional and personal endeavors, Paribas for a “leadership day” that included speakers, an Bouazza sees this new normal as an opportunity for banks equities trading game and a tour of the trading floors. to attract and retain strong female talent and for women Gallagher also represents BNP Paribas on the board — especially mothers — to achieve the same career of the Depository Trust & Clearing Corp., where she serves trajectory as their male counterparts. ■ on the compensation and business, technology and operations committees. ■

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082_ABM1020 82 9/16/2020 10:34:21 AM Claudine Gallagher Maria Hackley Chief Conduct and Control Officer, Global Head, Industrials Corporate and Institutional Banking Citigroup BNP Paribas

laudine Gallagher has become a virtuoso in mong the industries Maria Hackley advises in double-hatting at the highest levels. her role as a managing director at Citigroup’s C In mid-March, in addition to her responsibilities Ainvestment bank are two that have come under as head of securities services for the Americas, she was enormous strain during the coronavirus outbreak: asked to assume the role of chief conduct and control airlines and automobiles. officer for BNP Paribas’ corporate and institutional banking The pandemic forced her team to reevaluate the needs unit, with the expectation that she would hold two senior of clients and come up with new ways to support them on roles simultaneously until her successor on the securities issues of liquidity, capital and supplier finance. In addition, side arrived from Paris. through the creative use of remotely enabled technology Not only did Gallagher have to juggle her duties in and electronic meeting platforms such as Zoom, she securities services with the steep learning curve of her new ensured that her team was able to continue to provide role, she had to deal with a blitz of operational constraints expert advice and service to clients. created by the COVID-19 pandemic. “Post-COVID-19, it has become clear that humans can Describing this period as perhaps the most grueling quickly pivot in times of crisis when provided with clear time in her career, she credits her family with providing leadership,” said Hackley, who is on the executive and much needed encouragement over the most hectic days. operating committees for Citi’s Banking, Capital Markets “During those many weeks, my husband, who was working and Advisory division. hard to ensure the continuity of his own business, took time In addition to her daily management duties, Hackley on a daily basis to bring me coffee, meals, snacks, even teaches a class — drawing on her years of experience makeshift bouquets from the garden,” she said. in finance — in which she trains Citi bankers to be more In 2019, Gallagher became a mentor for the Posse impactful when advising clients. “One of my favorite Foundation, where she works with colleges to increase the aspects of the job is speaking with our junior talent recruitment of diverse talent. At the same time, she and internationally,” she said. “It is critical to invest, mentor and several members of her company’s Women’s Leadership sponsor these individuals.” team made a three-year commitment to the Renaissance Hackley has been named to the exclusive list of Top Youth Center in the Bronx to provide financial resources 100 Most Influential Latinas of 2020 by Latino Leaders and personal mentorship to young women to help them magazine, in recognition of her accomplishments at Citi realize their potential in education and civic engagement. and her involvement with socially responsible causes In February, they hosted 15 of the young women at BNP and charitable organizations. She is also on the board of Paribas for a “leadership day” that included speakers, an Breakthrough New York, a nonprofit that aims to transform equities trading game and a tour of the trading floors. the lives of high-achieving, low-income students. As a co- Gallagher also represents BNP Paribas on the board chair of the organization’s 2019 gala, she helped raise more of the Depository Trust & Clearing Corp., where she serves than $925,000, and while COVID-19 forced the cancellation on the compensation and business, technology and of the event this year, Hackley was still able to help raise operations committees. ■ more than $750,000. ■

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083_ABM1020 83 9/16/2020 10:34:25 AM THE MOST POWERFUL WOMEN IN FINANCE

Elinor Hoover Charlotte McLaughlin Julie Monaco Global Co-Head, Consumer Products President and CEO Global Head, Public Sector Coverage Citigroup PNC Capital Markets Citigroup

s global co-head of the consumer products harlotte McLaughlin is responsible for setting the s the global head of public sector coverage, Julie group in Citigroup’s investment banking unit, strategy and managing the execution of PNC Monaco oversees a team at Citigroup’s investment AElinor Hoover continues to expand its influence. CFinancial Services Group’s capital markets business, Abank that provides a robust portfolio of financial She has broadened the group’s areas of coverage and including sales and trading, relationship management, services for state-run enterprises in 160 countries. It’s a continues to raise its stature. investment banking and product development. However, role in which she works with heads of state, such as the Case in point: In co-founding, Citi’s Consumer Disruptive recently, McLaughlin’s influence has grown considerably president of Kazakhstan, in an effort to bring foreign Growth Conference, Hoover has strengthened coverage of wider, as she has taken on oversight of all market-based investment to their countries, and represents Citi on global high-growth, tech-enabled consumer companies. activities within PNC’s Corporate and Institutional Bank, councils, such as the World Economic Forum’s Partnership When the pandemic upset business-as-usual for her including risk management, strategy and execution. Against Corruption Initiative. group, she had to reimagine her approach to managing Outside of PNC, McLaughlin is a prominent advocate An active member of the Citi Women’s Network and meeting clients’ needs around sustaining liquidity. for financial and investment literacy. She is a member of the and Citi’s Corporate and Investment Bank’s Diversity board and executive committee of the Securities Industry Committee, Monaco also continues to expand her and Financial Markets Association. In 2019 she was honored leadership in matters of workplace equity and inclusion. ”I have learned the criticality by the SIFMA Foundation for her contributions in inspiring Late last year at a panel discussion, “The Power of Public- of a number of key attributes: young people to learn about and participate in the capital Private Partnerships to Drive Gender Equality” at George markets. Washington University, she called for finding strategies to resilience, flexibility, humanity,” McLaughlin is also heavily invested in the development work together to tackle the problem of gender inequality. and mentorship of junior talent, especially newcomers to “The future of our global economy depends on more Hoover says. PNC. Under her mentoring program, senior team members people participating in it,” she said. are encouraged to regularly reach out and provide Closing the gender labor gap could add $28 trillion to With the right balance of creativity and flexibility, guidance to their younger colleagues, while incoming the global gross domestic product by 2025, she argued. “It is operational continuity and team morale were maintained, talent is equipped with the knowledge, priorities, and more than a social or ethical issue. It is an economic issue.” and deadlines continued to be met. organizational connections that will best aid success. For Monaco also spoke about Citi’s focus on low-income “I have learned the criticality of a number of key McLaughlin, having a well-structured mentorship program, communities and underserved markets. She said the attributes: resilience, flexibility and humanity,” she said. “As where junior staff can be better trained in and exposed to company last year provided $6 billion in loans for I led my team, I hoped to model for them compassion and capital markets culture, has become an imperative now that affordable housing projects in close to 200 cities. That understanding, and to provide the group globally with a COVID-19 is pushing more employees into work-from-home made it the leading affordable housing lender in the sense of our shared humanity.” arrangements. country for the 10th straight year. Hoover said her success in achieving cross-team When COVID-19 struck, her team seamlessly continued Most recently Monaco has been providing thought communication and camaraderie, often through Zoom operations remotely thanks to her division’s technical leadership on the difficulties emerging markets face amid meetings, is something that she is proud of. infrastructure as well as a reliance on teamwork and trust. the pandemic. She said she hopes policymakers start to A trained classical pianist, Hoover has combined her “Employees came together as a team and chipped in like better manage the economic challenges they face. “This is love of music with her business acumen, serving as chair of never before. I attribute this to the strength of our culture: not a financial crisis,” she said, “it is a health crisis that went the board of directors for the Chamber Music Society of Trust in one another sustained us through this crisis,” to the real economy but will be a financial crisis if we do Lincoln Center. ■ she said. ■ not have the right responses.” ■

84 American Banker October 2020 americanbanker.com

084_ABM1020 84 9/16/2020 10:34:28 AM Julie Monaco Liz Myers President and CEO Global Head, Public Sector Coverage Global Chairman, Equity Capital Markets Citigroup J.P. M organ

harlotte McLaughlin is responsible for setting the s the global head of public sector coverage, Julie mid the disruption caused by the coronavirus strategy and managing the execution of PNC Monaco oversees a team at Citigroup’s investment pandemic, Liz Myers has seized the chance to CFinancial Services Group’s capital markets business, Abank that provides a robust portfolio of financial Amentor the next generation of top bankers at J.P. including sales and trading, relationship management, services for state-run enterprises in 160 countries. It’s a Morgan, the investment banking unit of JPMorgan Chase. investment banking and product development. However, role in which she works with heads of state, such as the Meetings with clients, held online now, accommodate recently, McLaughlin’s influence has grown considerably president of Kazakhstan, in an effort to bring foreign members of her team who otherwise would not be able to wider, as she has taken on oversight of all market-based investment to their countries, and represents Citi on global attend if the group were expected to travel. activities within PNC’s Corporate and Institutional Bank, councils, such as the World Economic Forum’s Partnership “Video in place has presented an unexpected benefit for including risk management, strategy and execution. Against Corruption Initiative. junior staff, who can join more client meetings,” said Myers, Outside of PNC, McLaughlin is a prominent advocate An active member of the Citi Women’s Network who is now the global chairman of the equity capital for financial and investment literacy. She is a member of the and Citi’s Corporate and Investment Bank’s Diversity markets group at J.P. Morgan. board and executive committee of the Securities Industry Committee, Monaco also continues to expand her “The opportunity to advance in their understanding and Financial Markets Association. In 2019 she was honored leadership in matters of workplace equity and inclusion. of client needs and to learn from senior bankers has truly by the SIFMA Foundation for her contributions in inspiring Late last year at a panel discussion, “The Power of Public- accelerated.” young people to learn about and participate in the capital Private Partnerships to Drive Gender Equality” at George In February, Myers became one of three women on markets. Washington University, she called for finding strategies to J.P. Morgan’s executive committee of global chairs for McLaughlin is also heavily invested in the development work together to tackle the problem of gender inequality. investment banking. and mentorship of junior talent, especially newcomers to “The future of our global economy depends on more With Myers at the helm of equity capital markets, PNC. Under her mentoring program, senior team members people participating in it,” she said. revenue for the group rose 38% in the three months that are encouraged to regularly reach out and provide Closing the gender labor gap could add $28 trillion to ended July 31, fueled both by the needs of companies guidance to their younger colleagues, while incoming the global gross domestic product by 2025, she argued. “It is looking to bolster balance sheets buffeted by the talent is equipped with the knowledge, priorities, and more than a social or ethical issue. It is an economic issue.” pandemic and the flexibility that Myers has incorporated organizational connections that will best aid success. For Monaco also spoke about Citi’s focus on low-income throughout her team. McLaughlin, having a well-structured mentorship program, communities and underserved markets. She said the Myers said strong communication allowed the group to where junior staff can be better trained in and exposed to company last year provided $6 billion in loans for meet the moment. capital markets culture, has become an imperative now that affordable housing projects in close to 200 cities. That During the first months of the pandemic, the team’s COVID-19 is pushing more employees into work-from-home made it the leading affordable housing lender in the roughly 100 bankers gathered daily on a call to update one arrangements. country for the 10th straight year. another on developments and exchange ideas. When COVID-19 struck, her team seamlessly continued Most recently Monaco has been providing thought “This frequent and consistent interaction, despite its operations remotely thanks to her division’s technical leadership on the difficulties emerging markets face amid virtual nature, enhanced the depth of our advice for clients, infrastructure as well as a reliance on teamwork and trust. the pandemic. She said she hopes policymakers start to brought us together as a team, and strengthened our “Employees came together as a team and chipped in like better manage the economic challenges they face. “This is culture,” Myers said. never before. I attribute this to the strength of our culture: not a financial crisis,” she said, “it is a health crisis that went “The pandemic forced us to rethink preconceived Trust in one another sustained us through this crisis,” to the real economy but will be a financial crisis if we do notions around how we do business and to think more she said. ■ not have the right responses.” ■ creatively about what is possible.” ■

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085_ABM1020 85 9/16/2020 10:34:31 AM THE MOST POWERFUL WOMEN IN FINANCE

Elif Bilgi Zapparoli Co-Head of Global Capital Markets BofA Securities

erving Bank of America as co-head of Global Capital Markets in its newly named BofA Securities Sunit, Elif Bilgi Zapparoli leads a team of more than 700 that collaborates across multiple business lines to service clients around the world. Over the past year, she has been instrumental in managing efforts to use artificial intelligence, machine learning, robotics and automation to deliver quicker Nadine Chakar turnarounds and lower prices for clients. In one example of those efforts, BofA’s Predictive Head of State Street Global Markets Intelligence Analytics Machine, or PRIAM, was able State Street to maximize the demand for initial public offerings by identifying the investors who would be most inclined to participate in a specific deal. adine Chakar presides over a nearly 1,600-person division at State Street Global PRIAM identifies investors “with NMarkets, which handles 6% of the world’s foreign exchange. Her team works with some of the largest fund a degree of accuracy better managers, pension funds and sovereign wealth funds worldwide. than 80%,” Zapparoli says. Chakar sees herself as a strategic bridge between cutting-edge technology and business operations — PRIAM’s AI identifies likely investors “with a degree of embracing change as a competitive advantage and using accuracy better than 80%,” she said in an interview with technology to create new business opportunities. Over the Global Finance magazine. last year, she and her team have implemented such new Zapparoli also has played a major role in expanding technology as tokenization, digital assets, and distributed BofA’s overall environmental, social and governance ledger capabilities, most notably to increase the velocity of practice. liquidity to collateral management. The capital markets group was a key enabler for a At the onset of the COVID-19 virus, Chakar $1 billion COVID-19 social bond, issued to provide demonstrated a shrewd ability to keep her division’s financial assistance to segments of the health care business operations running smoothly. While the safety industry in their battle with the pandemic. and health of her team was safeguarded through remote In addition, she has been performing a key role work, State Street’s FX Connect platform remained robust in BofA’s involvement with a consortium of nine peer enough to process record volumes. “The highly regulated financial services organizations, who aim to transform trading business has historically only occurred on trading the industry through various technical innovations and floors,” she said. “However, within weeks, we had an efficiencies in communication, transparency, security enhanced digital infrastructure to support 80% of staff syndication and risk management. working from home.” Zapparoli dedicates significant time to diversity Chakar is active in State Street’s global diversity efforts, efforts at her company, serving as an adviser on the serving as a member of the Leading Women group, a Women’s Leadership Council as well as regularly mentoring program for senior women throughout the participating in its annual Global Women’s Conference. organization. She is also the executive sponsor for the Outside of work, she continues to be involved company’s Sustainability Employee Network, which tries to in several local community service and fundraising raise awareness of sustainability issues and devise solutions initiatives. to the world’s pressing environmental problems. Among her favorites is Memorial Sloan Kettering’s Outside of State Street, she serves on the board of the Cycle for Survival, a series of indoor team cycling rides Boston Medical Center — a distinction that holds extra on stationary bikes that helps raise money to fight rare significance for her, as both of her parents work in the cancers. ■ medical field. ■

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086_ABM1020 86 9/17/2020 11:30:32 AM Nadine Chakar Teresa Heitsenrether Head of State Street Global Markets Global Head of Securities Services State Street J.P. M organ

adine Chakar presides over a nearly mong the top priorities this year for Teresa 1,600-person division at State Street Global Heitsenrether and her team at J.P. Morgan NMarkets, which handles 6% of the world’s foreign Awas launching a service designed to help exchange. Her team works with some of the largest fund asset managers sharpen their focus and cut costs managers, pension funds and sovereign wealth funds by outsourcing some administrative and operational worldwide. functions. Chakar sees herself as a strategic bridge between The team had pledged to roll out the service in July cutting-edge technology and business operations — for a client in the Netherlands, but that was before embracing change as a competitive advantage and using the coronavirus pandemic halted business travel. So technology to create new business opportunities. Over the Heitsenrether, global head of securities services for last year, she and her team have implemented such new JPMoran Chase’s investment banking unit, moved the technology as tokenization, digital assets, and distributed myriad meetings that the setup demanded to Zoom, ledger capabilities, most notably to increase the velocity of where, at 2 a.m. on the eve of the scheduled launch, the liquidity to collateral management. client’s executives gave the go-ahead. At the onset of the COVID-19 virus, Chakar “While we had to adapt our approach, the team never demonstrated a shrewd ability to keep her division’s wavered in its commitment to achieve an on-time delivery,” business operations running smoothly. While the safety said Heitsenrether, who in five years since taking the helm and health of her team was safeguarded through remote of the securities services business has led its rise to become work, State Street’s FX Connect platform remained robust the second-largest custodian of financial assets in the enough to process record volumes. “The highly regulated industry. trading business has historically only occurred on trading Nailing a launch amid the disruption of the pandemic floors,” she said. “However, within weeks, we had an reflects the focus that Heitsenrether has worked to instill enhanced digital infrastructure to support 80% of staff among her 2,400 employees. “Stay close to clients and find working from home.” ways to help them navigate the challenges they face,” she Chakar is active in State Street’s global diversity efforts, counsels them. But at the same time, she adds, “take care serving as a member of the Leading Women group, a of yourself and make time to disconnect and recharge.” mentoring program for senior women throughout the Heitsenrether has found that the frequency and organization. She is also the executive sponsor for the authenticity of communication with her team matters. company’s Sustainability Employee Network, which tries to To help everyone working from home feel connection, raise awareness of sustainability issues and devise solutions Heitsenrether shares stories from her day. They include tales to the world’s pressing environmental problems. of Chelsea, her 15-year-old Lab border collie, who watches Outside of State Street, she serves on the board of the Heitsenrether do her daily fitness workout. “I’m not sure if Boston Medical Center — a distinction that holds extra she’s amused or annoyed, but after a few minutes of my significance for her, as both of her parents work in the punching and kicking, she often will go find a quieter room medical field. ■ to rest in until I’m done,” Heitsenrether said. ■

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087_ABM1020 87 9/16/2020 10:34:38 AM THE MOST POWERFUL WOMEN IN FINANCE

Emily Portney Jackie Reses Chief Financial Officer Head of Square Capital BNY Mellon Square

n the first two months of the coronavirus pandemic, sales hen the Federal Deposit Insurance Corp. of custody and associated services at Bank of New York approved Square’s application to become an IMellon exceeded plans that Emily Portney and her team Windustrial loan company in March, the fintech had established at the start of the year. became one of only two firms to receive an ILC charter in It helped that with travel at a standstill, the team had the past decade. doubled the number of presentations to clients compared And Jackie Reses, who heads Square Capital, was the with a year earlier. “From early March through May, we driving force behind Square’s ILC bid. conducted more than 140 sales presentations and more Square was formed in 2009 to simplify credit card than 50 due diligence sessions virtually,” said Portney, who, payments for point-of-sale purchases from small vendors, until recently, led BNY’s largest business. Her teams were and it created Square Capital in 2014 as a way to expand responsible for handling sales and service for institutional into lending to these customers. clients such as hedge funds and pension plans. The unit, led by Reses, offers small businesses a loan that As part of the effort, Portney hosted semiweekly calls can be repaid through a portion of sales, utilizing Square’s that at their peak drew as many as 500 clients at a time. point-of-sale technology to facilitate repayment. And in She also set up what she calls a “command center” to the five years since Reses joined, it has made more than $6 centralize her team’s efforts to address clients’ questions. billion in loans, with an average loan size of just $7,000. “This proactive, honest dialogue differentiated us in the Square plans to launch its ILC, Square Financial market and built trust with clients and employees,” she said. Services, in 2021, with Reses serving as the executive Portney reminded her team that change is a constant chairman of the board of directors. (as when Portney herself was named BNY’s chief financial This expertise in small-business lending has become officer in July) and that change creates opportunities. “The especially valuable since the pandemic took hold earlier pandemic became the great equalizer,” she said. “It was no this year, as Square tallied 76,000 successful Paycheck longer about where you sit in order to have meaningful face Protection Program applications that delivered more than time with company leaders and each other.” $820 million to small businesses in its network. Because To help enliven the long days, Portney hosted monthly Square works with many microbusinesses that are not chats over coffee or cocktails (the choice depends on local served by traditional banks, its loans also are far smaller time). Each gathering featured an Ask Me Anything forum than typical small-business loans. hosted by Portney and themes that encouraged her team “One of the top takeaways from this crisis is also to share such things as photos from their workspace or something we’ve known for a long time: Small businesses recommendations for bingeworthy TV. are routinely overlooked and underserved by the traditional Portney has received unsolicited emails from team finance system,” Reses said. “These comparably small loans members who tell her how much they value the interactions. made a massive amount of difference to businesses, and “We are all navigating the pandemic together, for the first I’m grateful that I’ve been able to personally hear the stories time, and learning to be more patient and understanding of of resilience and perseverance of sellers who were able to each other,” she said. ■ receive PPP through us.” ■

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088_ABM1020 88 9/16/2020 10:34:41 AM The 2020 team honorees are presented here based on the company’s asset size, from largest to smallest.

Bank of America U.S. Bancorp Bank of the West Zions Bancorp. Howard Bank

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089_ABM1020 89 9/16/2020 2:05:27 PM TOP TEAMS TOP TEAMS

Bank of America U.S. Bancorp

Diversity initiative: Diversity initiative: The Women’s Next Level Leadership Program at Bank of America is an eight-month virtual experience that addresses the In March 2019, U.S. Bancorp set out to increase the number of women in senior leadership by addressing obstacles to career unique challenges diverse women face in advancing their careers and provides strategies to be successful. In 2019, at least 95% advancement that female employees told the company they faced. As part of the effort, it expanded sponsorship opportunities of the participants surveyed said the program helped enhance their leadership skills, which resulted in new sponsors, increased with a focus on women and people of color. Several women’s sponsorship groups across the company pair high-potential women responsibilities and stretch assignments. A total of 395 women have taken part in the program since 2017. with leaders one or two levels above them, and one program saw a 54% promotion rate among participants within 12 months.

Selected executive highlights: Selected executive highlights: Headquarters: Charlotte, N.C. Assets: $2.4 trillion Female representation among corporate officers: Holly O’Neill 32% Chief Client Care Executive Female representation on and Head of Consumer, operating committee: Small Business and Wealth 46% Management Client Care

Over the course of a few weeks this spring, BofA pivoted its entire on-site call center Richard led the efforts for the company to achieve a major milestone in December, workforce across 40 locations to working from home, procuring 10,000 laptops and when the Federal Reserve lifted a consent order that was issued in February 2018 assessing the technology needs of each home office. The company also redeployed The Team in connection with a legacy anti-money-laundering program. The Department of 3,000 other employees to support call volume. With O’Neill focused on exceeding Cathy Bessant Justice and Fincen terminated their orders in February 2020. Her focus lately has the expectations of callers facing hardship amid the pandemic, internal measures Cynthia Bowman been on managing risk around the global pandemic, nationwide civil unrest and an of satisfaction among the company’s 66 million consumer and small-business Sheri Bronstein economic downturn, all while ensuring day-to-day functions continue uninterrupted customers hit an all-time high of 85.6% in May, a year-over-year improvement Candace Browning with 75% of employees working remotely. Other priorities include enhancing over- of 230 basis points. Anne Finucane sight of emerging risk areas such as ethical data use and real-time payments. Katy Knox Sharon Miller Lauren Mogensen Tram Nguyen Holly O’Neill Lorna Sabbia April Schneider Andrea Smith Meredith Verdone Anne Walker April Schneider Anne Clarke Wolff Head of Consumer and Small Elif Bilgi Zapparoli Business Products

Schneider simplified core deposit products and transformed overdraft for BofA. Heitman’s team, which is responsible for driving loan and deposit revenue from One example is Advantage Banking, which launched in late 2018 and was the consumers and small businesses, generated more than 28% of the company’s total first product to put overdraft guardrails on all accounts. Its SafeBalance setting, revenue in 2019. Drawing on support from across the organization, her team also which doesn’t allow for overdrafts, now comprises 38% of all new sales and 55% helped set up the process that helped more than 80,000 small-business customers of all student sales. Fees for insufficient funds and overdrafts make up 52% of get loans totaling more than $7 billion from the Small Business Administration’s overall fee revenue, which is the lowest percentage among peer banks, accord- Paycheck Protection Program this spring. Over the past two years, Heitman has ing to BofA. It pegged peers at 65% to 70%. Growth in consumer deposits also ushered several impactful projects through the company’s Agile Studios, including outperformed the industry, with an increase of $160 billion, or 28%, since 2015. an overhaul of the customer onboarding and consumer lending experience.

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U.S. Bancorp

Selected executive highlights: Headquarters: Charlotte, N.C. Headquarters: Minneapolis Assets: Assets: $2.4 trillion $536 billion Female representation among Female representation among corporate officers: corporate officers: 32% 48% Female representation on Female representation on operating committee: operating committee: 46% Jodi Richard 36% Vice Chair and Chief Risk Officer

Richard led the efforts for the company to achieve a major milestone in December, when the Federal Reserve lifted a consent order that was issued in February 2018 The Team in connection with a legacy anti-money-laundering program. The Department of The Team Cathy Bessant Justice and Fincen terminated their orders in February 2020. Her focus lately has Betsy Cadwallader Cynthia Bowman been on managing risk around the global pandemic, nationwide civil unrest and an Reba Dominski Sheri Bronstein economic downturn, all while ensuring day-to-day functions continue uninterrupted Kandace Heck Candace Browning with 75% of employees working remotely. Other priorities include enhancing over- Lynn Heitman Anne Finucane sight of emerging risk areas such as ethical data use and real-time payments. Kercedric Holley-Bell Katy Knox Gunjan Kedia Sharon Miller Felicia LaForgia Lauren Mogensen Katie Lawler Tram Nguyen Janet Lerch Holly O’Neill Mary Martuscelli Lorna Sabbia Beth McDonnell April Schneider Deborah Murphy Andrea Smith Kate Quinn Meredith Verdone Lynn Heitman Jodi Richard Anne Walker EVP, Product Strategy and Jen Thompson Anne Clarke Wolff Support, Emerging Business Judie Verb Elif Bilgi Zapparoli Group and Small Business Administration Business Unit Heitman’s team, which is responsible for driving loan and deposit revenue from consumers and small businesses, generated more than 28% of the company’s total revenue in 2019. Drawing on support from across the organization, her team also helped set up the process that helped more than 80,000 small-business customers get loans totaling more than $7 billion from the Small Business Administration’s Paycheck Protection Program this spring. Over the past two years, Heitman has ushered several impactful projects through the company’s Agile Studios, including an overhaul of the customer onboarding and consumer lending experience.

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Bank of the West Zions Bancorp. Diversity initiative: Diversity initiative: One of the parity issues in banking is the lack of women in positions with profit-and-loss responsibility. As chief executive of A newly created diversity, equity and inclusion advisory team at Zions launched a training program on microaggressions in the Bank of the West, Nandita Bakhshi is addressing this by rethinking what her leadership team looks like and how its members workplace and a monthly brown-bag speaker series for employees, with the goal of promoting awareness around multicultur- get there. Bakhshi said she recognizes men are three times more likely than women to receive career information about P&L alism. The team also rolled out the Be Gender Intelligent virtual learning program, a series of six one-hour webinars facilitated jobs. So with that in mind, she has made it a priority to identify women with the expertise and ability to advance who may not by Barbara Annis, an expert on inclusive leadership. Annis included a session on understanding gender differences at home — have had an opportunity to demonstrate that and create pathways for them to do so. which proved especially timely with so many having to work from home during the pandemic.

Selected executive highlights: Headquarters: San Francisco Selected executive highlights: Assets: $100 billion Female representation among corporate officers: 31%* Female representation on operating committee: 34%

Michelle Di Gangi Roxann Burns Head of Small and Medium SME Group Credit Manager With online business lending getting ever more competitive, Chase has been work- Enterprise Banking Verticals and Specialty The Team ing to make Zions’ application process more efficient for customers. Chase was a Nandita Bakhshi key player in expanding the deployment of a digital loan process for small business- Over the past 10 years, Di Gangi has In helping Di Gangi implement the Roxann Burns es last year. The enhanced process entails an interview-style application, streamlin- led her department to become a key government’s Paycheck Protection Michelle Di Gangi ing the way customers typically apply for business loans. By reducing the number contributor to growth and profitability, Program, Burns guided employees who Tami Farrow of handoffs and touchpoints for each application, the new process empowers one representing 30% of the bank’s net worked around the clock to process Anita Fox banker to complete all aspects of the loan, from underwriting to documenting. This income before taxes and nearly 25% applications — including 600 people Meghan Leader has resulted in faster approval responses and improved the customer experience. of its total fee revenue in 2019. pitching in from other departments. Sheri Paulo Emma Pertat

Sheri Paulo Nandita Bakhshi The human resources department twice hosted Leadership Seminars for 50 Chief Human Resources Officer President and CEO senior-level employees across the organization last year. The three-day seminars, which offer valuable face time with executive leadership, focus on the company’s Bank of the West was named one of One of Bakhshi’s priorities is helping long-term strategy, financial performance and technology road maps. Career the “Best Places to Work for LGBTQ female entrepreneurs. To that end, coaches follow up with attendees to create customized development plans for Equality in 2019,” with a perfect score the bank holds a weeklong leadership them. Antolini also expanded the Banker Development Program for new hires, of 100 on the Human Rights Campaign program at Stanford University every typically recent college graduates who are interested in becoming career bankers. Foundation’s 2020 Corporate Equality year; more than 150 businesswomen The program gives them experience working in multiple product areas during their *As of 2017 (updated stat not provided) Index, a benchmarking tool. have attended so far. first two years with Zions.

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Zions Bancorp. Diversity initiative: Diversity initiative: One of the parity issues in banking is the lack of women in positions with profit-and-loss responsibility. As chief executive of A newly created diversity, equity and inclusion advisory team at Zions launched a training program on microaggressions in the Bank of the West, Nandita Bakhshi is addressing this by rethinking what her leadership team looks like and how its members workplace and a monthly brown-bag speaker series for employees, with the goal of promoting awareness around multicultur- get there. Bakhshi said she recognizes men are three times more likely than women to receive career information about P&L alism. The team also rolled out the Be Gender Intelligent virtual learning program, a series of six one-hour webinars facilitated jobs. So with that in mind, she has made it a priority to identify women with the expertise and ability to advance who may not by Barbara Annis, an expert on inclusive leadership. Annis included a session on understanding gender differences at home — have had an opportunity to demonstrate that and create pathways for them to do so. which proved especially timely with so many having to work from home during the pandemic.

Headquarters: San Francisco Selected executive highlights: Headquarters: Salt Lake City Assets: $100 billion Assets: $76.4 billion Female representation among corporate officers: Female representation among 31%* corporate officers: 50% Female representation on operating committee: Female representation on 34% operating committee: Chantel Chase 14% Business Banking Loan Center Director With online business lending getting ever more competitive, Chase has been work- The Team The Team ing to make Zions’ application process more efficient for customers. Chase was a Amber Allen key player in expanding the deployment of a digital loan process for small business- Nandita Bakhshi Joy Antolini es last year. The enhanced process entails an interview-style application, streamlin- Roxann Burns April Bailey Michelle Di Gangi ing the way customers typically apply for business loans. By reducing the number Pam Campbell Tami Farrow of handoffs and touchpoints for each application, the new process empowers one Chantel Chase Anita Fox banker to complete all aspects of the loan, from underwriting to documenting. This Jennifer Christopulos Meghan Leader has resulted in faster approval responses and improved the customer experience. Megan Comfort Sheri Paulo Ashley Comstock Shannon Drage Emma Pertat Meredith Dunlap Tami Fisher Jeanine Flint Peggy Hammond Olga Hoff Mary Holman Stephanie Horne Angela Underwood Jacobs Lauren Jassny Shelly Johnson Joy Antolini Jennifer Jolley Johnston Chief Learning Officer Kristiane Koontz Rena Miller The human resources department twice hosted Leadership Seminars for 50 Shannon Petersen senior-level employees across the organization last year. The three-day seminars, Heidi Prokop which offer valuable face time with executive leadership, focus on the company’s Mandy Querio Rebecca Robinson long-term strategy, financial performance and technology road maps. Career Aprille Savarese coaches follow up with attendees to create customized development plans for Laura Schaeffer them. Antolini also expanded the Banker Development Program for new hires, Deb Smith typically recent college graduates who are interested in becoming career bankers. Jennifer Smith The program gives them experience working in multiple product areas during their Jill Vaughan *As of 2017 (updated stat not provided) first two years with Zions. Heather White

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Howard Bank

Diversity initiative: The Women in Leadership program at Howard Bank aims to help female employees develop the skills and confidence needed to advance. Howard credits the program with allowing the company to make progress each year on improving diversity in management roles. Of its 250 employees, 82 of them are women in leadership positions, meaning they are at or above the level of assistant vice president and have some degree of management responsibility, said Erica Starr, Howard’s director of marketing.

Selected executive highlights: Headquarters: Baltimore Assets: $2.46 billion Female representation among corporate officers: 13% Female representation on operating committee: 10% Mary Ann Scully Chairman and CEO After Howard’s 2018 merger with 1st Mariner, Scully spent last year focused on The Team repositioning her company for the future, as it aims to hit $5 billion in assets by 2022. The work entailed a rebranding effort, with a new mission statement and Laura Lynn Benson an advertising campaign using the tagline, “We care about here.” A review of Carrie Bivens Howard’s operations also prompted Scully to pare down its business lines, by exiting Patricia Brown residential mortgages, and trim the number of branches to 15, from 20. The bank Sara Bundy Melissa Camalier now boasts an average of $100 million in deposits per branch. (Howard had cut LeNora Clampitt eight branches in 2018 as well.) Michelle Coates Allison Cwiek Catherine Epps Davis Kathy Davis Melanie Dews Denise Gerber Kelly Gray Diane Griffitts Lindsay Guckert Chris Hopkins Patricia Howard Myrna Kennedy Chandra Klein Katie Sank Katherine Koustenis Deborah Langgood Matz Director of Project Management Stephanie Morris Danielle Mullin Before 2019, Howard lacked visibility in a holistic way into the projects going on Kathleen Passman across the institution. Business lines rolled out new processes and applications in Theresa Phillips silos, pulling resources from other areas as needed, and without considering existing Kelly Rawleigh workloads and competing priorities. Sank established a Project Management Office Katherine Sank Jennifer Scully to change that, improving the prioritization of work for project teams and better Mary Ann Scully defining criteria for success. Last year the portfolio exceeded 40 active projects, Tanisha Ann Skinner ranging from software implementations to the revamping of operational processes. Renee Smith One example of a project Sank oversaw is the launch of an online account opening Verna Lee Squirrel platform to allow both retail and business customers open accounts without having Erica Starr Teresa Stout to visit a branch, a crucial capability amid the pandemic. Michele Sylvia

94 American Banker October 2020

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The long march for dignity and respect

By Grovetta Gardineer

Carry yourself with dignity so that you looked like me. I was supported, may earn respect. challenged and pushed — hard. I I learned that lesson growing up in carried myself with dignity, and there, it rural North Carolina in the ‘60s and ‘70s was met with respect. I became part of from my mother, the principal of my the moot court team, where we had high school, and my father, a minister great success — not among small who marched for civil rights as part of schools or just other historically Black As the head of bank supervision the Southern Christian Leadership colleges and universities but against policy at the OCC today, I work with Conference. They were examples of the big-name schools and Ivies. many talented and diverse women and what African American leadership and In my third year during a career fair, men to ensure that the federal banking service meant, and they inspired me to I discovered the Federal Deposit system operates in a safe, sound and a life of public service. They also Insurance Corp. honors program and fair manner. For me, fairness is not a prepared me for the reality that as a became the first African American sound bite. It is a rally cry that my woman of color I would encounter admitted to the program. I joined the heritage obligates me to work toward. bigotry and ignorance in the course of FDIC after earning my law degree with Bank supervision offered me an my life. Those life lessons proved honors from NCCU in 1987 and began a opportunity to address issues of valuable personally and professionally. 33-year (and counting) career regulat- inequality in a system that is funda- I chose to stay in North Carolina to ing banks — first at the FDIC, then at mental to the livelihoods of all Ameri- pursue my dream of becoming a lawyer. the Office of Thrift Supervision and now cans — aligning, unexpectedly, with my I believed that path would allow me to at the Office of the Comptroller of the career goal when I went into law. address persistent racial and economic Currency. During this time, I have seen Few might have imagined that a injustices. As a student in the early ‘80s progress in our country, in banking, and Black preacher’s daughter from rural at Wake Forest University, where in federal service. Yet I still see too few 1960s North Carolina would someday African Americans were a tiny fraction people who look like me in boardrooms, be responsible for shaping the stan- of the population, I was told, when in senior leadership positions among dards for the largest banks in the world seeking help from an instructor, to ask federal agencies and among interna- and community banks across our someone of “my own kind.” Those words tional bank supervision leaders. In those country. At such a heady moment in shocked me, but I was undeterred. I settings, just as in the nearly all-white our history, when social unrest contin- engaged that moment with dignity — classrooms of Wake, I am still among ues as a consequence of too many although it was not met with respect. the very few women and almost always people being excluded from or under- And I realized the truth of another the only woman of color. served by our financial system, I feel a childhood lesson: I would have to work That fact bestows a huge responsi- special obligation to use this extraordi- twice as hard to get half as far. bility on me to represent other women, nary opportunity to work toward After Wake, I chose North Carolina particularly women of color, with the making things fair for all. Central University Law School, a dignity to garner the respect we deserve. historically Black school and my father’s I am proud and humbled to have the Grovetta Gardineer is the senior deputy alma mater. NCCU had a great pass opportunity to be an envoy for my comptroller for bank supervision policy at rate for the bar. More important, the gender, race and nation, demonstrating the Office of the Comptroller of the dean, the instructors and other students that there is strength in diversity. Currency.

96 American Banker October 2020

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OCTOBER 2020 AMERICAN BANKER | 18TH ANNUAL MOST POWERFUL WOMEN IN BANKING Vol. 130/No. 10