“You Can't Buy It, You Can't Get a Degree in It, but Success for Women

OCTOBER 2018 OCTOBER

16TH ANNUAL MOST POWERFUL WOMEN IN BANKING “You can’t

October 2018 americanbanker.com buy it, you can’t get a AMERICAN BANKER MAGAZINE | 16TH ANNUAL MOST POWERFUL WOMEN IN BANKING degree in it, but success for women in banking demands an outrageous amount Vol. 128/No. 10 of grit.”

001_ABM1018C1_ABM1018.indd 1 1 9/5/18 5:43 PM C1_ABM1018.indd 2 9/5/18 5:43 PM C1_ABM1018.indd 3 9/11/20189/5/18 10:42:57 5:43 PMAM “I“I considerconsider thethe statusstatus quoquo toto bebe

001_ABM1018C1_ABM1018.indd 1 4 9/5/18 5:43 PM C1_ABM1018.indd 5 9/5/18 5:43 PM C1_ABM1018.indd 6 9/6/18 11:25 AM C1_ABM1018.indd 7 9/11/20189/10/18 10:51:27 11:33 AM AM Contents October 2018 | VOL. 128 | NO. 10 14 “You can either be creating the change or watch it pass you by,” says Amy Brady, THE RANKINGS KeyCorp’s chief information officer. 57 l THE 25 MOST POWERFUL WOMEN IN BANKING NO. 1: Bank of America’s Cathy Bessant keeps testing the limits of what banks can do 79 l THE 25 WOMEN TO WATCH NO. 1: Wells Fargo’s Mary Mack confronts the myriad challenges facing her bank in the only way she knows how — head-on 101 l THE 25 MOST POWERFUL WOMEN IN FINANCE NO. 1: Mary Callahan Erdoes is disrupting the disruptors 119 l TOP TEAMS JPMorgan Chase TD Bank BMO Financial Zions Bancorp. Old National Bank 57 79 101

Briefings Scholarship FEATURES 6 125 Bonus in a Buyout Leaders in the Making 14 Acquiring USAmeriBank gave Valley The winners of our annual Young Disruptive Forces National Bank a model for banking Women’s Leadership Awards are the KeyCorp’s Amy Brady and seven other leaders are deftly female entrepreneurs first in their families to attend a four- navigating banking’s profound business, technological and year college demographic shifts to take their companies to new heights 8 Smartphone Disconnect 32 Are banks overestimating how much BankThink their customers want to use their digital 128 The Most Powerful devices for banking tasks? Diversity Needs to Be a Men’s Issue Women of the Future It would be unfortunate if the #MeToo Meet the standout young leaders who today’s Most 10 movement became an excuse, even by Powerful Women expect to someday replace them Crash Course in Lending well-meaning men, to avoid mentoring How one banker is tackling the talent women, LeeAnne Linderman writes 48 shortage in commercial and industrial lending Up for the Challenge As the new head of the FDIC, Jelena McWilliams is reviewing all of its regulations — emphasis on all — and appears eager to join one of banking’s thorniest debates. But she’s faced difficult challenges before.

Cover Photographer: Erin Patrice O’Brien Stylist: Don Sumada Photographer: Janelle Jones Hair Stylist: Osmane Da Cunha Producer: Patrick McLain Make Up Artist: Carmindy

2 American Banker October 2018

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36137_02_AD_FCM_American_Banker.indd003_ABM1018 3 1 9/7/20186/25/18 1:58:35 12:52 PM Editor’s View

Volume 128, No. 10 american banker.com

Executive Editor Bonnie McGeer Art Director Robin Henriquez Contributors Laura Alix, Allison Bisbey, Kristin Broughton, Brian Browdie, Hilary Burns, Penny Crosman, Suleman Din, Glen Fest, Rob Garver, Alan Kline, Jinman Li, Roxanne Liu, Andy Peters, Jackie Stewart, Rachel Witkowski

Established 1836 A Picture of the One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 Emails [email protected] Disruption to Come Editor in Chief Rob Blackwell 571.403.3834 Managing Editor Dean Anason 770.621.9935 Executive Editor Bonnie McGeer 212.803.8430 Senior Editor Alan Kline 571.403.3846 Editor at Large Penny Crosman 212.803.8673 In planning and producing this year’s Most Powerful Women in Banking Washington Bureau Chief Joe Adler 571.403.3832 program, we have been preoccupied with two themes: strategic leadership in an Technology Editor Suleman Din 212.803.8738 BankThink Editor, Deputy Washington Bureau Chief era of disruption and women helping women. What we did not immediately Victoria Finkle 646.477.7549 Community Banking Editor Paul Davis 336.852.9496 foresee is how dramatically these two ideas would converge. News Editor Andy Peters 404.500.5770 Disruption — whether managing in the face of it or fomenting it to drive Contributing Editor Daniel Wolfe 212.803.8397 Digital Managing Editor Christopher Wood 212.803.8437 strategy — is likely the distinguishing feature of leadership in financial services Copy Editor Neil Cassidy 212.803.8440 Reporters/Producers today. The women included in this year’s rankings excel at both. Laura Alix 860.836.5431 At the same time, mainstream attention around women’s issues has explod- Kate Berry 562.434.5432 Kristin Broughton 212.803.8755 ed, and the idea of women supporting women has taken on the force of a Hilary Burns 617.276.6916 Neil Haggerty 571.403.3837 movement. It is not just about a single issue like sexual harassment. It is a John Heltman 571.403.3847 bigger conversation about power differentials everywhere — from the work- Hannah Lang 571.403.3855 John Reosti 571.403.3864 place to politics — and about what the longtime disparity in female representa- Gary Siegel 212.803.1560 Jackie Stewart 571.403.3852 tion has cost us. Kevin Wack 626.486.2341 Rachel Witkowski 571.403.3857 In planning the photo shoot for our cover, our video content and more, we invited a group of women at the forefront of managing — and driving — dis- Group Editorial Director, Banking/Capital Markets ruption in the industry and within their companies. And we asked each of them Richard Melville 212.803.8679 Executive Director, Content Operations and in turn to invite an outstanding younger female executive whom they mentor Creative Services Michael Chu 212.803.8313 — specifically someone whose name they could see on a Most Powerful Women VP, Research list of the future. Dana Jackson 212.803.8329 Ideally, we wanted the mentees to be involved in disruption in some way too ADVERTISING VP Sales, Banking & Payments and to represent the increased diversity of the younger workforce. Dennis Strong 212.803.8372 But we also see these emerging leaders as a disruption in and of themselves. Northeast Brad Bava 212.803.8829 Many of the women in the rankings have lamented the exceedingly slow Midwest/Southwest Shelly Schmeling 312.932.9392 pace of progress toward gender equality in the senior ranks. West They are working to change that, both on an individual level, by mentoring Sara Culley 831.438.8408 Midatlantic/Southeast other women, and at a company level, by changing policies and launching David Cleworth 843.640.3713 Marketing Manager initiatives to address some of the hurdles. But one look at the faces in the Deborah Vanderlinder 212.803.8323 Group Director Custom Marketing Solutions C-suite across the industry makes it plain that the return for all that effort — at Virginia Wiese 704.987.3224 least at the highest levels — is weak. CIRCULATION/CUSTOMER SERVICE Some contend that the industry has even regressed lately, with men privately Subscriptions [email protected] Customer Service/Renewals saying they are reluctant to mentor women lest they get accused of impropri- [email protected] 212.803.8500 ety. Reprints For information about reprints and licensing content, visit www.SourceMediaReprints.com or contact Even so, the Most Powerful Women express great hope that the next PARS International Corp. 212.221.9595 generation of female leaders will end up changing those C-suite statistics in a much more substantial way.

— Bonnie McGeer

CHIEF EXECUTIVE OFFICER...... Gemma Postlethwaite American Banker (ISSN 2162-3198) Vol. 128 No. 10, is published monthly by SourceMedia, One State Street Plaza, 27th Floor New York, NY CHIEF FINANCIAL OFFICER ...... Sean Kron 10004. Subscription price: $119 per year in the U.S.; $139 for all other countries. Periodical postage paid at New York, NY and additional U.S. mailing offices. POSTMASTER: send all address changes to American Banker, One State Street Plaza, New York, NY 10004. For EVP & CHIEF CONTENT OFFICER ...... David Longobardi subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: CHIEF SUBSCRIPTION OFFICER ...... Allison Adams [email protected]. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New York, NY SVP, CONFERENCES & EVENTS ...... John DelMauro 10004. This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with SVP, HUMAN RESOURCES...... Ying Wong the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax or other professional service. American Banker is a registered trademark used herein under license. © Copyright 2018 SourceMedia, Incorporated and American Banker. All rights reserved. www.americanbanker.com.

4 American Banker October 2018

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005_ABM1018 5 9/7/2018 1:58:35 PM Briefings SMALL BUSINESS | CONSUMER BANKING | COMMERCIAL LENDING

Entrepreneurial Endeavor An acquisition provides Valley National Bank with a blueprint for connecting with, and ultimately banking, female business owners By Roxanne Liu

Susan Ward didn’t expect her bank to USAmeriBank’s Women Entrepreneurs National, said this summer when help her find business partners — but program, which the Clearwater, Fla., announcing the expansion plans for it did. bank had started in 2016 to hold social the program. At a networking event for female events where professional women could Participants are required to bank entrepreneurs held two years ago by share ideas and seek mentorship with Valley National after being invited the then-USAmeriBank, Ward, opportunities. to the first few events if they want to co-founder of a local coffee chain in Valley National Bancorp in Wayne, stay involved, said Cami Gibertini, who Tampa, Fla., happened to sit next to N.J., which bought USAmeriBank in heads the program. Leigh Tucker, who ran a gluten-free January for more than $800 million, The options for the businesswomen snack bar business. After learning plans to expand the program to New include checking accounts with free about Tucker’s project, Ward decided to York and New Jersey next year. domestic wire transfer and mobile sell the snack bars at her coffee shops. “Our mission is to develop a network banking services, among an array of “What was so exciting to me and to focused on creating meaningful and personalized banking solutions. our leadership team is to be able to impactful ways to build a strong path Valley National also plans to start support another woman entrepreneur,” forward for women in business,” Dianne making residential and Small Business Ward said. Grenz, the chief consumer banking Administration loans that feature The networking event was part of officer at the $30 billion-asset Valley expedited underwriting processes and

6 American Banker October 2018

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007_ABM1018 7 9/7/2018 1:58:35 PM Briefings

lower fees for female entrepreneurs, 30 bankers and 2,350 bank and credit Gibertini said. Misreading union customers. The bankers and The program has more than 2,000 customers were chosen to represent Preferences financial institutions from a range of participants who account for roughly Banks overestimate how much $65 million in deposits and $87 million customers want to use phones asset sizes. in loans in Florida and Alabama. for banking tasks Certainly, plenty of banks collect However, it is not the products that data on consumer preferences. At the hook the women, so much as the Many bankers think they understand $390 million-asset Essex Savings Bank relationships that bankers at Valley what their customers want, but in fact in Connecticut, employees are con- National have developed with them. they often need to put in some extra stantly having conversations with Female entrepreneurs, who are research time. customers to ascertain what they like generally more loyal to their bankers According to a new study by the and dislike, said Chief Executive Greg than their male counterparts, can Boston consulting firm Celent, banks Shook. choose to work with female bankers, an overestimate how much their custom- “We ask if they’re using e-state- option that many participants in the ers want to use smartphones to handle ments, if they still call a phone number program have found helpful. banking tasks. to make transactions,” Shook said. “We Gibertini said that a businesswoman The disconnect is not a fatal flaw, sit down with them and ask them how is more likely to ask a question when said Bob Meara, an analyst at Celent. they want to make transactions. We are she comes across a ratio she doesn’t But it suggests that many banks need all over whatever the customer wants.” understand if she is working with a to rethink their approach to learning But too many banks neglect that female banker — whereas she might about their customers. part of the customer service equation, not feel as comfortable doing so with a The disparity between what con- Meara said. That’s because for years, male banker. sumers want and what bankers think many emphasized sales growth above Kathleen McShane, assistant they want comes down to the types of all else. How customers preferred to administrator at the Small Business data that banks have historically conduct their banking was not given Administration’s office of women’s collected. The average wait time for a any thought. business ownership, said that unique consumer in a teller line at a given time “There really has been a sea change rapport is important. “A woman banker of day? That is something most bankers in that customer experience is really frankly has more insight into the way a can tell you, Meara said. How important and, if those aren’t in good woman thinks,” McShane said. “Women much consumers prefer digital to shape, our bottom line won’t be,” Meara tend to approach business very in-person interactions? That is another said. “Many banks are thinking that differently than a man, and those story. maybe they need to dial back the sales nuances can either make or break a “It’s not that we don’t think digital is culture.” woman who’s going for financing.” where everything is going,” Meara said. Some of the disconnect can be When Tucker moved to Tampa and “But even among the largest banks, attributed to an employee’s specific job started her snack brand a few years half of their customers don’t use or function. Employees in operations tend ago, she found it hard to build social don’t ever intend to use mobile to have a more accurate view of how connections in an unfamiliar city while banking.” many customers prefer to do business managing her business. Gibertini, About 45% of the bankers Celent inside a branch, while those in strategy knowing Tucker had tutored children for surveyed said that their customers or innovation roles have an “overin- eight years before opening the startup, prefer in-person interactions with their flated” view of customers’ preference invited her to speak at a Girl Scouts bank. But 55% of consumers said they for digital channels, the report said. CEO Camp event, where she could tell prefer in-person interactions. Converse- “People in those roles are massive her business story while mentoring ly, about 15% of bankers said consum- digital advocates,” Meara said. “Their young girls. ers want to interact with them exclusive- role is to move to digital those organi- “What Valley does is they invest in ly through online channels. But only 6% zations that have an awful lot of getting to know me, and as they get to of consumers said they feel that way. momentum in doing things the old know me, when opportunities pop up, Celent’s report was based on a way.” I’m on their mind,” Tucker said. survey, conducted in February, of about Then again, maybe it should not be

8 American Banker October 2018

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009_ABM1018 9 9/7/2018 1:58:37 PM Briefings

a surprise that many customers don’t “We need credit-trained analysts, stepped up to meet the need for credit care much for mobile banking. After all, and the industry is screaming for this, training. The Risk Management a recent J.D. Power study found that but no one really wants to lay out the Association, for example, estimates digital-only banking consumers are the money” for training, said Nicholson, that around 6,000 bankers take its least satisfied. whose day job is senior vice president commercial credit training courses Even if banks are still working out of commercial lending at the $998 every year. the kinks in their mobile banking apps, million-asset Main Street Bank in But demand for commercial lenders it is still telling that some bankers do Marlborough, Mass. remains high, and recruiters say that not see the need to ask customers if There are several reasons for the smaller banks struggle the most to find they want to use the app, Shook said. It talent void, including tight budgets and and keep good loan officers and credit is important for bankers to get busy generational changes, and the situa- analysts. Smaller banks far from major talking to customers, instead of just tion speaks a lot about the state of an metro areas are at a particular compiling statistics, he said. industry struggling to get younger disadvantage when it comes to “We all say that we like to service generations interested in banking recruiting younger workers who often people, but if you sit down with them careers. The challenge is particularly prefer to live and work in cities, Pardus and ask them what they’re worried acute in commercial lending. C&I loan said. about, that’s a different conversation growth has been hard to come by, and Amy Glashow, a senior executive than just opening a checking account smaller banks must compete with recruiter in the banking practice at the for them,” Shook said. — Andy Peters bigger banks not only for business, but staffing firm Randstad, has sent several also for skilled loan officers. candidates to Nicholson for credit At one time, big banks recruited training and later placed them at Crash Course graduating college students into big community banks in Massachusetts. in-house commercial credit training Nicholson had often helped new In Lending programs. The banks paid them to credit analysts over his career and How one banker is addressing learn about credit analysis and eventually developed that into a the C&I talent shortage underwriting, and they eventually curriculum that he began teaching in Twice a week, David Nicholson hunkers emerged as full-fledged commercial 2015 under the name Credit Training down to study with a few wannabe lenders or credit analysts. Inc. He initially met with his students at bankers or bank employees aiming for But banks have mostly done away a local library, but has since found a higher-level jobs. with in-house training and many larger space in anticipation of expand- For two hours, after they have all bankers who received it are now ing the classes. clocked out at their day jobs, they approaching retirement. Mark Gerber, now a credit analyst at review the basics of credit analysis in “There’s real demand for these South Shore Bank in Weymouth, Mass., commercial and industrial lending. revenue-generating professionals, and had an investment banking back- They learn the language of the we have this roughly 15-year gap of ground, and worked in lighting sales business and the clues on a company’s credit training,” said Susan Pardus, a just before taking Nicholson’s course. balance sheet or income statement partner in KLR Executive Search He wanted to get back into banking that will tell them whether it is a good Group’s banking practice. “Today we’re and felt that some formal credit credit risk or bad one. starting to see credit training programs training would give him an edge. The Nicholson’s goal is to ultimately turn come back, but they’re primarily at $1.3 billion-asset South Shore hired him branch managers, accountants or even larger banks.” before he even completed his final lighting salespeople into commercial Citizens Bank in Providence, R.I., has project for Nicholson’s class. credit analysts, with the hope that this had its own in-house commercial credit “I’m pretty good with numbers, but I will be their first step on a path to a program for seven years. Its yearlong definitely needed a little bit of training profitable career in commercial program includes three rotations to get up to speed and be marketable banking. His students pay him for the through its commercial bank, and a to a commercial bank,” Gerber said. “It three-month courses — about $5,200 spokesman said that Citizens has does seem like there’s a real need out — but the mission seems to drive him graduated 76 of its bankers from it. there. The person I replaced had been as much as money. Some trade associations also have poached by a larger bank.” — Laura Alix

10 American Banker October 2018

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011_ABM1018 11 9/7/2018 1:58:38 PM THE MOST POWERFUL WOMEN IN BANKING THE WOMEN TO WATCH

1 Cathy Bessant, Bank of America p. 58 1 Mary Mack, Wells Fargo p. 80 2 Marianne Lake, JPMorgan Chase p. 60 2 Ernie Johannson, BMO Harris Bank p. 82 16TH 3 Ellen Alemany, CIT Group p. 60 3 Allison Dukes, SunTrust Banks p. 82 4 Nandita Bakhshi, Bank of the West p. 62 4 Jennifer Piepszak, JPMorgan Chase p. 84 5 Diane Reyes, HSBC p. 62 5 Yolande Piazza, Citigroup p. 84 ANNUAL 6 Sandie O’Connor, JPMorgan Chase p. 64 6 Ranjana Clark, MUFG p. 85 7 Barbara Desoer, Citigroup p. 64 7 Ellen Patterson, TD Bank p. 86 8 Anne Finucane, Bank of America p. 65 8 Bita Ardalan, MUFG p. 86 9 Jane Fraser, Citigroup p. 66 9 Beth Johnson, Citizens Financial Group p. 87 MOST 10 Thasunda Duckett, JPMorgan Chase p. 66 10 Hope Hardison, Wells Fargo p. 88 11 Diane Morais, Ally Financial p. 68 11 Rosilyn Houston, BBVA Compass p. 88 12 Stacey Friedman, JPMorgan Chase p. 68 12 Jill Castilla, Citizens Bank of Edmond p. 90 POWERFUL 13 Andrea Smith, Bank of America p. 69 13 Mary McNiff, Citigroup p. 90 14 Kate Quinn, U.S. Bancorp p. 69 14 Monique Herena, BNY Mellon p. 91 15 Dorothy Savarese, Cape Cod Five Cents Savings Bank p. 70 15 Liz Wolverton, Synovus Financial p. 92 WOMEN 16 Karen Larrimer, PNC Financial Services Group p. 70 16 Avid Modjtabai, Wells Fargo p. 92 17 Leslie Godridge, U.S. Bancorp p. 71 17 Barbara Duck, BB&T p. 94 18 Hannah Grove, State Street p. 71 18 Laura Lee Stewart, Sound Community Bank p. 94 IN BANKING 19 Anne Clarke Wolff, Bank of America p. 72 19 Jane Russell, TD Bank p. 96 Full coverage, including slideshows, 20 Amy Brady, KeyCorp p. 73 20 Luanne Cundiff, First State Bank of St. Charles p. 97 video and more, available at 21 Teresa Tanner, Fifth Third Bancorp p. 73 21 Jennifer Smith, Zions Bancorp. p. 97 22 Helga Houston, Huntington Bancshares p. 74 22 Paulette Mullings Bradnock, BNY Mellon p. 98 americanbanker.com/women-in-banking 23 Sandy Pierce, Huntington Bancshares p. 74 23 Debbie Crowder, SunTrust Banks p. 98 24 Patricia Husic, Centric Financial p. 76 24 Dana Abraham, UMB Financial p. 99 Photograph by Erin Patrice O’Brien 25 Diana Reid, PNC Financial Services Group p. 76 25 Patricia Kellerhals, Commerce Bank p. 99

12 American Banker October 2018 americanbanker.com

012_ABM_1018 12 9/10/18 12:43 PM THE MOST POWERFUL WOMEN IN BANKING THE WOMEN TO WATCH THE MOST POWERFUL WOMEN IN FINANCE

1 Cathy Bessant, Bank of America p. 58 1 Mary Mack, Wells Fargo p. 80 1 Mary Callahan Erdoes, JPMorgan Chase p. 102 2 Marianne Lake, JPMorgan Chase p. 60 2 Ernie Johannson, BMO Harris Bank p. 82 2 Abigail Johnson, Fidelity Investments p. 104 3 Ellen Alemany, CIT Group p. 60 3 Allison Dukes, SunTrust Banks p. 82 3 Margaret Keane, Synchrony Financial p. 104 4 Nandita Bakhshi, Bank of the West p. 62 4 Jennifer Piepszak, JPMorgan Chase p. 84 4 Marie Chandoha, Charles Schwab p. 105 5 Diane Reyes, HSBC p. 62 5 Yolande Piazza, Citigroup p. 84 5 Charlotte McLaughlin, PNC Financial Services Group p. 106 6 Sandie O’Connor, JPMorgan Chase p. 64 6 Ranjana Clark, MUFG p. 85 6 Diane Offereins, Discover Financial Services p. 106 7 Barbara Desoer, Citigroup p. 64 7 Ellen Patterson, TD Bank p. 86 7 Candace Browning, Bank of America p. 107 8 Anne Finucane, Bank of America p. 65 8 Bita Ardalan, MUFG p. 86 8 Rebecca Patterson, Bessemer Trust p. 107 9 Jane Fraser, Citigroup p. 66 9 Beth Johnson, Citizens Financial Group p. 87 9 Joyce Chang, JPMorganChase p. 108 10 Thasunda Duckett, JPMorgan Chase p. 66 10 Hope Hardison, Wells Fargo p. 88 10 Julie Monaco, Citigroup p. 108 11 Diane Morais, Ally Financial p. 68 11 Rosilyn Houston, BBVA Compass p. 88 11 Katia Bouazza, HSBC p. 109 12 Stacey Friedman, JPMorgan Chase p. 68 12 Jill Castilla, Citizens Bank of Edmond p. 90 12 Diane Schumaker-Krieg, Wells Fargo p. 110 13 Andrea Smith, Bank of America p. 69 13 Mary McNiff, Citigroup p. 90 13 Kelly Coffey, JPMorgan Chase p. 110 14 Kate Quinn, U.S. Bancorp p. 69 14 Monique Herena, BNY Mellon p. 91 14 Suni Harford, UBS p. 111 15 Dorothy Savarese, Cape Cod Five Cents Savings Bank p. 70 15 Liz Wolverton, Synovus Financial p. 92 15 Yie-Hsin Hung, New York Life Insurance Co. p. 111 16 Karen Larrimer, PNC Financial Services Group p. 70 16 Avid Modjtabai, Wells Fargo p. 92 16 Gunjan Kedia, U.S. Bancorp p. 113 17 Leslie Godridge, U.S. Bancorp p. 71 17 Barbara Duck, BB&T p. 94 17 Stephanie Cohen, Goldman Sachs p. 114 18 Hannah Grove, State Street p. 71 18 Laura Lee Stewart, Sound Community Bank p. 94 18 Elinor Hoover, Citigroup p. 115 19 Anne Clarke Wolff, Bank of America p. 72 19 Jane Russell, TD Bank p. 96 19 Liz Myers, JPMorgan Chase p. 115 20 Amy Brady, KeyCorp p. 73 20 Luanne Cundiff, First State Bank of St. Charles p. 97 20 Paula Polito, UBS p. 116 21 Teresa Tanner, Fifth Third Bancorp p. 73 21 Jennifer Smith, Zions Bancorp. p. 97 21 Tracey Brophy Warson, Citigroup p. 116 22 Helga Houston, Huntington Bancshares p. 74 22 Paulette Mullings Bradnock, BNY Mellon p. 98 22 Cary Grace, Aon p. 117 23 Sandy Pierce, Huntington Bancshares p. 74 23 Debbie Crowder, SunTrust Banks p. 98 23 Michelle Neal, BNY Mellon p. 117 24 Patricia Husic, Centric Financial p. 76 24 Dana Abraham, UMB Financial p. 99 24 Amy Carlson, KeyCorp p. 118 25 Diana Reid, PNC Financial Services Group p. 76 25 Patricia Kellerhals, Commerce Bank p. 99 25 Claudine Gallagher, BNP Paribas p. 118

americanbanker.com October 2018 American Banker 13

013_ABM_1018 13 9/7/18 11:34 AM Great leaders can’t just react to industry upheaval, they have to be proactive about what’s coming. These women are managing profound business, technological and demographic shifts, while DISRUPTIVE also building a framework to stay ahead of future changes. FORCES Photography by Erin Patrice O’Brien and Janelle Jones

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014_ABM_1018 14 9/10/18 12:28 PM Great leaders can’t just react to industry upheaval, they have to be proactive about what’s coming. These women are managing profound business, technological and demographic shifts, while DISRUPTIVE also building a framework to stay ahead of future changes. FORCES Photography by Erin Patrice O’Brien and Janelle Jones

americanbanker.com October 2018 American Banker 15

015_ABM_1018_001 15 9/10/18 12:41 PM DISRUPTIVE FORCES

KeyCorp’s Amy Brady

my Brady is out to digitize two-thirds of Key’s borrowers who Digitizing KeyCorp “from front to finance commercial real estate with everything back.” mortgages to manage their loans “I’m not sure we’ll ever online, up from a quarter of borrowers achieve it, but if you have previously. The automation is saving Athat goal out there, it causes you to time and money for borrowers and for create different solutions and not the company. settle for the status quo,” said the chief A modernization of Key’s legacy information officer of the $138 bil- systems that Brady is spearheading is lion-asset company. “My role is to improving the ability to draw on data. challenge the status quo.” Armed with research and analytics, the Since joining from Bank of America company can see, for example, “that in 2012, Brady has steered Key through the single most critical day in some- a series of investments that include one’s month is the day they get paid, absorbing the operations of First and the day we have the worst finan- Niagara Financial Group, sharpening cial habits,” she said. the ability to anticipate customer To help counter people’s tendencies needs by harnessing data and rede- to make poor decisions, Key has signing its digital platforms. instituted a pilot that on payday Brady also has made it the norm to suggests they take steps such as challenge the way things have always boosting their savings or rethinking been done. Three years ago, she their approach to debt. For business instituted a series of one- and two-day clients, Key uses the intelligence to sprints that bring together members of recommend steps for refining the teams across the company to collabo- processing of payments. rate on hacks that have the potential Thanks to the analytics, “you’re truly to benefit customers or improve seeing the power of that one-to-one operations. marketing and conversation that A hackathon in May made data sets benefits clients,” Brady said, adding available companywide with the aim that such outcomes reflect a willing- of encouraging teams of employees to ness to experiment. explore combining them in ways that Brady, who began her career three boost overall efficiency. “The whole decades ago, stressed the importance purpose is to engage and inspire our of continued learning. She also regu- workforce to create,” Brady said. larly reminds her team of the need to Though some brainstorms fall by the embrace change. “What worked five wayside, others become part of the years ago won’t work five years from business. Since its launch earlier this now,” she said. “You can either be year, a project that emerged from a creating the change or watch it pass hackathon in 2017 has spurred nearly you by.” — Brian Browdie

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two-thirds of Key’s borrowers who finance commercial real estate with mortgages to manage their loans online, up from a quarter of borrowers previously. The automation is saving time and money for borrowers and for the company. A modernization of Key’s legacy systems that Brady is spearheading is improving the ability to draw on data. Armed with research and analytics, the company can see, for example, “that the single most critical day in someone’s month is the day they get paid, and the day we have the worst financial habits,” she said. To help counter people’s tendencies to make poor decisions, Key has instituted a pilot that on payday suggests they take steps such as boosting their savings or rethinking their approach to debt. For business clients, Key uses the intelligence to recommend steps for refining the processing of payments. Thanks to the analytics, “you’re truly seeing the power of that one-to-one marketing and conversation that benefits clients,” Brady said, adding that such outcomes reflect a willingness to experiment. Brady, who began her career three decades ago, stressed the importance of continued learning. She also regularly reminds her team of the need to embrace change. “What worked five years ago won’t work five years from now,” she said. “You can either be creating the change or watch it pass you by.” — Brian Browdie

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017_ABM_1018 17 9/10/18 12:28 PM DISRUPTIVE FORCES

Citizens Bank’s Beth Johnson

any bank executives with the bank — for instance, recog- Mining claim to know a lot nizing who people are when they visit big data to about data, but those the Citizens website and then present- who can generate ing them with the services that best personlize higher profits from suit their needs. “What we’re trying to Mtroves of customer information are less do now is move toward true personal- the common. Put Beth Johnson in the ization,” she said. latter category. Johnson, who joined Citizens in 2013, customer When Johnson became the chief does not shy away from tough assign- experience marketing officer at Citizens Bank in ments. In the mid-1990s, she took a job 2015, she got to work building a data as an entry-level analyst at Goldman and analytics platform that it could Sachs. Shortly after she joined, a use to better target customers with trader lost “a lot of money,” and offers for deposit accounts, consumer Goldman asked her to move to London loans and other products. to help develop a model that would It was an ambitious project for a allow the company to more accurately regional bank — and it required a big assess risk in its trading businesses. investment. But the Providence, R.I., In her new assignment, she worked company had just completed its initial with Bob Litterman, a senior executive public offering and was looking for who had developed a risk model new ways to grow, so Johnson set alongside Fischer Black, the famous about converting data into action. financial economist. To start, she hired several data The assignment put her in regular scientists with experience using the contact with high-ranking executives latest technology, such as artificial at a relatively young age. intelligence and machine learning. “I was on the phone with the heads The analytics team initially focused of fixed income within Goldman every on ways to improve direct mail mar- day, to just give them an update from keting, making sure offers were rele- London, so it was a lot of exposure to vant to customers’ needs. More senior decision-making early on,” recently, the team has found ways to Johnson said. help retail employees offer products Johnson was 22 at the time and was over the phone and in person. one of only two women on Goldman’s The investment has paid off in a big London trading floor who was not an way. In 2017, the company’s analytics administrative assistant. While the platform helped generate $2 billion in experience was challenging, she said incremental loan sales, as well as $1.4 she was mostly focused on her next billion in additional deposits. move: applying to Stanford Business Next on Johnson’s agenda is School, where she later received an creating a more personalized experi- MBA. “I just had fun with it,” Johnson ence for people whenever they interact said. — Kristin Broughton

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with the bank — for instance, recognizing who people are when they visit the Citizens website and then present- ing them with the services that best suit their needs. “What we’re trying to do now is move toward true personal- ization,” she said. Johnson, who joined Citizens in 2013, does not shy away from tough assignments. In the mid-1990s, she took a job as an entry-level analyst at Goldman Sachs. Shortly after she joined, a trader lost “a lot of money,” and Goldman asked her to move to London to help develop a model that would allow the company to more accurately assess risk in its trading businesses. In her new assignment, she worked with Bob Litterman, a senior executive who had developed a risk model alongside Fischer Black, the famous financial economist. The assignment put her in regular contact with high-ranking executives at a relatively young age. “I was on the phone with the heads of fixed income within Goldman every day, to just give them an update from London, so it was a lot of exposure to senior decision-making early on,” Johnson said. Johnson was 22 at the time and was one of only two women on Goldman’s London trading floor who was not an administrative assistant. While the experience was challenging, she said she was mostly focused on her next move: applying to Stanford Business School, where she later received an MBA. “I just had fun with it,” Johnson said. — Kristin Broughton

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019_ABM_1018 19 9/10/18 12:28 PM DISRUPTIVE FORCES

Charles Schwab’s Marie Chandoha

o Marie Chandoha, one of investment minimums and cut expens- Taking the the best places to draw es on its entire lineup of market complexity inspiration is an Apple store. cap-weighted index mutual funds and The technology giant is Schwab Fundamental Index mutual out of known for its simple yet funds. In October, it launched the sleekT designs for its computers, Schwab 1000 Index ETF, which pro- mutual cellphones and tablets. And simplicity vides exposure to America’s largest is something the financial services 1,000 stocks, priced at only 5 basis fund industry should strive for, she said. points. That index reached certain and ETF “People are overwhelmed by a lot of milestones, such as $300 million in choice and a lot of complexity, and I assets, more quickly than any other investment want to really hone the product set,” Schwab ETF to date. Chandoha said. “I want to make it Chandoha also has worked to get simpler.” more women not only into finance but This is one way Chandoha, the into leadership positions. Within her president and CEO of Charles Schwab investment management business, Investment Management, aims to almost a third of the named portfolio disrupt the financial services industry. managers are women and more than She has pushed for simpler, more 60% of its managed mutual funds and straightforward offerings that investors ETFs are overseen by women. By way are intuitively able to understand of comparison, a 2015 study from and use. Morningstar found that less than 10% For instance, instead of offering 300 of all U.S. fund managers were women. products, her company offers only 23 Recruitment efforts have included in its line of exchange-traded funds. working with Girls Who Invest, a The products are designed not to have nonprofit that tries to bring more “a lot of bells and whistles,” for the women into portfolio management, sake of clarity and low cost, she said. and partnering with colleges to “If you walk into an Apple store, you develop a pipeline of talent. don’t have 50 choices,” Chandoha Chandoha said she wants to bring said. “You have a few choices. And more women into finance, even if they they are all beautiful and streamlined.” don’t spend their careers at Charles Being disruptive is a Charles Schwab Schwab. “A lot of young women don’t trademark. The company was founded know the career path exists,” she said. 47 years ago with the idea of making “I think it is also a perception of ‘The investing cheaper and more accessible Wolf of Wall Street’ inside some to the masses. companies. But when they do have Chandoha has been at the forefront internships, they see, ‘Wow, this could of lowering fees. be a great career path.’” Last year the company eliminated — Jackie Stewart

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investment minimums and cut expenses on its entire lineup of market cap-weighted index mutual funds and Schwab Fundamental Index mutual funds. In October, it launched the Schwab 1000 Index ETF, which provides exposure to America’s largest 1,000 stocks, priced at only 5 basis points. That index reached certain milestones, such as $300 million in assets, more quickly than any other Schwab ETF to date. Chandoha also has worked to get more women not only into finance but into leadership positions. Within her investment management business, almost a third of the named portfolio managers are women and more than 60% of its managed mutual funds and ETFs are overseen by women. By way of comparison, a 2015 study from Morningstar found that less than 10% of all U.S. fund managers were women. Recruitment efforts have included working with Girls Who Invest, a nonprofit that tries to bring more women into portfolio management, and partnering with colleges to develop a pipeline of talent. Chandoha said she wants to bring more women into finance, even if they don’t spend their careers at Charles Schwab. “A lot of young women don’t know the career path exists,” she said. “I think it is also a perception of ‘The Wolf of Wall Street’ inside some companies. But when they do have internships, they see, ‘Wow, this could be a great career path.’” — Jackie Stewart

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021_ABM_1018 21 9/10/18 12:28 PM DISRUPTIVE FORCES

MUFG’s Ranjana Clark

t the beginning of this set up a 50-person, four-city videocon- Changing year, Ranjana Clark told ference between business and technol- a culture herself that any day she ogy teams. On the call, businesspeople didn’t learn something described their objectives, especially and new or didn’t meditate those that might be enabled by or Awould be a “wasted day.” reliant on technology. Technology staff embedding “Even if I take five minutes at the listened, then explained what they’re end of the day to read something new doing with technology that could technology and different, that stretches me. Or if I impact the business. take five minutes at the end of the day “Sometimes we on the business side to focus on my breath and be in the don’t know the power of what technol- moment, those things recharge me,” ogy can solve and people in technolo- she said. “It’s very clarifying.” gy fall in love with the bits and bytes Given her growing responsibilities at without thinking about the fact that MUFG Union Bank in San Francisco, clients and consumers want a simple clarity, for Clark, is crucial. Already the and intuitive experience,” Clark said. head of transaction banking for the To achieve business agility, Clark is Americas and Bay Area president at moving the bank to a virtual public the $123.8 billion-asset bank, Clark cloud, which will “improve our ability to added yet another title in March: chief scale our business in a secure way,” she transformation officer. said. She’s also relying heavily on In this newly created role, Clark is in robotics process automation and has charge of transforming the bank’s set up an “RPA Factory” to create bots technology culture, including digitizing that improve the client experience, its processes, installing a new data reduce cost and mitigate risk. platform and, most significantly, Clark is bullish on what blockchain replacing the core system. This will be technologies can do for the bank, the bank’s second stab at replacing its particularly in such areas as treasury core system. It began a similar under- management and trade finance and taking in the late 1990s, but aborted for corporate customer applications the project in 2011, citing “changed like supply chain logistics. business priorities.” Leading technology transformation, Clark’s goals for the transformation running transaction banking and are to create faster-moving business overseeing Bay Area operations are units, a differentiated client interface three big jobs, but Clark is able to and a collaborative environment for manage it all because she is not afraid colleagues, all while improving returns to delegate. “I have a great team. They for the parent company, Tokyo-based step up and work on an empowered Mitsubishi UFJ Financial Group. basis, which is a delight to see,” she To kick off the transformation, Clark said. — Penny Crosman

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set up a 50-person, four-city videocon- ference between business and technology teams. On the call, businesspeople described their objectives, especially those that might be enabled by or reliant on technology. Technology staff listened, then explained what they’re doing with technology that could impact the business. “Sometimes we on the business side don’t know the power of what technology can solve and people in technology fall in love with the bits and bytes without thinking about the fact that clients and consumers want a simple and intuitive experience,” Clark said. To achieve business agility, Clark is moving the bank to a virtual public cloud, which will “improve our ability to scale our business in a secure way,” she said. She’s also relying heavily on robotics process automation and has set up an “RPA Factory” to create bots that improve the client experience, reduce cost and mitigate risk. Clark is bullish on what blockchain technologies can do for the bank, particularly in such areas as treasury management and trade finance and for corporate customer applications like supply chain logistics. Leading technology transformation, running transaction banking and overseeing Bay Area operations are three big jobs, but Clark is able to manage it all because she is not afraid to delegate. “I have a great team. They step up and work on an empowered basis, which is a delight to see,” she said. — Penny Crosman

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023_ABM_1018 23 9/10/18 12:28 PM DISRUPTERSDISRUPTIVE FORCES

HSBC’s Diane Reyes

SBC is one of the world’s said that if HSBC wants to avoid being Staying oldest and largest banks, disrupted by fintechs, then it must ahead but to remain competi- create a work environment that fosters tive in a rapidly changing creative thinking and welcomes ideas of fintechs industry it sometimes from across the organization. Hneeds to behave like a feisty startup. “If you have a committee that’s With fintechs nipping at all banks’ focused on digital innovation and heels — and at times winning the war every person on that committee is over for talent — established firms like 50 years old then you are probably ... HSBC are under pressure to speed up not hearing what younger customers their decision-making, get new digital are thinking about in the ways they products to market quickly and make want to engage with us,” Reyes said. their workplaces more inviting to She pointed out that it was millenni- young, tech-savvy workers, said Diane al employees who pushed HSBC to Reyes, HSBC’s global head of liquidity become one of the first global banks and cash management. to roll out facial recognition as a form Taking a cue from startups, Reyes of authentication. Younger workers recently implemented an off-site also helped to drive its launch of a “scrum team” in which she pooled mobile person-to-person payments workers from a wide range of depart- app in Hong Kong last year. ments — engineers, product manag- Reyes continues to explore new ers, business analysts and mobile ways to engage with and learn from developers, among others — and younger workers. tasked the group with building a new She is strongly considering setting type of mobile shopping app. up a reverse-mentoring program within She also has strived to improve her division that would give younger work-life balance by carving out time workers a chance to provide honest in employees’ workdays for webinars feedback to managers about their on issues such as financial planning leadership styles and help them and nutrition and by revamping understand millennials better. Just as workspaces to include areas for importantly, reverse-mentoring could exercise and meditation. give senior leaders greater insight into And to send the message that all millennials’ social media habits and opinions are valued, Reyes has con- use of technology. structed various executive committees “The biggest disruption we are going to include junior employees who often through as a company is training the bring different perspectives than their entire staff on what it means to be a more senior counterparts, particularly digital company,” Reyes said. “Digital on matters related to technology. isn’t the tech department’s job, it’s all Experience still counts, but Reyes of our jobs.” — Alan Kline

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said that if HSBC wants to avoid being disrupted by fintechs, then it must create a work environment that fosters creative thinking and welcomes ideas from across the organization. “If you have a committee that’s focused on digital innovation and every person on that committee is over 50 years old then you are probably ... not hearing what younger customers are thinking about in the ways they want to engage with us,” Reyes said. She pointed out that it was millennial employees who pushed HSBC to become one of the first global banks to roll out facial recognition as a form of authentication. Younger workers also helped to drive its launch of a mobile person-to-person payments app in Hong Kong last year. Reyes continues to explore new ways to engage with and learn from younger workers. She is strongly considering setting up a reverse-mentoring program within her division that would give younger workers a chance to provide honest feedback to managers about their leadership styles and help them understand millennials better. Just as importantly, reverse-mentoring could give senior leaders greater insight into millennials’ social media habits and use of technology. “The biggest disruption we are going through as a company is training the entire staff on what it means to be a digital company,” Reyes said. “Digital isn’t the tech department’s job, it’s all of our jobs.” — Alan Kline

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025_ABM_1018 25 9/10/18 12:28 PM DISRUPTIVE FORCES

U.S. Bancorp’s Gunjan Kedia

echnology has forever Men have historically taken the lead Rethinking changed how we bank in managing relationships with finan- wealth with and invest, but it is not, cial advisers, but that is changing as argues Gunjan Kedia, the more women with highly successful an eye on biggest disruptive force in careers are choosing not to marry. financialT services. Since women tend to outlive their women Profound demographic shifts taking spouses and half of marriages end in place — more women choosing not to divorce, there are now more women of get married, the mass retirement of marriageable age who are not married baby boomers — are even more than are — a phenomenon that has disruptive, and they are fundamentally enormous implications for how wealth changing how financial services firms managers deliver advice. interact with clients and think about “Women think about wealth differ- products and services, said Kedia, vice ently than men,” Kedia said. “Their chairman for wealth management and investment risk profile can be different investment services at U.S. Bancorp. and their purpose for wealth is often Case in point: Kedia’s group recently different in the way they think about established a practice dedicated to family obligations and philanthropy.” advising small-business owners Technology is playing a significant nearing retirement and looking for exit role in how U.S. Bancorp tracks and strategies. The practice includes reacts to these demographic shifts. ex-investment bankers and lawyers It is actively using artificial intelli- who have experience advising compa- gence to help predict life events or nies on mergers and acquisitions, analyze behavior so that wealth along with psychologists, who are managers can provide more targeted there to help business owners emotion- advice to clients. It also has built a ally prepare to part with something collaborative planning tool that allows they had spent much of their lives advisers and clients to access ac- building. counts and build financial scenarios “An enormous number of small together, in real time, from different businesses are run by sole proprietors locations. And it recently rolled out a now in their late 50s whose kids aren’t robo-advising tool that lets users build interested in taking over their busi- their own portfolios that rebalance as ness,” said Kedia. “This is the most markets change. frequent form of new wealth or “People’s attitudes towards wealth liquidity that’s coming into the market are all very different,” Kedia said. “We ... and we’re personalizing service have to be astute observers of these around that.” trends [to] stay two steps ahead of Another disruptive force is the what clients are wanting from us.” growing affluence of women. — Alan Kline

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026_ABM_1018 26 9/10/18 12:28 PM U.S. Bancorp’s Gunjan Kedia

Men have historically taken the lead in managing relationships with financial advisers, but that is changing as more women with highly successful careers are choosing not to marry. Since women tend to outlive their spouses and half of marriages end in divorce, there are now more women of marriageable age who are not married than are — a phenomenon that has enormous implications for how wealth managers deliver advice. “Women think about wealth differently than men,” Kedia said. “Their investment risk profile can be different and their purpose for wealth is often different in the way they think about family obligations and philanthropy.” Technology is playing a significant role in how U.S. Bancorp tracks and reacts to these demographic shifts. It is actively using artificial intelligence to help predict life events or analyze behavior so that wealth managers can provide more targeted advice to clients. It also has built a collaborative planning tool that allows advisers and clients to access accounts and build financial scenarios together, in real time, from different locations. And it recently rolled out a robo-advising tool that lets users build their own portfolios that rebalance as markets change. “People’s attitudes towards wealth are all very different,” Kedia said. “We have to be astute observers of these trends [to] stay two steps ahead of what clients are wanting from us.” — Alan Kline

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027_ABM_1018 27 9/10/18 12:28 PM DISRUPTIVE FORCES

Goldman Sachs’ Stephanie Cohen

f you ask Stephanie Cohen how cial banking. Building a she ended up at Goldman Sachs, Cohen’s charge is to build a division business one of the first things she will tell that evaluates M&A opportunities and you is that she was a competitive helps different business lines work from ‘a figure skater when she was young. more closely together. The division will IJumps, spins, footwork — Cohen support Goldman’s previously stated blank sheet could do it all. She hit the ice before goal of adding $5 billion in revenue school, at 5:45 a.m., and then again over the next three years. of paper’ after school. When David Solomon and Harvey Cohen advanced far enough in her Schwartz, the company’s former sport that, in order to compete at a co-presidents, gave her the job, they higher level, she would’ve had to move made it clear that she would have the away from home in suburban Chicago freedom to work out the details on her to train. She was in high school at the own. (Solomon is set to become CEO time and decided against it because on Oct. 1; Schwartz left the company in she wanted to be a “normal kid” and March.) go to college. “When I got this role, I got a blank More than two decades later, Cohen sheet of paper,” Cohen said. “They is still drawing on the lessons she said, ‘Go figure it out.’ ” learned on the ice. The most import- She took the helm in January and ant: being comfortable in the spotlight. immediately set out on a “listening “Standing in the middle of the ice tour” in which she solicited ideas from with the judges behind you and the employees and sought advice from audience in front of you, I think there executives outside the company. are few things in life that feel like that,” In March, Cohen launched GS Accel- she said. erate, an internal incubator for new Cohen, 41, is the chief strategy business ideas. Her team received officer at Goldman and one of the roughly 1,000 submissions and is in the company’s rising stars. In July, she was process of deciding which ideas to appointed to the management com- fund. mittee, making her the youngest The initiative illustrates the fresh executive in the 33-person group and approach to leadership that Cohen is one of only seven women. bringing to Goldman’s highest ranks. Her appointment reflects the “I don’t spend all of my time just importance of the chief strategy officer talking to the division heads or the role within Goldman. Her predecessor, senior people at the firm,” she said. “I Stephen Scherr, was tasked with try to build relationships around the getting Marcus, the company’s online entire firm, with people who are close consumer bank, up and running and is to clients, and really see where the now head of consumer and commer- world is headed.” — Kristin Broughton

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cial banking. Cohen’s charge is to build a division that evaluates M&A opportunities and helps different business lines work more closely together. The division will support Goldman’s previously stated goal of adding $5 billion in revenue over the next three years. When David Solomon and Harvey Schwartz, the company’s former co-presidents, gave her the job, they made it clear that she would have the freedom to work out the details on her own. (Solomon is set to become CEO on Oct. 1; Schwartz left the company in March.) “When I got this role, I got a blank sheet of paper,” Cohen said. “They said, ‘Go figure it out.’ ” She took the helm in January and immediately set out on a “listening tour” in which she solicited ideas from employees and sought advice from executives outside the company. In March, Cohen launched GS Accel- erate, an internal incubator for new business ideas. Her team received roughly 1,000 submissions and is in the process of deciding which ideas to fund. The initiative illustrates the fresh approach to leadership that Cohen is bringing to Goldman’s highest ranks. “I don’t spend all of my time just talking to the division heads or the senior people at the firm,” she said. “I try to build relationships around the entire firm, with people who are close to clients, and really see where the world is headed.” — Kristin Broughton

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029_ABM_1018 29 9/10/18 12:29 PM DISRUPTIVE FORCES

Bank of America’s Anne Finucane

nne Finucane has the gallery or get a graduate degree in Finding composure of an execu- English literature or art history. Her first creative tive who has been battle jobs after college included working in tested — and for good the arts and culture office for the city solutions reason. A vice chairman of Boston and at a local CBS affiliate. Aat Bank of America, Finucane is the Finucane soon discovered, though, in sustain- executive who was perhaps most that the business world was a place responsible for rebuilding BofA’s where she could put her creative ability reputation in the aftermath of the talents to work. After leaving the TV and more financial crisis. station, she took a job in creative These days, BofA is back on track, services at Hill Holliday, a large but Finucane’s work is never done. In advertising agency. recent years, she has headed the Nearly two decades later, Finucane’s bank’s sustainability initiatives and in passion for finding creative solutions to the months ahead she will take on a business problems continues to drive new role as chairman of BofA’s Europe- her work. an operations, putting her on the front One of the projects under her lines of one of the thorniest challenges purview is BofA’s $10 billion Catalytic facing big banks: dealing with the Finance Initiative, unveiled in 2014 at a fallout of the U.K.’s 2016 referendum to United Nations summit on climate leave the European Union. change. “Europe is particularly important to The initiative has attracted capital American banks because we all, from a mix of investment and philan- because of Brexit, need to set up thropic firms, and has funded projects European operations,” said Finucane. ranging from a wind farm in the North “The future is a little unclear.” Sea to solar panels on thousands of The chairmanship is a fitting role for home in Spain. Finucane, whose longtime influence at Her next role is a departure from the top of the company is well known past ones, but Finucane appears to be in the industry. She was named vice up for the challenge. chairman in 2015, and before that was The new European entity — known chief marketing and strategy officer. officially as Bank of America Merrill “We all report to Anne,” Chairman and Lynch Europe — will be based in CEO Brian Moynihan once quipped. Dublin, where customers will have This is all a world away from the access to the EU single market. It will career she envisioned when she was be fully operational once Brexit young. A self-described former hippie, negotiations are complete. Finucane — who still favors hoop “I have a lot of work to do between earrings and colorful scarves — set out now and then,” Finucane said. after college to someday run an art — Kristin Broughton

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030_ABM_1018 30 9/10/18 12:29 PM Bank of America’s Anne Finucane

gallery or get a graduate degree in English literature or art history. Her first jobs after college included working in the arts and culture office for the city of Boston and at a local CBS affiliate. Finucane soon discovered, though, that the business world was a place where she could put her creative talents to work. After leaving the TV station, she took a job in creative services at Hill Holliday, a large advertising agency. Nearly two decades later, Finucane’s passion for finding creative solutions to business problems continues to drive her work. One of the projects under her purview is BofA’s $10 billion Catalytic Finance Initiative, unveiled in 2014 at a United Nations summit on climate change. The initiative has attracted capital from a mix of investment and philanthropic firms, and has funded projects ranging from a wind farm in the North Sea to solar panels on thousands of home in Spain. Her next role is a departure from past ones, but Finucane appears to be up for the challenge. The new European entity — known officially as Bank of America Merrill Lynch Europe — will be based in Dublin, where customers will have access to the EU single market. It will be fully operational once Brexit negotiations are complete. “I have a lot of work to do between now and then,” Finucane said. — Kristin Broughton

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031_ABM_1018 31 9/10/18 12:29 PM C˜SUITEMeet the standout executives who today’s Most Powerful BOUND Women say will someday replace them Photography by Erin Patrice O’Brien and Janelle Jones

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033_ABM_1018 33 9/7/18 6:41 PM KeyCorp’s Jasmine Hosein

View from regulatory side: Before engaged, Key will give you the TITLE joining KeyCorp, Jasmine Hosein runway to go with it.’ Just the fact Counsel for corporate had been working with a law firm that I can, and they encourage procurement representing the Federal Housing that, makes me want to do it,” Finance Agency. The assignment: Hosein said. litigation against financial institu- HOME BASE tions tied to the mortgage crisis. Power boost: Hosein is proud to Cleveland This gave her crucial insight into work at Key, which is led by one of how to work with regulators that is the few female CEOs in the indus- MENTOR proving helpful now. “What are try, Beth Mooney. Hosein also Amy Brady, chief information they really looking for? You can works with Amy Brady, one of the officer and technology and read regulations and they are few female CIOs. “I think that operations executive at intended to give you guidance. But makes me want to deliver more, so KeyCorp when you sit down with a regulator, they can deliver more,” she said. it is a bit of a different experience,” TENURE AT KEYCORP she said. You do you: Mooney encourages Three years employees to bring their authentic Eye on risk: Hosein’s role is an selves to work. “Our work environ- important one given the intense ment is incredibly inclusive,” Hosein WHAT SHE DOES scrutiny around data security. “I sit said. “Who are you at home is who Hosein counsels Key’s business through more cybersecurity you should be at the office.” units on regulatory requirements, compliance and conferences than I do legal confer- emerging legal issues related ences. My division falls under Key No fear: Hosein was “very difficult to evolving technology. She technology and operations, so you not to notice,” Brady said. They met also negotiates third-party have to be able to talk the talk,” when Hosein approached Brady agreements, primarily in the she said. during a break at a leadership areas of cloud and enterprise conference and asked her to technology. Easy to put in the extra effort: Only sponsor a networking idea she had. three years in at Key, Hosein is The next day, Brady called Hosein already making an impact beyond out in front of everyone and asked her actual job duties. She launched her to share the idea — which KeyNect Over Lunch, a networking would later become KeyNect Over group for employees in the Key Lunch. Recalling that experience, technology and operations division. Brady told Hosein, “The fact that It uses the company’s internal you were so poised and able to phone book and allows employees stand up in front of 200, 300 to opt in or out of chances to people and pitch your idea, which connect with co-workers over not only benefited you but benefit- breakfast or lunch. “It’s great to go ed the entire group — it really to work at a place that says, ‘If you inspired me and made a lasting try hard, if you are interested and impression.”

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034_ABM_1018 34 9/7/18 5:40 PM KeyCorp’s Jasmine Hosein

engaged, Key will give you the runway to go with it.’ Just the fact that I can, and they encourage that, makes me want to do it,” Hosein said.

Power boost: Hosein is proud to work at Key, which is led by one of the few female CEOs in the industry, Beth Mooney. Hosein also works with Amy Brady, one of the few female CIOs. “I think that makes me want to deliver more, so they can deliver more,” she said.

You do you: Mooney encourages employees to bring their authentic selves to work. “Our work environment is incredibly inclusive,” Hosein said. “Who are you at home is who you should be at the office.”

No fear: Hosein was “very difficult not to notice,” Brady said. They met when Hosein approached Brady during a break at a leadership conference and asked her to sponsor a networking idea she had. The next day, Brady called Hosein out in front of everyone and asked her to share the idea — which would later become KeyNect Over Lunch. Recalling that experience, Brady told Hosein, “The fact that you were so poised and able to stand up in front of 200, 300 people and pitch your idea, which not only benefited you but benefited the entire group — it really inspired me and made a lasting impression.”

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035_ABM_1018 35 9/7/18 5:46 PM MUFG’s Enid Jean-Claude

Sacrifices of love: To say Enid cause some additional conversa- TITLE Jean-Claude has a unique back- tions. It is never-ending,” she said. Managing director and ground would be an understate- associate general counsel ment. She was born in Brooklyn, Comfortable with dissenting: N.Y., after her parents — her Jean-Claude wants to be seen as a mother, a lawyer, and her father, a trusted adviser. She encourages HOME BASE judge — fled Haiti due to political openness on her legal team and New York unrest. The family later moved to with the colleagues they advise. “It Chad, where her mother taught is important to know you have an MENTOR French and her father taught math, opinion and be comfortable with Ranjana Clark, chief but eventually returned to the sharing it, even when it may not be transformation officer United States because her parents a popular one,” she said. “That’s and head of transaction wanted better educational oppor- where you get true inclusion.” banking for the Americas at MUFG tunities for their four daughters, even though it meant taking Informal guidance: Working with factory jobs. “My parents were Ranjana Clark is “fabulous,” TENURE AT MUFG selfless,” Jean-Claude said. Jean-Claude said. The two don’t 18 months have a formal mentor-mentee Chasing the American Dream: Her relationship so much as an ongoing parents’ hard work was an inspira- working one, in which Jean-Claude WHAT SHE DOES tion to Jean-Claude. She would go feels she has learned a lot. “Some- Jean-Claude serves as the times you need to have conversa- lead transaction banking on to get her undergraduate attorney for MUFG. Her team degree from Yale and a law degree tions with someone who tells you provides legal advice and from Harvard, but she still had the truth and gives you sound support to the transaction trouble envisioning herself in a advice. She is generous with that, banking line of business in position of power. “I didn’t see this though she is not pushy. She will the Americas. for myself because ... you don’t see share her advice, but it’s up to the women of color reaching the mentee to take that,” she said. highest levels,” she said. Best advice she has received: “To A necessary conversation: The have an opinion and not to be banking industry needs to work on afraid to voice your opinion,” getting more minority women into Jean-Claude said. leadership roles, and that starts with having conversations not only Memorable mentee: “Enid is about gender, but also race. smart, balanced, exceptionally “Healthy discussion is critical and experienced in the business, and that’s where you get everything on takes a strategic view of the the table. When it is on the table, situation in formulating her then you need a plan for action. responses,” Clark said of her That action may work, and it may mentee.

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036_ABM_1018_001 36 9/7/18 5:43 PM MUFG’s Enid Jean-Claude

cause some additional conversations. It is never-ending,” she said.

Comfortable with dissenting: Jean-Claude wants to be seen as a trusted adviser. She encourages openness on her legal team and with the colleagues they advise. “It is important to know you have an opinion and be comfortable with sharing it, even when it may not be a popular one,” she said. “That’s where you get true inclusion.”

Informal guidance: Working with Ranjana Clark is “fabulous,” Jean-Claude said. The two don’t have a formal mentor-mentee relationship so much as an ongoing working one, in which Jean-Claude feels she has learned a lot. “Some- times you need to have conversations with someone who tells you the truth and gives you sound advice. She is generous with that, though she is not pushy. She will share her advice, but it’s up to the mentee to take that,” she said.

Best advice she has received: “To have an opinion and not to be afraid to voice your opinion,” Jean-Claude said.

Memorable mentee: “Enid is smart, balanced, exceptionally experienced in the business, and takes a strategic view of the situation in formulating her responses,” Clark said of her mentee.

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037_ABM_1018 37 9/7/18 5:40 PM Goldman Sachs’ Samantha Spilkin

The practical meets the theoretical: Different kind of disruption: Lead- TITLE As a student at New York University, ers at Goldman Sachs are asking Vice president, investment Samantha Spilkin, who was a math why there are so few women in banking, M&A group major, often heard classmates talk senior positions, and “that question about wanting to work in the shows a shift in mentality,” Spilkin financial services industry, perhaps said. “Women have never been HOME BASE because of Wall Street being better positioned at Goldman and New York nearby. They helped spark her own in the financial industry.” interest, which grew naturally the MENTOR more she explored the idea. “I Get with the programmer: Spilkin Stephanie Cohen, chief loved the interaction between was previously a strategist, or strategy officer, Goldman practicality and actual markets “strat,” in the investment banking Sachs and theoretical math,” Spilkin said. division, meaning she helped provide advice for clients based on Gender imbalance: Investment quantitative modeling and data TENURE AT GOLDMAN SACHS Five years banking is a notoriously male-dom- science. That led to a special inated sector, but Spilkin said she request from Cohen. “She asked, welcomes the opportunity “to bring ‘Can you teach my team to pro- WHAT SHE DOES a different perspective. Women gram?’ At first I was surprised, but Spilkin is part of a team of without question have unique then knowing it was Stephanie, I bankers whose responsibilities challenges they need to overcome. was so not surprised,” Spilkin said. include advising corporate “That is rather typical of her to clients on activism defense, Once they do, I don’t see a limit to anti-raid, event-driven capital how far a woman could go.” have these strategic ideas that are markets, corporate finance simple in practice but big in and transaction structuring. Future vision: Spilkin’s ambition is concept.” Spilkin went on to help One of the group’s defining not linked to a job title. “I would like run a program called Bankers Who characteristics is its ability to to leave a legacy no matter what Code, the idea being that pro- formulate advice based on sophisticated and proprietary title I have. I would like to say I left gramming concepts are applicable data analytics. my mark on the firm and a whole in business. bunch of people in it.” What I like about you: Cohen Being heard: Spilkin vividly remem- recalled a time working with a bers her first encounter with large client when Spilkin’s unique Stephanie Cohen — during a perspective came in handy. “You conference call to discuss a deal. “It sat right outside my office and was one of those big conference when I had questions about how to calls with 10 people on it or some- think about something differently, thing,” Spilkin said. “I remember you were always there to answer thinking to myself, ‘Who is this my questions,” Cohen told her. “So woman? She is fearless.’ She made it was all about your ability to think sure everyone heard her ideas.” differently.”

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038_ABM_1018 38 9/7/18 5:40 PM Goldman Sachs’ Samantha Spilkin

Different kind of disruption: Lead- ers at Goldman Sachs are asking why there are so few women in senior positions, and “that question shows a shift in mentality,” Spilkin said. “Women have never been better positioned at Goldman and in the financial industry.”

Get with the programmer: Spilkin was previously a strategist, or “strat,” in the investment banking division, meaning she helped provide advice for clients based on quantitative modeling and data science. That led to a special request from Cohen. “She asked, ‘Can you teach my team to program?’ At first I was surprised, but then knowing it was Stephanie, I was so not surprised,” Spilkin said. “That is rather typical of her to have these strategic ideas that are simple in practice but big in concept.” Spilkin went on to help run a program called Bankers Who Code, the idea being that programming concepts are applicable in business.

What I like about you: Cohen recalled a time working with a large client when Spilkin’s unique perspective came in handy. “You sat right outside my office and when I had questions about how to think about something differently, you were always there to answer my questions,” Cohen told her. “So it was all about your ability to think differently.”

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039_ABM_1018 39 9/7/18 5:41 PM HSBC’s Julia Britton

Pack your bags: Julia Britton has an Eye on the prize: Britton is clear TITLE international background, having on her career goals: She wants to IT Chief Operating Officer, spent five years in the Middle East be a chief operating officer — then Middle East, North Africa as a teenager. She lived in Jeddah, maybe one day chief executive and Turkey Saudi Arabia, and then Dubai, after officer — overseeing HSBC’s her father, who worked in the oil operations for a country. Her industry, took jobs in those cities. current post was a step to help her HOME BASE Dubai, United Arab Emirates She returned to her native United get there, bolstering her manage- Kingdom for college and then ment experience and giving her joined HSBC after graduating. more exposure to technology. “I MENTOR Since then Britton has spent time in proactively sought this role know- Diane Reyes, group general five different areas around the ing that it checks a number of manager and global head world — the U.K., Hong Kong, boxes. I am quite driven. I know of liquidity and cash manage- what the end goal is, and I just ment at HSBC Czech Republic, the United States and her current posting in Dubai. “I need to keep performing to get work in a global organization. there,” she said. TENURE AT HSBC There are significant opportunities 11 years if you are willing to be mobile and All about expanding her expertise: I’ve taken advantage of those Britton has been in her current opportunities,” she said. role for about a year. She oversees WHAT SHE DOES a team of 14 people across the Her primary responsibility is United Arab Emirates, Turkey, supporting the regional chief For the children: A big motivating information officer from an factor in Britton’s willingness to Oman, Egypt and India. operational and budget travel is her two children, Freya, 6, “Technology is a new business perspective. She helps ensure and Harry, 4, and an amenable area for me, and this is the first the company adheres to local husband. “Our home is us as a role in my career where I have regulatory and compliance family; so long as we move togeth- managed a regional team,” she policies, and drives the regional IT people strategy to er they have stability. The opportu- said. “It has been a steep learning improve employee engage- nity for children to move around is curve, and every day I learn ment, among other things. significant,” she said, adding that something new.” she wants them to experience different cultures the way she has. Mini me: Diane Reyes sees a bit of “We’ve been in Dubai now for a herself in Britton. She admires year and they are already learning Britton’s persistence, her willingness Arabic. They both learned how to to adapt her style to be more effec- swim. They have children in their tive and the fact that she’s not class of different religions. They are intimidated by executives who are becoming much more well-rounded higher up on the corporate ladder. individuals than if I had just stayed “Julia is almost like a daughter,” in my hometown.” Reyes said.

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040_ABM_1018 40 9/7/18 5:41 PM HSBC’s Julia Britton

Eye on the prize: Britton is clear on her career goals: She wants to be a chief operating officer — then maybe one day chief executive officer — overseeing HSBC’s operations for a country. Her current post was a step to help her get there, bolstering her management experience and giving her more exposure to technology. “I proactively sought this role knowing that it checks a number of boxes. I am quite driven. I know what the end goal is, and I just need to keep performing to get there,” she said.

All about expanding her expertise: Britton has been in her current role for about a year. She oversees a team of 14 people across the United Arab Emirates, Turkey, Oman, Egypt and India. “Technology is a new business area for me, and this is the first role in my career where I have managed a regional team,” she said. “It has been a steep learning curve, and every day I learn something new.”

Mini me: Diane Reyes sees a bit of herself in Britton. She admires Britton’s persistence, her willingness to adapt her style to be more effective and the fact that she’s not intimidated by executives who are higher up on the corporate ladder. “Julia is almost like a daughter,” Reyes said.

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041_ABM_1018 41 9/7/18 5:41 PM Bank of America’s Anne Walker

How she met her mentor: When Mom-bond: Walker and Finucane TITLE Anne Walker moved into a corpo- have bonded over their shared Corporate financial planning rate role six years ago, after work- experiences as working mothers. executive, chief operating ing in investment banking, she met Walker is expecting her third child; officer for the CFO Group, Anne Finucane at Bank of America’s Finucane has four children of her and New York City market own and three stepchildren. “We’re president management committee meetings. “We sort of found each other,” simpatico,” Finucane said. Walker said. “I would ask for advice, HOME BASE and she was willing to give it. She’s On the same wavelength: They also New York City super direct, so you get what you have a sense of humor in common, ask for, and I think that’s fantastic.” one Walker describes as having a dash of sarcasm. “We just have a MENTOR Best part of the job: Walker loves similar energy,” Walker said. Anne Finucane, vice chairman at Bank of America digging into BofA’s financials and finding ways to simplify cumber- Complex matters: Though she some processes. “The work is hopes to be in the C-suite some- TENURE AT BOFA demanding. It can be deeply day, Walker said she is focused 22 years analytical in that you have to take right now on working hard, deliver- the complex and make it simple,” ing on her goals and keeping Walker said. “I also love the everything in perspective. “I just WHAT SHE DOES breadth of what I touch,” including want to be making a difference, Walker is in charge of BofA’s and that sounds incredibly simple, efforts to manage costs and cost management, eight lines of improve efficiency. She is business within the New York City but if I’m not having an impact also the public face of the market, and accounting control every day, I frankly get bored,” she company in New York City. functions.” said. “So ongoing challenges, the more complex, the better, and the The next level: Walker has spent need to work with as many differ- most of her career deep in the ent people as possible, because I weeds of finance, and wants to definitely thrive on a team.” work on mastering her soft skills. She looks to Finucane for insight Downtime: When she’s not at work, on how to influence others in Walker is hanging out with her a way that’s thoughtful and family, working out, reading or forward-thinking. “She’s definitely watching a sitcom “so that I can someone who has a real presence,” laugh,” she said. “Grace and Walker said. “I would aspire to have Frankie” and “Brooklyn Nine-Nine” that skill set.” are two of her favorite shows.

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042_ABM_1018_001 42 9/7/18 5:44 PM Bank of America’s Anne Walker

Mom-bond: Walker and Finucane have bonded over their shared experiences as working mothers. Walker is expecting her third child; Finucane has four children of her own and three stepchildren. “We’re simpatico,” Finucane said.

On the same wavelength: They also have a sense of humor in common, one Walker describes as having a dash of sarcasm. “We just have a similar energy,” Walker said.

Complex matters: Though she hopes to be in the C-suite someday, Walker said she is focused right now on working hard, delivering on her goals and keeping everything in perspective. “I just want to be making a difference, and that sounds incredibly simple, but if I’m not having an impact every day, I frankly get bored,” she said. “So ongoing challenges, the more complex, the better, and the need to work with as many different people as possible, because I definitely thrive on a team.”

Downtime: When she’s not at work, Walker is hanging out with her family, working out, reading or watching a sitcom “so that I can laugh,” she said. “Grace and Frankie” and “Brooklyn Nine-Nine” are two of her favorite shows.

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043_ABM_1018 43 9/10/18 1:57 PM Morgan Stanley’s Meera Clark

Legacy recruit: Meera Clark didn’t memory of visiting New York was in TITLE have to look far for a role model in 2003 for the Most Powerful Women Associate, Multicultural her field. Her mother, Ranjana, is a awards dinner. Her mother was on Innovation Lab high-ranking executive at MUFG the cover of the magazine that Morgan Stanley and is familiar to all those who year. “Looking at how she has follow the Most Powerful Women developed her career and, as a rankings. But that didn’t mean she person, becoming more well-round- HOME BASE New York was destined to end up in banking. ed in terms of her technical skill set Instead, her mother encouraged and in terms of how she presents her to follow her own path. “My herself, has been inspiring,” Clark MENTOR route into finance was more due to said. Ranjana Clark, chief a passion for the markets and an transformation officer excitement about the energy that Not all shop talk: Clark lived with and head of transaction her mother during the year she banking for the Americas defines the industry,” she said. Her at MUFG mother provides a lot of support, worked in investment banking. On while still being “hands off” about the Sundays when neither was her career choices. working, the pair would have TENURE AT MUFG dinner. “My dad was not invited, as Three years Accelerated path: Clark is on her no boys allowed,” she said. “But we second assignment in a two-year talk about interests and passions associate rotational program at and some of those are very much WHAT SHE DOES related to the markets and the The Multicultural Innovation Morgan Stanley. She is helping with Lab is wnvestment, plus a fintech accelerator and, before work that we do. Some of that is mentoring, an office that, focused on the technology related to the weekend trips we’ve at Morgan Stanley’s head- sector in a different way, working in gone on or the recipes we are quarters, and a full curriculum investment banking in Silicon trying. It is a healthy balance.” of training and coaching. Valley. A willingness to take on new assignments is something Little ears, big ideas: “Meera’s Clark picked up from her mother. advice and voice has always mattered to me,” Ranjana said. Leading the change: Clark is part “Even when she was little, we would of a team helping a diverse group have dinnertime conversations of entrepreneurs grow their compa- between her dad and I, and here nies. “What we are doing is very Meera would be sitting at the table cool, very high impact,” she said. and I would think, ‘She’s a fly on the wall,’ and she’d pipe up with a A special bond: Clark and her really important piece of advice, mother enjoy a close relationship like, ‘Why don’t you talk to so-and- and often travel together, including so?’ or ‘Have you thought of that?’ I a trip in June to Paris. Her first think she is very perceptive.”

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044_ABM_1018 44 9/10/18 1:58 PM Morgan Stanley’s Meera Clark

memory of visiting New York was in 2003 for the Most Powerful Women awards dinner. Her mother was on the cover of the magazine that year. “Looking at how she has developed her career and, as a person, becoming more well-rounded in terms of her technical skill set and in terms of how she presents herself, has been inspiring,” Clark said.

Not all shop talk: Clark lived with her mother during the year she worked in investment banking. On the Sundays when neither was working, the pair would have dinner. “My dad was not invited, as no boys allowed,” she said. “But we talk about interests and passions and some of those are very much related to the markets and the work that we do. Some of that is related to the weekend trips we’ve gone on or the recipes we are trying. It is a healthy balance.”

Little ears, big ideas: “Meera’s advice and voice has always mattered to me,” Ranjana said. “Even when she was little, we would have dinnertime conversations between her dad and I, and here Meera would be sitting at the table and I would think, ‘She’s a fly on the wall,’ and she’d pipe up with a really important piece of advice, like, ‘Why don’t you talk to so-and- so?’ or ‘Have you thought of that?’ I think she is very perceptive.”

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045_ABM_1018 45 9/7/18 5:41 PM Citizens Bank’s Christina Hamlin

Foot in the door: Christina Hamlin, by simply observing Johnson. TITLE who began working at Citizens “When I see her around her peers, Senior vice president and head Bank while in college, aspired to there are no gender stereotypes,” of marketing and integration move up at the company from the Hamlin said. “She just has her start. So she has welcomed the opinions, and she believes they opportunity to gain experience in matter.” And, just as important, HOME BASE different areas of the business, Hamlin added, “she believes my Boston taking jobs in finance, product opinions matter.” management and now marketing. MENTOR She said each switch came about Strategic role: Her position at Beth Johnson, chief marketing when “someone who I’ve worked Citizens allows Hamlin to observe officer and head of virtual with closely has tapped me on the — and influence — a wide range of channels at Citizens shoulder,” with Beth Johnson being initiatives across the company. responsible for her latest move. “I really sit in the center of the marketing organization and I get TENURE AT CITIZENS 16 years Big break: Johnson asked Hamlin to work with all of the different to oversee the launch of a premium marketing challenges,” she said. checking account a few years ago “We have our hands in just about WHAT SHE DOES — her biggest assignment to date. every strategic initiative, and we Hamlin is charge of making Johnson recalled how she was are able to influence the strategy, sure that the bank’s marketing impressed with Hamlin not only even though we’re not driving the campaigns are planned strategy.” and executed in the most because she executed well — “You efficient way. knocked it out of the park,” John- son told her — but also because C-suite contender?: Hamlin is closer she held her own in front of senior to believing a C-level title is leaders. “You delivered, in addition possible now, from the vantage to having a voice, which is what I point of her current job. “Maybe really like to see,” Johnson said. someday,” Hamlin said. “If you had asked me five years ago if I aimed What she learned: Hamlin wasn’t for this role, I would have said, ‘I sure at first how to even start on don’t know. I don’t know if I can get the launch, but she ultimately there.’ So we’ll see.” figured it out. She learned to trust her instincts and to stay strong When she’s not at work: She’s under pressure — even when facing spending time with her husband tough questions from above. and her 7-year-old son, who has already been on trips to Disney Finding her power: Hamlin is World six times. “We’re a Disney learning how to be more confident family,” Hamlin said.

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046_ABM_1018 46 9/7/18 5:41 PM Citizens Bank’s Christina Hamlin

by simply observing Johnson. “When I see her around her peers, there are no gender stereotypes,” Hamlin said. “She just has her opinions, and she believes they matter.” And, just as important, Hamlin added, “she believes my opinions matter.”

Strategic role: Her position at Citizens allows Hamlin to observe — and influence — a wide range of initiatives across the company. “I really sit in the center of the marketing organization and I get to work with all of the different marketing challenges,” she said. “We have our hands in just about every strategic initiative, and we are able to influence the strategy, even though we’re not driving the strategy.”

C-suite contender?: Hamlin is closer to believing a C-level title is possible now, from the vantage point of her current job. “Maybe someday,” Hamlin said. “If you had asked me five years ago if I aimed for this role, I would have said, ‘I don’t know. I don’t know if I can get there.’ So we’ll see.”

When she’s not at work: She’s spending time with her husband and her 7-year-old son, who has already been on trips to Disney World six times. “We’re a Disney family,” Hamlin said.

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047_ABM_1018 47 9/7/18 5:41 PM By Rachel Witkowski

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048_ABM_1018 48 9/7/18 6:02 PM UP FOR THE CHALLENGE As the new chairman of the FDIC, Jelena McWilliams is reviewing all of its regulations — emphasis on all — and appears eager to join one of banking’s trickiest debates. But she’s overcome major obstacles before.

By Rachel Witkowski

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049_ABM_1018 49 9/7/18 6:03 PM On Jelena McWilliams’ first day as rental store, selling cars and peddling “We would get calls from the chairman of the Federal Deposit Cutco knives door to door. consumers on ‘my husband lost his job Insurance Corp., she did two things “I remember switching my major and we are in the process of foreclo- that spoke volumes about her style from astrophysics to political science sure’ and something as dramatic as — she brought in 256 homemade and mass communication. I was going ‘my husband, I am concerned he may brownies and began asking questions. to be an investigative journalist take his life,’ ” she said. “You sit there She wanted the staff to start covering wars,” McWilliams said. and you take in these calls and ... you reviewing all guidance and any other But she took a turn toward politics realize the impact of financial regula- communication issued to banks, then — the civil war that erupted in tion on consumers and how dramatic Omap out whatever is overlapping or Yugoslavia after she had left the it can be and it affects people’s lives.” burdensome. country had a profound impact on her. She expects the insight she gained “Sometimes it takes a person from “I realized while I was in my senior to inform her approach to regulation. the outside coming in and saying, why year of college that I should perhaps “That experience shaped me in a lot should we do this a certain way, or pursue law school and, over time, try of ways as I was able to see firsthand should we maybe change it?” McWil- to get involved in the political process how the Fed and the federal govern- liams said. “It’s kind of peeling the and try to shape policy from within,” ment were handling some of the layers to understand how we function she said. responses to the financial crisis and as an agency, both inside the agency Now she’ll be doing that in a the fallout for consumers,” she said. and also compared to the other significant way — and at an agency In person, McWilliams appears financial regulators.” where she intimately knows the value open, never hesitating to answer She is taking on a daunting task, of its role in a way most Americans do questions. She often adds personal considering that the FDIC is an not. During the Yugoslavian conflict, stories, rare for financial regulators 85-year-old agency overseeing more businesses and banks shut down, and who are often perceived as guarded. than 5,500 financial institutions. as a result, her family lost its life She’s also added some character to But those who know McWilliams savings after a bank run. her office, which still has the heavy say it is in her nature. “My dad was 68 years old at the wood furniture used by her predeces- “Jelena is always busy and on the time and he and my mom waited all sor, Martin Gruenberg. She brought in go but seems to handle everything night,” she said. “And by the time their two throw pillows with an image of a with aplomb,” said Samantha Pelosi, a turn came to come to the teller fox stitched on them and a brightly former colleague of McWilliams at the window, the money was gone; there colored ottoman she jokes she will use Federal Reserve and now senior vice was no money left in the bank. And one day to kick up her feet and read president of payments and innovation the bank did not have deposit a book. at the Bankers Association for Finance insurance, which then forced my father For now, however, most of her and Trade. “She doesn’t shy away from to go to work as a day laborer … for reading involves bank regulations and a challenge.” something that was an equivalent of reports from FDIC staff. $5 or $6 a day. “I carry this job with me 24/7,” she An American experience “When you have that experience, it said. “Nothing that we do should be McWilliams, an immigrant from the shapes how you look at deposit and can be taken lightly. We should be former Yugoslavia, arrived in the insurance and you don’t take it for able to justify and validate what we’re United States on her 18th birthday as granted.” doing.” part of a high school exchange She’s also seen up close the McWilliams’ compassion and ability program with just $500. devastation of the financial crisis. to work with people are what col- She stayed here after the program Hired as a lawyer at the Federal leagues say make her stand out from ended and paid her way through Reserve in 2007, she was tasked with many other regulators. “Anyone who’s undergrad at the University of helping to craft rules to protect met Jelena would say what is most California, Berkeley, by working the consumers in the aftermath of the impressive about her is not just that night shift at a Blockbuster video housing collapse. she’s incredibly smart and hardwork-

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051_ABM1018 51 9/7/2018 1:58:38 PM ing, it’s the fact that Jelena is able to Google — are allowed to charter “I do not recall her ever saying ‘no’ combine all of that with really excep- industrial loan companies. These are to an assignment or the opportunity to tional interpersonal and communica- specialized banks supervised by the sit in a conference room and get tion skills,” said Benjamin Olson, a FDIC, which has been caught up in feedback on her writing,” Harris said. partner in the Washington office of fierce battles over applications for “She’s made a career out of learning.” Buckley Sandler who worked with such charters in the past. Walmart in After several years at Morrison & McWilliams at the Fed. particular stirred up opposition from Foerster, McWilliams sought a transfer community bankers with its repeated to Washington “because I really The challenge ahead applications before the financial crisis. became interested in public policy and She’ll need those skills as she takes on More recently, Square pulled its how laws are made,” she said. some tough tasks, including rethinking application for an ILC, but it intends to But she discovered the law firm only which rules are outdated or repetitive, resubmit. Observers see a new fight had a banking services practice in particularly for small banks that might brewing. Washington. “Who wants to do that?” have just one person dedicated to handling compliance. Two questions she wants to resolve 'I carry this job with me 24/7,' for them: “Is there something that has McWilliams says. 'Nothing that we do superseded communication where that one person doesn’t have to look should be and can be taken lightly.' at something from 1994 if it has been superseded by something from 2010? “I believe it’s our job, given the she remembered thinking. “I’m a Can we streamline the way we statutory mandate we have, to move securities lawyer — I’m cool!” regulate banks in a ways that allows as quickly as we can on processing Instead, she took a job in the them more time to dedicate to their those applications,” McWilliams said. corporate practice at the Hogan customers and to growing their “This goes both for banks and ILCs Lovells office in Washington, where business?” that may come to us looking for she stayed for two years doing similar That also includes rethinking deposit insurance. securities work. Then, in 2007, McWil- deposit insurance rules themselves, “I’m particularly concerned about liams, almost on a whim, applied for a which have become labyrinthine over the number and availability of banks government job online with the the years. in rural communities.” Federal Reserve in the consumer and “I look at these rules and I think, community affairs division. wow, these are very complex,” she A wealth of experience “Some of you know, the usajobs.gov said. “And then the natural next McWilliams said her previous roles is like a black hole. You send your question is, is that right? Should the helped prepare her for the tasks resume in and nothing ever comes out rules be this complex or can we make ahead. on the other end,” McWilliams said them simplified?” She has served as a securities jokingly. She also wants to ramp up the lawyer in private practice, an attorney But when she submitted her resume FDIC’s response time to approving at the Fed, and later as a top Republi- on a Monday, she had an interview by deposit insurance for new bank can aide on the Senate Banking that Friday and a soft offer the formations. The agency has long been Committee. following Monday. “The Fed moved in criticized for delaying the process in “She just had a whatever-it-takes, a span of seven days — shocking,” she the decade following the financial nose-to-the-grindstone” attitude, said said. crisis. Tim Harris, a partner at Morrison & That includes having to decide Foerster’s Palo Alto, Calif., office, who From banker to policymaker whether commercial companies — in was a supervisor when McWilliams That Fed job helped steer McWilliams this case fintechs or potentially even first started at the firm as a summer to the Hill, where she first worked with technology giants like Amazon and associate early in her career. then-Sen. Olympia Snowe, R-Maine,

52 American Banker October 2018

052_ABM_1018 52 9/7/18 6:03 PM “On behalf of Harland Clarke, I’d like to congratulate this year’s honorees. Thank you to all the women creating new opportunities within the ﬁ nancial services industry through forward thinking leadership in customer engagement and innovation.”

Jana Schmidt President Harland Clarke

Harland Clarke is pleased to share in the celebration of those recognized in the 2018 Most Powerful Women in Banking rankings. We applaud these leaders for their outstanding contributions to the ﬁ nancial services industry.

harlandclarke.com [email protected]

053_ABM1018 53 9/7/2018 1:58:40 PM implementing her amendments to the McWilliams was nominated in the FDIC, and she has already Dodd-Frank Act of 2010. November and received bipartisan indicated she’s taking a hard look at it. “I remember going to interview for support when she was approved by When asked whether she identifies that job and pretty much on the spot the Senate in May, a feat for any herself as a lawyer, a regulator or a they said, ‘We love you. We think nominee during the current intense policy expert, McWilliams said, “I do you’re highly credentialed for what political divide. feel like a regulator.” we’re looking for … we just can’t pay you,' ” McWilliams said. “And I said, ‘This has to be the greatest job ever!’ 'I’m particularly concerned about the I’m going to do what I love, but I can’t number and availability of banks in get paid.” The Fed worked out a deal to let rural communities,' McWilliams says. McWilliams work on the Hill while remaining an employee at the central Her ability to reason with both sides But she added that there will bank, similar to a contractor. will help in leading the FDIC through always be some lawyer in her. After Snowe retired in 2012, political and regulatory headwinds, “I probably drive my staff crazy McWilliams said she had “a borderline colleagues said. because I have to edit everything,” she chance encounter” on an elevator with “Jelena has a breadth of experience said. “But when you’ve held a pen for the Senate Banking Committee's then- that really puts her in a great position so long it’s impossible to just give up chief counsel. That eventually led to to lead the agency and see the issues out of the blue.” her being hired as senior counsel for from the perspectives of a variety of Even personally, McWilliams tends the panel under Sen. Richard Shelby, different stakeholders,” said David toward challenges — such as bringing R-Ala., and then under Sen. Mike Stein, of counsel at the law firm her parents to the U.S. to live with her; Crapo, R-Idaho. She worked her way Covington, who worked with McWil- raising her 16-year-old daughter as a up to chief counsel and then deputy liams at the Fed. single mom; and taking in two rescued staff director on the committee. McWilliams has been able to hit the Jack Russell terriers named Charlie “In those experiences, I was just ground running at the FDIC partly and Laika. able to oversee so many things that because of her varied experience and Colleagues described McWilliams today I look at and are truly coming in her familiarity with some of the as having a close relationship with her handy,” she said. regulators she now works with directly. daughter, saying the two are often In 2017, Fifth Third Bancorp tapped “While it’s only been a few short together at workplace events. McWilliams to become its chief legal months since Jelena was confirmed at “I talk to her about work all the officer and corporate secretary. the FDIC, you wouldn’t know it from time,” McWilliams said of her daugh- McWilliams said she took the job the contributions she has already ter, noting a time she told her then-7- because she had never worked at a made,” said Federal Reserve Board year-old about new credit card bank before, despite all of her experi- Vice Chairman Randal Quarles. “She is disclosures, known as the Schumer ence in bank regulation and policy. tireless and brings many valuable box, that she worked on at the Fed. Not long after joining Fifth Third, perspectives — from a regional lender, McWilliams said the advice she McWilliams — already favored by and Capitol Hill, as well as her training gives her daughter about tackling lawmakers on both sides of the aisle as a skilled lawyer — to the table.” challenges is to exude confidence. It — got a call from the White House Regulators are currently enmeshed could well sum up her own approach asking if she was interested in heading in a rewrite of the Volcker Rule. They as she embarks on remaking the FDIC. the FDIC after the first nominee, recently extended the comment “Especially for a professional James Clinger, had withdrawn. period on a proposal to revamp the woman, you need to walk into every “I didn’t hesitate. I said, yes, if I were regulation, which bans banks from room like you own it,” McWilliams said. fortunate enough to be nominated, I proprietary trading. The initial plan “And if you don’t know what you’re would love to serve,” McWilliams said. came out before McWilliams joined doing, go figure it out. And deliver.” ☐

54 American Banker October 2018

054_ABM_1018 54 9/7/18 6:03 PM All we can add to your list of accomplishments is our sincere thanks. _

Karen Larrimer

Diana Reid Charlotte McLaughlin

We’re proud to once again congratulate Karen Larrimer and Diana Reid on being named as two of the most powerful women in banking and Charlotte McLaughlin on being named as one of the most powerful women in finance. In addition to the recognition from American Banker they’ve received on a national scale, we at PNC recognize them for their everyday passion for leadership, results and putting customers first. Karen, Diana and Charlotte, your commitment to enhancing our business by taking the right steps forward is inspirational. Congratulations on these honors that you’ve done so much to earn.

055_ABM1018 55 9/7/2018 4:26:02 PM

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057_ABM_1018 57 9/10/18 4:33 PM Cathy Bessant Chief Operations and Technology Officer Bank of America

In early August, Cathy Bessant traveled nearly had used Erica for basic services such as searching 8,000 miles from Bank of America’s headquarters, transactions or obtaining account balances. in Charlotte, N.C., to the world’s tallest, free- Meanwhile, logins on the company’s mobile app, standing mountain, on the Kenya-Tanzania border. rose 21% in 2017 from a year earlier, to 4.6 billion. Climbing Mount Kilimanjaro had been at the top Bessant also has pushed BofA to improve its of Bessant’s bucket list — so when the opportunity back-end technology. She oversaw training this arose last year to help lead a hike with business year for 15,000 employees on agile development, an students from the University of Michigan, her alma engineering process designed to improve the pace mater, she took it. at which new products and services are released. To prepare, Bessant trained early in the morning, Additionally, by the end of 2019, approximately climbing the stairs before sunrise to the top of 80% of BofA’s workloads will be housed on the BofA’s headquarters. She frequently walked home private cloud, allowing the company to more this summer, carrying all of her gear in the North efficiently manage its computing resources. Carolina heat. She wore her hiking boots with her In total, Bessant1 manages more than 95,000 business suits — including during one of her weekly employees in 35 countries. She also runs a $15 broadcast meetings with 9,000 company managers billion budget, roughly the equivalent of what across the world. (And yes, she received many Netflix spends on programming. compliments on her outfit.) One major area of focus for Bessant has been Bessant even carved out time for mental advocating for new technology like artificial preparation, meeting with hikers who had previously intelligence to be developed in an ethical manner. climbed Kilimanjaro and other mountains, to get She was instrumental in founding the Council on the their advice. Responsible Use of Artificial Intelligence at Harvard “Pushing myself to new limits is part of my DNA, University this year. The council, which is funded by and this goal is no different than other challenges BofA, will explore how companies can prevent bias I’ve faced,” Bessant said. “It’s all about mental — particularly against women and minorities — in fortitude and preparation, dealing with 100% the algorithms and models they develop. certain adversity and 100% certain discomfort.” “By being thoughtful and deliberate about how In many ways, the hike was a fitting trip we develop and use AI, we can realize the promise for Bessant, this year’s Most Powerful Woman of this game-changing technology and ensure in Banking. At BofA, she consistently pushes it serves people — not the other way around,” boundaries as part of her job — and, in the process, Bessant said. made her company one of the industry leaders in Additionally, the council will explore the effects technology. of automation on U.S. workers, looking at the types Earlier this year, for instance, Bessant oversaw of job training skills that employers will demand in the public launch of Erica, BofA’s virtual assistant. the future. “Society has benefited from nearly every The service, which is powered by artificial technological advancement in the past,” Bessant intelligence, is now available to more than 26 million said. “There is no excuse for failing here; we as mobile customers. business leaders know what’s coming.” As of mid-July, more than 2 million customers — Kristin Broughton

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059_ABM_1018 59 9/10/18 4:33 PM Marianne Lake Chief Financial Officer JPMorgan Chase

In her nearly six years as chief financial officer, Marianne Lake has emerged as the public voice of JPMorgan Chase, fielding questions from investors and reporters in a rapid-fire style that makes her sound unflappable. 2Nowhere was that more on display than at JPMorgan’s annual investor day in February. The high-profile event, held at the company’s New York headquarters, previously featured Ellen Alemany five presentations, from the CFO and the heads of the four Chairman and CEO business lines. This year, however, the company combined them all into one — and gave Lake the task of delivering it. CIT Group Over the next 90 minutes, Lake had the stage to herself as she walked through JPMorgan’s financial performance Over the past two and a half years, Ellen Alemany has and strategic priorities, emphasizing the company’s “digital made several big changes at CIT Group, selling off everything” philosophy. The presentation required several international business lines and turning the company’s months of preparation, during which Lake met with executives focus3 to traditional middle-market lending. across JPMorgan to carefully craft her message. But when it But among her list of accomplishments, there’s one came time to step onstage, she wasn’t anxious. change that she is particularly proud of: appointing more “I always have a healthy dose of normal nerves, but you women to the $49.9 billion-asset company’s senior ranks. can’t be nervous if you’ve tried your hardest and prepared the When Alemany took the helm, in April 2016, there were best you can,” Lake said. “If you’ve really put in the effort and only two other women on CIT’s executive team. There are invested and worked hard and prepared well, there’s nothing now five women on the 15-member panel, in roles such as more you can do.” chief technology and operations officer and chief credit Lake’s prominence at JPMorgan has raised questions about officer. Women also account for one-third of CIT’s board. what’s next for her. Asked whether “With a woman at the top of the house, you actually she would be interested in running attract more women to the organization,” Alemany said. a business line, Lake emphasized Over the past year, Alemany has continued to make that she is happy in her job — but progress on her turnaround of the once-troubled CIT. The is also “open-minded about what company, for instance, raised its 2019 target for its return could be next.” on tangible common equity — a key performance metric Lake, in the meantime, — to 11%, from 10%. Additionally, CIT has made strides has plenty on her plate. She in increasing deposits, particularly from its digital bank, oversees 15,000 employees, which added 20,000 customers and $1.5 billion in deposits and is responsible for asset and during the second quarter alone. liability management, stress Alemany, who has spent four decades in banking, was testing, regulatory affairs, risk asked earlier this year why banks have largely avoided the management and investor relations. spotlight of the #MeToo movement. She said it is because She is also working to improve day-to-day operations, banks tackled sexual harassment head-on in the 1990s, recently implementing a “war room” approach to problem- improving workplace policies following the “boom-boom solving within her division. Lake describes the effort as a room” scandal at Smith Barney. way to cut through the cycle of scheduling and rescheduling “The industry, to give it credit, was terrific in terms of meetings — and it is producing tangible results. This year, for … sensitivity training, making sure you have proper codes instance, her department reduced the average time it takes to of conduct, actually having public firings if someone has onboard a new vendor to 57 days from 151 days. demonstrated inappropriate behavior,” she said.

60 American Banker October 2018

060_ABM_1018 60 9/10/18 4:33 PM Congrats to the most powerful women in banking. We think they’re pretty amazing, too.

Jane Russell Ellen Patterson EVP, Head of Customer Experience Group Head and General Counsel and Retail Operations “Women to Watch” “Women to Watch”

We celebrate you and all you do to make TD & banking better every single day.

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

061_ABM1018 61 9/7/2018 1:58:42 PM Nandita Bakhshi President and CEO Bank of the West

Nandita Bakhshi, two years into her tenure as the chief executive of Bank of the West, is candid about the hits — and misses — she’s experienced so far as she tries to grow an 4institution that has long had a conservative reputation. The San Francisco bank’s deposit franchise is a bright spot, growing by 15% in 2016 and 12% last year. Last June, Bank of the West launched a checking account that allows customers Diane Reyes to avoid paying monthly service fees as long as they make at Group General Manager and Global Head least one deposit each month. Previously, depositors paid fees if their accounts fell below a dollar threshold. of Liquidity and Cash Management The $89 billion-asset bank has also significantly improved HSBC the experience of opening an account through digital channels. Two years ago, only about 3% of accounts were HSBC’s Diane Reyes has spent much of the past year opened online. spreading this message to the roughly 10,000 employees “At various points of what I call the funnel, the customer she leads: Conduct counts. would walk away and not complete the application,” said Though the global liquidity and cash management Bakhshi, who is also co-CEO of the bank’s parent, BNP 5division she leads has been untainted by scandal, HSBC Paribas. After the bank sought customer input on fixes, itself has paid hefty fines for various infractions in recent however, more than 20% of accounts so far this year have years — penalties that might have been avoided if front- been opened digitally. line employees had been brave enough to speak up. Yet not everything has gone as well. Loan growth remains a Reyes said that junior workers sometimes stay silent challenge. Total loans and leases rose by 9% in 2016 but fell to because they don’t want to appear to be ratting out co- 3% last year, while noninterest income rose by just 1% between workers, or they fear they’ll be implicated for not speaking 2014 and 2017. up sooner. But silence has consequences, so she has made One goal is to generate more fee income from corporate it her mission to foster a “speak-up culture” within her clients by integrating more fully with the bank’s parent. “We division, which handles the cash management needs for still have a little bit of work to do ... but I think we’re making more than 2 million businesses in more than 50 countries. tremendous progress,” Bakhshi said. In preparation for a global town hall last year, Reyes’ group created a video featuring junior employees discussing various ethical quandaries and how they would handle them. Her group has also established a worldwide team of volunteer “conduct ambassadors” to whom employees can air their concerns if they are uncomfortable bringing them to supervisors. The takeaway for staffers is that they should feel empowered to speak up when they see something wrong. Reyes wants them to be similarly vocal if they believe a product or service that HSBC is testing is not ready for prime time. “We want them to tell us when something doesn’t look right or feel right or sound right and to not worry about the potential repercussions for them or their colleagues,” Reyes said.

62 American Banker October 2018

062_ABM_1018 62 9/10/18 4:33 PM THANKS TO RELENTLESS LEADERS LIKE YOU Congratulations to our very own Di Morais — and to all of American Banker’s 25 Most Powerful Women in Banking honorees. Your outstanding leadership and commitment to excellence inspire all of us in the banking and ﬁnancial services industry. Learn more about us: ALLY.COM @ALLY ALLY

063_ABM1018 63 9/7/2018 1:58:43 PM Sandie O’Connor Chief Regulatory Affairs Officer JPMorgan Chase

Few bankers can claim to have created a new financial market. But Sandie O’Connor can. In April, the Federal Reserve began publishing a 6replacement for the London interbank offered rate, a reference rate currently used to set the price of derivatives, commercial loans and a host of other products. A month later, futures contracts on the new rate — known as the secured overnight financing rate Barbara Desoer — began trading. CEO, Citibank It was a milestone that capped off a two-yearlong effort, led by O’Connor, to establish a possible Citigroup replacement for Libor ahead of its scheduled demise in 2021. O’Connor has been out in front in explaining One of the biggest challenges of business leaders were asked the advantages of the new system. facing bank CEOs is simply simple questions, such as “What One of Libor’s weaknesses is that the volume of making sense of an endless percentage of the children interbank transactions on which the rate is based has 7barrage of information — about in the world have received dwindled in recent years, often to less than $1 billion financial markets, regulation, vaccinations?” A majority of the per day, O’Connor said at a symposium in June. technology, you name it. executives got the questions “Think about this enormous inverted triangle,” It’s something Barbara wrong — vastly overestimating, O’Connor said. “You have $200 trillion worth of activity Desoer thinks about as CEO for instance, the percentage referencing less than $1 billion in daily trades.” of Citibank, the retail and of children who lack access to SOFR, by contrast, commercial banking unit basic health care. is calculated from a that accounts for 75% of the “The book challenged my much larger market of Citigroup’s total assets. Strong thinking around progress and overnight repurchase leadership requires not only the innate biases I may have,” agreements, with roughly having the best data available Desoer said. “Sometimes we $750 billion in daily — it also involves “connecting think they’re worse than they trading volume. the dots,” she said. really are.” “It’s not just that That’s why she is one of the It’s a refreshing frame of we’re going away from big-name executives praising a mind that Desoer has brought something — we are book by Hans Rosling, a Swedish to her work. going to something doctor and statistician, called One of her primary goals has that’s really, really good,” “Factfulness: Ten Reasons We’re been to create a culture where O’Connor said. Wrong about the World and employees see “beyond the work Still, by most accounts, Things are Better Than You immediately in front of them.” the banking industry is Think.” The book examines the To this end, she has looked at ill-prepared for the end human capacity to misinterpret new ways to share information, of Libor, so it has once again leaned on O’Connor to and distort basic facts in a way including town halls and virtual lead the way. Earlier this year, she was unanimously that aligns with their worldview. training sessions. In 2017, nearly elected as chairman of the Alternative Reference Rate In the book, Rosling, who 200,000 employees completed Committee. The panel will work with the Fed to help died in 2017, discusses a training on anti-money- banks navigate the logistics involved in moving to a presentation he gave at Davos laundering controls through a new reference rate. in 2015, during which a room full virtual channel.

64 American Banker October 2018 americanbanker.com

064_ABM_1018 64 9/10/18 4:33 PM Anne Finucane Vice Chairman Bank of America

When a gunman shot and killed 17 people at Marjory Stoneman Douglas High School in Parkland, Fla., in February, employees at a nearby8 branch of Bank of America were forced to shelter in place. And when five police offers were fatally shot in Dallas during a demonstration against police shootings of black men, BofA’s local corporate offices served as the backdrop for the chaotic Barbara Desoer scene. CEO, Citibank Over the past few years, the families of roughly 150 BofA employees have been Citigroup affected in some way by the string of mass shootings across the country. For that reason, of business leaders were asked the Charlotte, N.C., company this spring said simple questions, such as “What it would no longer bank gun manufacturers percentage of the children that sold military-style weapons to the in the world have received public — and it was Anne Finucane’s job to vaccinations?” A majority of the communicate the bank’s position to the public. executives got the questions “Our rationale was a lot less political than it wrong — vastly overestimating, was in response to our employees and to our for instance, the percentage customers,” Finucane said. of children who lack access to As vice chairman of Bank of America and basic health care. chairman of Bank of America Merrill Lynch “The book challenged my Europe, she is in charge of the company’s thinking around progress and environmental, social and governance the innate biases I may have,” initiatives. As big corporations — and big Desoer said. “Sometimes we banks, in particular — have faced pressure think they’re worse than they to take a stance on political issues ranging really are.” from immigration to gun control, Finucane has It’s a refreshing frame of stepped into the spotlight. mind that Desoer has brought It’s a position she knows well. In the years to her work. following the subprime mortgage crisis, all One of her primary goals has eyes were on her as she worked to rehabilitate been to create a culture where BofA’s reputation. With most of BofA’s crisis- employees see “beyond the work era problems now in the rearview mirror, the immediately in front of them.” company in 2015 promoted Finucane to vice To this end, she has looked at chairman and turned her focus, in large part, to new ways to share information, philanthropic initiatives and social policy issues. including town halls and virtual On the issue of guns, BofA decided that it training sessions. In 2017, nearly simply couldn’t wait for policymakers to act. 200,000 employees completed “In the absence of public policy, and not training on anti-money- trying to take on more than we could do, nor laundering controls through a really trying to make a political statement, we virtual channel. did what we could do,” she said.

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065_ABM_1018 65 9/10/18 4:33 PM Jane Fraser CEO, Latin America Citigroup

Last fall, after a pair of hurricanes ripped through the Caribbean, and back-to-back earthquakes left parts of Mexico in shambles, Jane Fraser turned her focus to 9disaster recovery. The string of natural disasters affected Citigroup employees across the region — and also offered a different kind of leadership test for Fraser, the company’s top executive in the region. She tackled it head-on. “It was truly heart-wrenching to imagine the uncertainty and fear that thousands of Citi colleagues and their family members experienced,” Fraser said. Fraser praised her crisis management teams, which “worked tirelessly, around the clock, to support our Thasunda Duckett colleagues on the ground.” CEO, Chase Consumer Banking It was a harrowing experience at times. Hours after Hurricane Maria moved out of Puerto Rico, causing a JPMorgan Chase power outage that lasted for months, Citi landed a plane on the island without the assistance of air traffic control. JPMorgan Chase is expanding reached an all-time high, The New York its retail bank — and Thasunda growing 7% from a year earlier, company, which has Duckett is leading the charge. to $511 billion. The company, two offices in Puerto JPMorgan10 announced meanwhile, gained deposit Rico, ultimately earlier this year that it would market share in 48 of its 50 delivered 22 tons of open as many as 400 new largest markets. food and other supplies. branches in major cities along Duckett recently told The family of one Citi the East Coast and the mid- the story of her ascent at employee received Atlantic region. In April, it JPMorgan. Speaking at an a much-needed announced that its first new awards dinner in May for emergency supply of branches would be opened in the Women’s Bond Club, she insulin. and around Washington, D.C. pointed to generations of Fraser oversees Citi’s Duckett played a key African-American workers who operations and across role in the Washington held low-level jobs because 23 countries in Latin announcement, leading a they were discriminated America. roundtable discussion with against in the workplace. Over the past year, local nonprofit leaders, during “When I’m on the 50th Fraser has focused which she encouraged them floor at 270 Park Avenue, largely on improving to share ideas about how the and I see the history of the technology across the branches could best serve the bank displayed going back to region. She said she has learned a lot about innovation community. Rockefeller, I think, ‘There’s no from her millennial-aged chief of staff, Kate Luft. Since taking over her way he could have imagined “In a world where technology is constantly evolving current role two years ago, me,’ ” Duckett said, as the and the millennial generation is at the forefront, the Duckett has overseen strong audience erupted in applause. younger generations can offer a wealth of insight and deposit growth. In 2017, “I am my ancestors’ wildest mentorship,” Fraser said. average consumer deposits dreams.”

66 American Banker October 2018

066_ABM_1018 66 9/10/18 4:33 PM BNP Paribas would like to congratulate all of this year’s

honorees including our own Nandita Bakhshi President and CEO Bank of the West, Co-CEO BNP Paribas USA

Claudine Gallagher Head of Securities Services for the Americas BNP Paribas

067_ABM1018 67 9/7/2018 1:58:43 PM Diane Morais President, Consumer and Commercial Andrea Smith Banking Products, Ally Bank Chief Administrative Officer Ally Financial Bank of America

Over the past year, several big banks have launched digital- On the first day of her first only franchises. At Ally Bank — a pioneer in online banking — job in banking, Andrea Diane Morais is in charge of fending off the competition. Smith made one of her most 11When Ally was started in 2009, it was one of the only important13 decisions of her shows in town for customers looking for the convenience — career. and higher savings rates — that come with an online bank. After finishing college, But as competition for deposits has heated up across the Stacey Friedman Smith was hired into a industry, big names from Goldman Sachs to Citizens Financial General Counsel management training Group have also entered the market. program by a company that Morais has set Ally apart by offering customers a full- JPMorgan Chase was later acquired by Bank service online bank, rather than a just place for to park excess of America. Her job as a savings. Under her direction, for instance, Ally over the past Stacey Friedman wants influence at the top of the project analyst seemed like a two years has added home mortgages, online investment JPMorgan Chase employees nation’s largest bank to perfect opportunity to put her accounts and a cash-back credit card to its offerings. to speak up. promote diversity in other economics degree to work. Additionally, Ally has given consumers a range of high- As companies grappled ways as well. She set a goal But when Smith showed tech controls, including the ability to set monthly spending 12this year with the this year of making sure up for her thresholds on their cards, and was one of the first banks to fallout from the #MeToo more women and minorities first day on integrate with Alexa, Amazon’s personal voice assistant. movement, which prompted argue the company’s cases the job, the The results speak for themselves. Ally added 200,000 new the public airing of sexual in the courtroom — and company customers in 2017, an increase of 16% from a year earlier. harassment and assault that they represent 50% of informed Morais’ approach to leadership is simple: Be passionate claims against powerful its external legal teams by her that and positive. “When you love what you do, it inspires people men in business and politics, the end of 2019. her position to rally around you, creating an environment where people Friedman led an initiative Outside of work, had been work harder and are more creative,” she said. at JPMorgan to make sure Friedman continues to eliminated. employees feel comfortable be a strong supporter of She was calling out misbehavior LGBT rights, and serves on offered a when they see it. the board of the National different Friedman spoke on the Center for Law & Economic position issue at an off-site retreat Justice, which provides legal instead — as a computer hosted by CEO Jamie counsel and other types of programmer, an area she Dimon and attended by 250 assistance to people living knew nothing about. of the bank’s most senior in poverty. “I went home that night leaders. She has also hosted In her free time, with two options: I could quit smaller sessions with senior Friedman is learning how to and nobody would ever know, executives. play tennis. or I could give it a shot,” Her message: Establish “I find it pretty funny how Smith said. “The decision trust and an open dialogue bad I am — literally, every to stick with that job and with employees. Doing so time I’m on the court I find figure it out has been key to will encourage them to a new way to embarrass my career. Doing so led to raise their hand when they myself.” But, she said, “tennis another opportunity, which observe something that is a sport that my wife and I led to another, and so on.” looks wrong. can play together until we’re Smith’s willingness to Friedman has used her 90 years old.” take risks — and tough

68 American Banker October 2018 americanbanker.com

068_ABM_1018 68 9/10/18 4:34 PM Andrea Smith Chief Administrative Officer Bank of America

On the first day of her first roles — has been a defining job in banking, Andrea trait of her more than three- Smith made one of her most decade tenure at BofA. 13important decisions of her In fact, Smith’s current role career. as chief administrative officer After finishing college, was created for her in 2015 Stacey Friedman Smith was hired into a because she had tackled so Kate Quinn General Counsel management training many disparate assignments. Vice Chairman and program by a company that Her current responsibilities JPMorgan Chase was later acquired by Bank include overseeing BofA’s Chief Administrative Officer of America. Her job as a annual stress tests, as well U.S. Bancorp influence at the top of the project analyst seemed like a as global corporate security, nation’s largest bank to perfect opportunity to put her real estate and procurement, Among the many attributes of successful business leaders, promote diversity in other economics degree to work. among other areas. Kate Quinn believes one in particular is critically important ways as well. She set a goal But when Smith showed A big focus over the past for working mothers: compartmentalization. 12this year of making sure up for her year has been 14The best way to navigate a high-powered banking more women and minorities first day on assisting with career and a busy home life is to focus fully on one priority argue the company’s cases the job, the BofA’s goal of at a time, she said. in the courtroom — and company improving its “I’ve gone from dealing with a sick child at home to that they represent 50% of informed efficiency. Most jumping on a call with our CEO about serious issues its external legal teams by her that notably, Smith without missing a beat,” Quinn said. “I move on to the next the end of 2019. her position revamped thing easily.” Outside of work, had been its regional As chief administrative officer, Quinn is responsible for Friedman continues to eliminated. leadership, human resources, marketing, corporate communications, be a strong supporter of She was eliminating a customer experience and analytics, among other business LGBT rights, and serves on offered a layer of middle areas. the board of the National different management Quinn this year also oversaw U.S. Bancorp’s marketing Center for Law & Economic position and appointing blitz during the Super Bowl, one of the most-watched Justice, which provides legal instead — as a computer on-the-ground market broadcasts across the country each year. The Minneapolis counsel and other types of programmer, an area she managers across the country. company holds the naming rights to the stadium where this assistance to people living knew nothing about. Smith has also continued year’s game took place. in poverty. “I went home that night to make community service in Quinn put the U.S. Bancorp brand in the national In her free time, with two options: I could quit Charlotte a priority. spotlight, launching a social media campaign that made Friedman is learning how to and nobody would ever know, Last summer, for instance, light of the sense of humility that Minnesotans are proud play tennis. or I could give it a shot,” she worked with the local of. She also set up lounges near the stadium where “I find it pretty funny how Smith said. “The decision police chief to provide a people could try out new technology, such as contactless bad I am — literally, every to stick with that job and leadership training program transactions. time I’m on the court I find figure it out has been key to to 30 high school students The promotions provided a national platform for the a new way to embarrass my career. Doing so led to with records of minor criminal U.S. Bank brand as the company looks for ways to expand myself.” But, she said, “tennis another opportunity, which offenses. This summer, the into major markets across the country. is a sport that my wife and I led to another, and so on.” initiative, known as the “It was an interesting shift to start to think about us as can play together until we’re Smith’s willingness to Envision Program, expanded a national brand — and this is one big step toward that,” 90 years old.” take risks — and tough to more than 50 students. Quinn told American Banker in January.

americanbanker.com October 2018 American Banker 69

069_ABM_1018 69 9/10/18 4:34 PM Leslie Godridge Dorothy Savarese Vice Chairman and Co-Head of Chairman, President and CEO Corporate and Commercial Banking The Cape Cod Five Cents Savings Bank U.S. Bancorp

Over the past few years, Dorothy including those held off balance Leslie Godridge is pushing U.S. Bancorp Savarese has become a player sheet, such as loans serviced for to the cutting edge in corporate on banking policy in Washington, investors — rose to $6.7 billion in payments. 15D.C., serving as the chairman of 2017, up 7% from a year earlier. 17Godridge has been instrumental the American Bankers Association Net income climbed 6%, to $20.9 Karen Larrimer in preparing U.S. Bancorp for the and testifying on Capitol Hill million. CEO of Retail Banking and industrywide shift to faster payments, about the need for regulatory For her part, Savarese said including championing her company’s relief. she is simply focused on the Chief Customer Officer involvement in the roll out of a real-time But roughly 500 miles north of fundamentals of community PNC Financial Services Group payments platform by The Clearing the nation’s capital, Savarese is banking. She set a goal this House. Last fall, U.S. Bancorp was one of best known as the leader of one year of scheduling at least two Karen Larrimer made a bold move early in her career two banking companies, along with BNY of Cape Cod’s strongest banks. breakfast or lunch meetings a that put her on the fast track to the C-suite. Mellon, to conduct the nation’s first real- Lately, Savarese, who is nearing week with people from outside Looking to simply get noticed, Larrimer requested time transaction on the platform. her 14th year as CEO at Cape the bank. The idea was to build 16a meeting with Jim Rohr, PNC’s former CEO. Rohr U.S. Bancorp also was one of the first Cod Five Cents Savings Bank, has stronger relationships with accepted and, when they met, spent over an hour in the industry to make Zelle — the real- overseen a growth spurt of sorts. customers and other members of with her, talking about possible career paths for her The bank broke ground the community. at the company. on a new 80,000-square-foot It’s a work in progress, she said. Rohr, who was succeeded in 2013 by Bill Demchak, headquarters building and “As someone who has consistently also explained to Larrimer the importance of making operations center last fall. It also worked through meals for the her achievements known to others. has opened two new locations past five years in order to gain “I took his advice to heart,” she said. — a full-service branch and a hours in the day, this is going to The advice paid off: A few years later, in 2008, lending and wealth management be a challenge,” Savarese said. Larrimer was named chief marketing officer. office. In total, Cape Cod Five “There will always be a deadline From then on, Rohr helped ensure she was invited has 19 locations along the or an important meeting, and it to important meetings. He also gave her tough Massachusetts coast. is important to maintain focus on assignments — and honest feedback — along the Business, in other words, growing relationships along the way. has been good. Total assets — way.” “Our relationship was a testament to the impact If Hannah Grove had her way, one person can have by identifying talent and she would ban PowerPoint investing time in ensuring their success,” she said. presentations from banking. A decade later, Larrimer is now head of PNC’s Few people enjoy giving — or retail bank, a role she has held for the past two years listening — to them. — and she has a lot on her plate. Most notably, she So Grove has made it her is leading the charge on the launch of the company’s goal at State Street to make nationwide, digital-only bank, which is expected to be executives better at storytelling. It’s a project she started up and running in late 2018. several years ago, when the Boston custody bank began Technology has been a key focus for Larrimer. sponsoring TED talks. As part of the sponsorship, several She continues to serve on the board of PNC’s Center State Street executives learned how to tell stories onstage. for Financial Services Innovation at Carnegie Mellon Grove took the project one step further last year, launching University, where she has overseen projects related State Street Live, a two-day event that featured TED-style to quantitative marketing models and cybersecurity. talks from State Street executives, as well as influential names She also serves on the board of numo, PNC’s fintech in fintech, such as Dan Schulman, the CEO of PayPal. In incubator, which wrote the code for the digital bank. the coming year, State Street plans to offer similar events

70 American Banker October 2018 americanbanker.com

070_ABM_1018 70 9/10/18 4:34 PM Leslie Godridge Vice Chairman and Co-Head of Corporate and Commercial Banking U.S. Bancorp

Leslie Godridge is pushing U.S. Bancorp time, peer-to-peer payments platform Godridge credits some of her to the cutting edge in corporate — available to treasury management success to her relationship with Diane payments. customers for insurance payouts, Thormodsgard, whom she met during 17Godridge has been instrumental emergency payroll disbursements and her first week on the job. Thormodsgard Karen Larrimer in preparing U.S. Bancorp for the other purposes. — who had been the head of corporate CEO of Retail Banking and industrywide shift to faster payments, Godridge leads the division that trust and securities services before she including championing her company’s serves corporations, banks, government retired in 2010 — invited Godridge to Chief Customer Officer involvement in the roll out of a real-time agencies and nonprofits. Last year, it lunch, and the two quickly hit it off. PNC Financial Services Group payments platform by The Clearing accounted for 17% of U.S. Bancorp’s As their friendship grew, their work House. Last fall, U.S. Bancorp was one of earnings. She joined the company also benefited from the exchange of Karen Larrimer made a bold move early in her career two banking companies, along with BNY in 2007, and has been credited with ideas. “It was never a formal mentor- that put her on the fast track to the C-suite. Mellon, to conduct the nation’s first real- making her division — which rebranded mentee relationship,” Godridge said, Looking to simply get noticed, Larrimer requested time transaction on the platform. last year from “wholesale banking” to “but it grew out of the common business 16a meeting with Jim Rohr, PNC’s former CEO. Rohr U.S. Bancorp also was one of the first “corporate and commercial banking” — interests we shared and the trust we accepted and, when they met, spent over an hour in the industry to make Zelle — the real- into a major national player. developed in working so closely together.” with her, talking about possible career paths for her at the company. Rohr, who was succeeded in 2013 by Bill Demchak, also explained to Larrimer the importance of making her achievements known to others. “I took his advice to heart,” she said. The advice paid off: A few years later, in 2008, Larrimer was named chief marketing officer. Hannah Grove From then on, Rohr helped ensure she was invited Chief Marketing Officer to important meetings. He also gave her tough assignments — and honest feedback — along the State Street way. “Our relationship was a testament to the impact If Hannah Grove had her way, across the world, including in Munich, Sydney and New York. one person can have by identifying talent and she would ban PowerPoint “Companies talk too much about themselves,” Grove said. “I investing time in ensuring their success,” she said. presentations from banking. would much rather us be seen as a convener of good ideas.” A decade later, Larrimer is now head of PNC’s 18Few people enjoy giving — or Grove is perhaps best known in banking for her role in retail bank, a role she has held for the past two years listening — to them. bringing the Fearless Girl statue to Wall Street. But she cites — and she has a lot on her plate. Most notably, she So Grove has made it her as one of her most important achievements over the past is leading the charge on the launch of the company’s goal at State Street to make year one that received far less public attention. A longtime nationwide, digital-only bank, which is expected to be executives better at storytelling. It’s a project she started advocate for LGBT rights, Grove led the charge on extending up and running in late 2018. several years ago, when the Boston custody bank began fertility benefits to same-sex couples at State Street. Technology has been a key focus for Larrimer. sponsoring TED talks. As part of the sponsorship, several Grove was made aware of an issue with those benefits by She continues to serve on the board of PNC’s Center State Street executives learned how to tell stories onstage. another employee. Under the company’s insurance policy at for Financial Services Innovation at Carnegie Mellon Grove took the project one step further last year, launching the time, employees were required to prove infertility in order University, where she has overseen projects related State Street Live, a two-day event that featured TED-style to receive coverage for surrogacy, in vitro fertilization or other to quantitative marketing models and cybersecurity. talks from State Street executives, as well as influential names fertility services. She brought the matter to the attention of She also serves on the board of numo, PNC’s fintech in fintech, such as Dan Schulman, the CEO of PayPal. In human resources and, within two months, State Street had incubator, which wrote the code for the digital bank. the coming year, State Street plans to offer similar events revised its policy.

americanbanker.com October 2018 American Banker 71

071_ABM_1018 71 9/10/18 4:34 PM Anne Clarke Wolff Head of Global Corporate Banking and Global Leasing Bank of America

Amid a rough couple of years for commercial bankers across the country, Anne Clarke Wolff has found innovative ways to 19serve customers at Bank of America. Wolff recently launched an initiative known as Workplace Financial Solutions to provide corporate customers with benefits for their employees, including financial wellness, executive wealth management and other forms of benefit plan administration. The initiative is still in its early stages, but it is starting to gain traction. For instance, BofA has begun providing on-site financial services to employees of one of its large corporate customers in the technology industry. It also built the firm a customized mobile app. The move has attracted new customers to BofA’s retail bank, according to Wolff. “We have had great success in acquiring thousands of new clients for Bank of America, while helping our client provide much-needed financial products and solutions for its employee base,” she said. Wolff’s division serves more than 2,200 large companies across the globe, with products and services ranging from investment banking to capital markets and wealth management. Additionally, she oversees a leasing unit with roughly 64,000 clients in 10 countries. Wolff says “intellectual curiosity” has been critical to her career success. She has held senior-level roles in a range of business lines during her more than 25 years in banking, including head of fixed income at Citigroup and head of global sales for treasury and securities services at JPMorgan Chase.

72 American Banker October 2018 americanbanker.com

072_ABM_1018 72 9/10/18 4:34 PM Amy Brady Chief Information Officer and Technology and Operations Executive KeyCorp

The only reason Amy Brady even considered a career as a chief information officer was that 20one of her early mentors suggested it. After graduating from college with degrees in music and psychology, Brady accepted a job at NCNB, a predecessor to Bank of America, entering a training program for retail and Teresa Tanner commercial bankers. Over the course of more Chief Administrative Officer than a decade, Brady climbed the ranks on the business side of the company. Fifth Third Bancorp When she was hired to work in BofA’s technology division, in 2004, she thought it After rising to the top of her field in human resources, Teresa would just be for a short stint, as it wasn’t her Tanner began to feel stuck. primary area of training. But two years into It was a surprising feeling, given that at the time Tanner the role, her boss at the time, Marc Gordon, 21was receiving national media attention for a concierge turned to her to say he was impressed with her program she created to provide assistance to new mothers. performance. Still, as chief administrative officer, she had few options “You could be a CIO,” said Gordon, who is available to her if she wanted to continue moving now CIO at American Express. upward. The simple vote of confidence helped So she made a decision: It was time to expand her skill set crystallize for Brady where she wanted to take and get out of HR. the rest of her career. Tanner hired a chief human resources officer and “There’s always something about the outside relinquished responsibility for that role. She then took on perspective of a mentor who can point out central operations, which includes back-office functions, such possibilities that aren’t always apparent to as check processing and call center operations. And she others or to you,” Brady said. formed a culture team, which will oversee projects such as the Years later, Brady is now the top technology design of open-office workspaces. executive at KeyBank, where she has won She now oversees 3,000 employees, in areas ranging from praise for leading the company’s integration marketing to economic development, at the $140 billion-asset with First Niagara following its July 2016 bank. acquisition. According to Tanner, many women who reach the C-suite Developing a more innovative culture at Key often feel stuck, since there are few opportunities left for big has been a big priority for Brady over the past promotions. But actively pursuing new ways to grow — and year. The Cleveland regional bank, for instance, asking for new responsibilities — is an effective way to handle recently held its first Innovation Day, during it. which employees were encouraged to submit “Not everything has to be upward to make a difference,” ideas for process improvements. Tanner said. “You want to rotate to a new type of value.” Brady has also established a Digital Tanner said she enjoys the challenge of overseeing a new Business Automation Center of Excellence, team — particularly one that focuses on fostering a culture of a group responsible for automating manual innovation at such a critical time in banking. processes, with the goal of making Key more “Part of the magic of a career is being open to change,” she efficient over time. said.

americanbanker.com October 2018 American Banker 73

073_ABM_1018 73 9/10/18 4:34 PM Helga Houston Chief Risk Officer Huntington Bancshares

Like many senior bank executives, planning, which, she said, required Helga Houston attributes some of “indirect leadership,” or working her success to bosses who pushed with executives across diverse Sandy Pierce her22 out of her comfort zone and departments and with financial Senior EVP, Private Client Group, into new career opportunities. regulators. So now she’s paying it forward. The transition has gone well, Regional Banking Director and Houston cites the opportunity she said. “He hit the ball out of the Chair of Michigan to mentor up-and-coming park. I could not be more thrilled Huntington Bancshares leaders at the $105 billion-asset with having made that choice.” Huntington as one of the best In her day-to-day role, Houston It took Sandy Pierce nearly two decades and several parts of her job. While she works is responsible for overseeing big promotions in banking to gain the confidence to with several young employees, Huntington’s annual capital talk about her modest upbringing with colleagues. there’s one she is particularly plan and maintaining its solid 23Pierce grew up in Detroit, where she lived with her proud of. credit quality. On that front, the family above the bar her parents owned. She was The employee, whose name company’s performance has been one of 10 children and the only one to graduate from Houston would not disclose, was a strong: Nonperforming assets fell college, with scholarships making her degree from top performer in his finance role, 19% last year, to $389 million. Wayne State University possible. and Houston wanted to give him a It’s a big job, but despite the Given that she was surrounded mostly by affluent bigger challenge. “I had a sense in demands on her time, Houston male colleagues from top-tier schools, she worried working with him quite a bit that makes identifying and helping that discussing her background would hurt her career. he had the capacity to do more, emerging leaders a priority. “I actually began to think as I was getting but needed a role that would push “I invest a lot in finding that promoted that, if people knew, it might stymie me,” that leadership,” she said. time with colleagues to just sit Pierce said. “It might be an unconscious bias.” Houston encouraged him down and understand what their But now she uses her influence as a senior to switch to a job in capital aspirations are,” she said. executive to help encourage others from working- class backgrounds. “I say all the time, ‘Don’t let anybody tell you that where you came from, or how you were brought up, or where you were educated, make you not good enough,’ ” she said. At Huntington, Pierce serves on the executive committee and leads several revenue-generating businesses, including wealth management, insurance and auto finance. Pierce joined Huntington in 2016, when the Columbus, Ohio, company acquired her previous employer, First Merit. Among her most significant accomplishments last year was merging the wealth units of the two banks and rebranding the business as Huntington Private Bank. CEO Stephen Steinour said that the business is “thriving” under Pierce’s leadership, far exceeding its first-year loan and deposit targets.

74 American Banker October 2018

074_ABM_1018 74 9/10/18 4:35 PM Congratulations to the Top Women in Banking Teams TD celebrates all women leading the way in the workplace. We proudly honor our Women in Leadership for their vision, passion and for creating a “bank of choice” for colleagues, customers and community. Working together for a more inclusive future. Learn more at td.com/thereadycommitment.

Member FDIC | TD Bank, N.A.

075_ABM1018 75 9/7/2018 1:58:44 PM Patricia Husic President and CEO Centric Financial

Making it to the C-suite requires Pennsylvania markets Centric serves. an outrageous amount of grit.” ambition, intelligence and confidence, Husic said she aims to serve as a Over the past year, Husic has made among other attributes. But for women, model of grit for younger employees — several big hires for Centric, appointing it24 requires grit most of all, according to showing, for instance, how to stick with a chief information officer to oversee Patricia “Patti” Husic. a job when “every fiber of your being cybersecurity and technology, as well It’s a lesson Husic learned firsthand in is unnerved,” or how to hold your own as a social media manager to boost the 2007 when she formed Centric while she as a community banker in investment company’s digital presence. was a single mother, putting together a banking circles, she said. Centric also added a 25,000-square- deal to buy a troubled bank and putting “It’s a trait I have learned to cultivate, foot corporate office that houses her retirement savings at risk. Husic went and it’s a trait I hope to model for other roughly 60 employees. The addition on to lead Centric Financial through team members in our bank,” Husic said. comes during a period of strong growth the financial crisis. More recently, she “You can’t buy it, you can’t get a degree for Centric. Net loans in 2017 rose 16% took the bank into new directions by in it, and it’s difficult to describe, but from a year earlier, to $491 million. Total carving out commercial niches in the success for women in banking demands assets increased 15%, to $556 million.

Diana Reid Head of PNC Real Estate PNC Financial Services Group

Diana Reid has made the based anywhere can participate through webcasts and listen advancement of women one to livestreams. of her top priorities at PNC It’s fitting that Reid has invested time in encouraging —25 and has recruited men to employees to communicate with each other, as she describes support the cause. the ability to listen well as crucial for leaders. “The most Reid has been an adviser for a pilot program that PNC runs important practice to drive success is listening,” she said. “Only with the Forte Foundation to encourage more men to act as listening will drive insights and teamwork.” advocates and mentors for women in the workplace. The “Men Quoting Dan Gilbert, founder and chairman of Quicken as Allies” program involves 50 men from across the company Loans, she said, “ ’I never learned anything by talking.’ ” and includes workshops on topics such as communication As head of PNC’s real estate division, Reid oversees a skills and self-awareness. business with $38 billion in loans outstanding and 1,000 Reid is also an executive sponsor of Women Connect, a employees in 30 offices across the country. resource group at PNC that fosters female leadership and Her division provides banking services to real estate provides networking opportunities. The group has chapters in developers and investors. It also sponsors syndicated funds 18 of PNC’s markets across the country. Last year, Reid was for investors in low-income housing tax credits, among other instrumental in starting a virtual chapter, so that employees services.

76 American Banker October 2018

076_ABM_1018 76 9/10/18 4:35 PM PAULETTE MULLINGS BRADNOCK Celebrating CHIEF AUDITOR, BNY MELLON Excellence

BNY Mellon is pleased to congratulate the women honored by American Banker for their outstanding achievements, far-reaching inﬂ uence and personal commitment to the ﬁ nancial services industry.

We are especially proud of our own American Banker

honorees Paulette Mullings Bradnock, Monique Herena MONIQUE HERENA and Michelle Neal, who continually inspire others and SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF HUMAN RESOURCES OFFICER, BNY MELLON pave the way for us all.

MICHELLE NEAL CHIEF EXECUTIVE OFFICER, BNY MELLON MARKETS

bnymellon.com

077_ABM1018 77 9/7/2018 1:58:45 PM Every great company has great leaders

At Bank of America, women make up more Cathy Bessant than 50% of our global workforce, more Chief Operations & Technology Officer than 40% of our global management team Second consecutive year in top spot on 25 Most Powerful and more than 30% of our independent Women in Banking board of directors.

Candace Browning From all of us at Bank of America, Head of Global Research, Head of congratulations to these leaders who are Global Banking & Markets Financial Technology Investments

empowering the thousands of women 25 Most Powerful Women in Finance in our company and supporting them to reach their career goals. Anne Finucane Vice Chairman, Bank of America Your recognition reinforces and honors and Chairman of the Board, our commitment to helping our female Bank of America Merrill Lynch Europe 25 Most Powerful Women in Banking teammates make meaningful contributions within our company and around the world. Andrea Smith Chief Administrative Officer

25 Most Powerful Women in Banking

Anne Clarke Wolff Head of Global Corporate Banking and Global Leasing

25 Most Powerful Women in Banking

078_ABM1018 78 9/7/2018 1:58:45 PM 25 WOMEN TO WATCH

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079_ABM_1018_r 79 9/10/18 4:46 PM Mary Mack Head of Community Banking and Consumer Lending Wells Fargo

Is there any banker in America who has more on intertwined — expect to see more mortgage her plate than Wells Fargo’s Mary Mack? and auto lenders setting up shop in branches, for Already the head of Wells’ community bank, example — “there is great opportunity to serve which is still dealing with the fallout from the customers in an even more integrated way,” phony-accounts scandal that came to light two Mack said. years ago, Mack late last year was also put in Still, those mortgage and auto lending viola- charge of consumer lending, which includes two tions did nothing to help Wells’ flagging reputation, lines of business, mortgage and auto lending, that so Mack is well aware that boosting employee are grappling with reputational problems of their morale is still a big part of her job. own. Much as she did with branch employees in the Add it all up and Mack, a direct report to CEO wake of revelations about abusive sales practices, Tim Sloan, now oversees the nation’s largest Mack spent the early1 part of the year traveling the branch network, mortgage operation and small- country meeting with consumer lending teams and business lender, as well as the third-largest auto urging them to speak up when they see something lender. wrong or have ideas for improving processes. Combined, the community banking and con- It’s all part of a broader effort to help Wells sumer lending units have nearly 110,000 employ- regain the trust of customers. ees, accounting for almost half of Wells’ total U.S. On Mack’s watch, Wells has eliminated product workforce. sales goals within branches and simplified pro- It’s tempting to say that Mack got tapped to cesses so that front-line employees are empow- head consumer lending because she has experi- ered to make decisions, such as a waiving a fee, on ence with business units plagued by scandal. It the spot. was Mack who the company turned to in July 2016 Wells also has rolled out such customer-friendly to clean up the community bank, so it seemed rea- features as low-balance alerts, and fee-free over- sonable that Sloan would trust her to fix problems drafts if the customer has a direct deposit coming in the mortgage and auto arms that had been in that night. flagged by regulators for overcharging custom- The results of these efforts have been encour- ers and selling them add-on products they didn’t aging. New account openings, which declined need. during much of 2017, are once again on the rise But Mack said the move to combine consumer and customer attrition is at a five-year low. Impor- lending with community banking was all about tantly, employee turnover is also declining. serving customers better. It’s a challenge running two huge business lines, Consumer loans often originate in branches but Mack said she can do it because she has a and many depositors have mortgages or other great team of leaders who are all focused on the loans with Wells, so Mack said it made sense to same goal: making banking easier for customers. merge business lines in which there is so much “At the end of the day we are all serving cus- overlap. As the businesses become even more tomers,” she said. — Alan Kline

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081_ABM_1018_r 81 9/10/18 4:46 PM Ernie Johannson Group Head, U.S. Personal Allison Dukes and Business Banking Chief Financial Officer BMO Harris Bank SunTrust B anks

BMO Harris Bank has made significant strides in recent years Allison Dukes’ rise divisions into five. attracting retail and small-business customers, and now it’s up through SunTrust Banks’ Though Dukes held the to Ernie Johannson to keep the momentum going. management ranks has position for less than a year, Johannson took over as the Chicago bank’s head of been unusually swift. the business thrived under 2personal and business banking in February, following a two- 3Since 2011, when she her leadership, generating year stint as chief risk officer and head of North American headed up record retail credit at the BMO Harris’ Toronto-based parent, BMO syndicated revenue and Financial. Her mandate is to accelerate growth and improve finance net income profitability in this crucial business line, while speeding up the originations for 2017. unit’s digital transformation. for SunTrust’s Since 2012, Still, BMO Harris is best known as a commercial bank, investment Dukes has and Johannson said its strategy for signing up more retail banking also served and small-business customers is strengthening its digital arm, Dukes as the chief capabilities. On the retail side, that could include building has been financial more advice-driven capabilities into its digital platforms and promoted officer five times, consumer most banking recently in March, when and private wealth she was tapped to replace management, co- Aleem Gillani as chief head of private wealth financial officer. She is the management and chairman first female CFO in the and CEO of the Atlanta Atlanta bank’s history. market. William Rogers Jr., The promotion was in SunTrust’s chairman and large part a recognition of a CEO, attributes Dukes’ job exceptionally well done meteoric rise to a “passion in her previous role as head for clients and a drive for of commercial and business excellence.” banking. Her key initiatives Dukes, who joined included launching a new SunTrust in 1997, says that business line dedicated her approach to customer customizing the experience so that users decide what they to the senior housing service has been shaped want to see first when they click on the bank’s website or open industry and expanding largely by what she has the mobile app. SunTrust’s commercial learned from one of her On the small-business side, the bank is looking to build its lending operations into two mentors, Dan Cathy, the own online lending platform to compete with fintechs that new markets, Texas and CEO of Chick-fil-A, whom typically approve and fund loans in a day or two. The bank Ohio. That expansion was she met a dozen years also needs to improve its business payments’ capabilities if it funded largely by the cost ago through a corporate hopes to attract more small-business customers, she said. savings stemming from apprenticeship program. “What you do on your phone as a small-business customer her decision to flatten the “I learned that what I should be the exact same thing you do as a retail customer,” division’s management do is not a ‘job,’ ” she says. said Johannson. “They all have to take and make payments, structure and consolidate “At SunTrust, we make an and the process has to be simpler and more seamless.” nine commercial banking impact in people’s lives.”

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082_ABM_1018_r 82 9/10/18 4:46 PM Celebrating banking’s most powerful women.

Congratulations to Ernie Johannson, Group Head, U.S. Personal and Business Banking, on being named one of the 25 Women to Watch.

We commend all of this years’ honorees including our own banking team, American Banker’s Most Powerful Women in Banking award honorees for the ninth year in a row.

® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.

083_ABM1018 83 9/7/2018 1:58:46 PM Jennifer Piepszak CEO, Chase Card Services JPMorgan Chase

By now, JPMorgan Chase employees have grown accustomed to receiving emails from longtime senior executive Jennifer Piepszak that are tagged 4with this: #GSD. It stands for “getting [expletive] done,” and including it in emails is Piepszak’s not-so-subtle way of reminding colleagues that, while she expects Yolande Piazza ideas to be thought out, analyzed and debated, CEO, Citi FinTech there comes a time for action and execution. Piepszak has held a number of high-ranking Citigroup posts at JPMorgan Chase over the past two decades, and it’s a testament to her ability to get As CEO of Citigroup’s innovation account opening, a 360-degree “stuff” done that the bank picked her last year to lab, Citi FinTech, Yolande view of all financial accounts — run one of its most consequential business lines. Piazza encourages her team not just those with Citi —and Chase Card Services is the nation’s No. 1 issuer 5to think boldly and to not take tools for managing spending and of consumer and business credit cards, with 22% it personally when ideas are encouraging saving. market share and roughly $145 billion of loans rejected. If team members expect Piazza, a 31-year Citi veteran, outstanding, and it is the world’s largest issuer of to hear “yes” every time they was named CEO of the fintech cobranded credit cards. propose an idea, she argues, then arm in March 2017 after serving Piepszak took over as CEO on Feb. 1, 2017, two it means they aren’t pushing hard as interim CEO for seven months. weeks after the bank signed a deal to become enough. She had previously been the unit’s the exclusive issuer of the Amazon Prime credit It’s a leadership style that is chief operating officer. card. She and her team hit the ground running by serving Citi well as the lab, on With a vast technology overseeing the launch of the high-profile card and Piazza’s watch, keeps rolling out background, Piazza has been a continued the momentum by striking new card groundbreaking technology. powerful advocate for innovation. partnerships or renewing In just the last two years, it She is a sought-after speaker existing ones with the likes redesigned the Citi mobile app for industry events and she is of Starbucks,United Airlines, to combine banking, trading and currently serving a three-year Southwest Airlines, Marriott investing; rolled out a first-of-its- term as chair of Efma, a Paris- International, Hyatt Hotels kind open banking platform that based nonprofit that is dedicated and Expedia. has led to partnerships with some to the reinvention of financial The cards group has also 250 fintechs; developed a series services. Piazza is the first person been innovating. It recently of wealth management tools, from a U.S.-based bank to chair created new mortgage and including brokerage account the 47-year-old organization. private-client offers for users opening, for Citi’s mobile app; Piazza is passionate about of the high-end Sapphire Reserve card as part of an and launched a website, Canvas, bringing more young women effort to deepen relationships with customers whose where Citi customers can test new into tech fields. She recently only product with Chase is a credit card. digital services before they hit the became global ambassador for Piepszak had previously been CEO of Chase market and offer feedback to the a campaign developed by the Business Bank, and one of her key achievements in developers. United Nations Entity for Gender that role was forging a partnership with the online Coming soon: a redesigned Equality and the Empowerment of lender OnDeck. Chase Business Capital, powered by mobile app for Citi’s U.S. retail Women that aims to help create OnDeck’s technology, went live in April 2016. bank that will include in-app more opportunities for women.

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084_ABM_1018_r 84 9/10/18 4:46 PM Ranjana Clark Chief Transformation Officer MUFG

Ranjana Clark already had two large jobs — head of transaction banking for the Americas and Bay Area president for MUFG. But she may be taking on her biggest challenge yet, having 6been named in March to the newly created role Yolande Piazza of chief transformation officer. CEO, Citi FinTech She is tasked with making MUFG “an agile organization powered by a resilient, flexible Citigroup technology and data stack,” Steve Cummings, CEO for the Americas, told her at the time. account opening, a 360-degree In her first two roles, Clark had a banner year. view of all financial accounts — Revenue for transaction banking grew by 19%. to not just those with Citi —and $1.2 billion, and net income after taxes rose 30%, tools for managing spending and to $461 million, during 2017. She also deepened encouraging saving. relationships with Bay Area customers. Piazza, a 31-year Citi veteran, Her work in the new transformation job, was named CEO of the fintech however, is just gearing up. Clark is driving the arm in March 2017 after serving company’s adoption of technology, including as interim CEO for seven months. process automation, artificial intelligence, cloud She had previously been the unit’s computing and blockchain. chief operating officer. “I came from the business side, but have some With a vast technology background in technology,” Clark said. “I want to background, Piazza has been a make sure we drive that strong nexus and tight powerful advocate for innovation. link between the business and the technology to She is a sought-after speaker ensure that everything we’re doing in terms of for industry events and she is modernizing our technology — putting in a new currently serving a three-year data platform, putting in a new core banking term as chair of Efma, a Paris- system, all of that — is improving the client based nonprofit that is dedicated experience and simplifying our business.” to the reinvention of financial Clark is a pragmatic technology enthusiast. services. Piazza is the first person Asked at an MUFG women’s forum this year for from a U.S.-based bank to chair advice on how to keep up with fintech’s impact the 47-year-old organization. on banking, Clark emphasized the need to Piazza is passionate about make a habit of absorbing information at every bringing more young women opportunity. into tech fields. She recently “Technology is part of every business,” she became global ambassador for said. “Keep learning and stay relevant. It’s not a campaign developed by the going to come from reading one book or taking United Nations Entity for Gender one class. You have to learn on a dynamic basis, Equality and the Empowerment of read blogs, and listen to podcasts. If a colleague Women that aims to help create says something or you hear about something more opportunities for women. that you don’t know, go and look it up.”

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085_ABM_1018_r 85 9/10/18 4:46 PM Ellen Patterson Group Head and General Counsel TD Bank Group

Another year, another promotion for TD In recommending Patterson for these though people have more flexibility in Bank Group’s Ellen Patterson. rankings, Masrani praised her “sharp where and how they work, they still want Patterson, who had been executive mind and strategic approach to problem to feel a personal connection to a team.” vice president and general counsel at solving” and said that she is “passionate” Another of Patterson’s top priorities 7the Toronto company, was elevated to about helping colleagues succeed. is improving the legal and compliance group head late last year. The promotion Patterson said that a big part of teams’ knowledge of all things was Patterson’s third since joining the leadership is showing up, and conveying technology. Her group has created a company in 2012 as general counsel of that message to up-and-coming series of courses and webinars that its U.S. subsidiary, TD Bank. leaders at TD is a priority. Whenever she are designed to give the roughly 1,400 Now, in addition to overseeing all travels — and she travels extensively — employees she oversees a better Fun Fact the legal and compliance functions for Patterson doesn’t just stick to scheduled understanding of such emerging tech as the $985 billion-asset global banking meetings; she drops in on lunch-and- biometrics and artificial intelligence and Kathie Andrade was recently accepted as a member of the giant, Patterson serves on the senior learns, diversity and inclusion events and how they will continue to change the Committee of 200, a foundation with a mission to fund pro- executive team, which is responsible for even volunteer functions, all in an effort ways consumers and businesses interact setting overall strategy. She is one of 10 to get to know colleagues on a more with their banks. group heads, and one of three women, personal level. “As my team hears me say regularly, reporting directly to President and CEO “Old-fashioned, in-person connection ‘You can’t advise on it or oversee it if you Bharat Masrani. still matters,” Patterson said. “Even don’t understand it,’” she said.

Bita Ardalan Head of Commercial Banking MUFG

MUFG may not be the largest commercial lender in the western United States, but under the leadership of Bita Ardalan it is arguably among the most disruptive. 8Over the last several quarters, Ardalan ditched the old compensation model used for her team in favor of an incentive-based one designed to help retain top performers and lure more of them away from other institutions. She spearheaded the development of a new term sheet process that has enabled lenders to make preliminary offers faster, putting them in a better position to win deals. And she built out a new niche business line lending to middle-market private equity groups. These and other aggressive moves are paying off. Though commercial loan demand has been tepid industrywide much of the last two years, MUFG has grown lending — particularly to middle-market firms — at a faster clip than its peers. Ardalan had previously headed middle-market lending and for years was a market president for the Los Angeles region. Her teams have consistently ranked among MUFG’s best performers, largely because Ardalan is never satisfied. “I consider the status quo to be the enemy,” she said. “I always want to know how can we learn and make things better for next time.”

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086_ABM_1018_r 86 9/10/18 4:46 PM Beth Johnson Chief Marketing Officer and Head of Virtual Channels though people have more flexibility in Citizens Bank where and how they work, they still want to feel a personal connection to a team.” Stay flexible. Another of Patterson’s top priorities That’s the career advice Beth Johnson shares is improving the legal and compliance most often. teams’ knowledge of all things 9Johnson has risen over three decades to technology. Her group has created a become chief marketing officer and head of virtual series of courses and webinars that channels at Citizens Bank. She did so by looking are designed to give the roughly 1,400 for opportunities rather than maintaining a fixed employees she oversees a better idea of where to go. understanding of such emerging tech as “I’m not a planner,” she said. “It’s more about biometrics and artificial intelligence and what opportunities exist, and how you think about how they will continue to change the the people there, and how you take advantage ways consumers and businesses interact of it.” with their banks. In August 2017, Johnson’s role expanded from “As my team hears me say regularly, leading the digital team and handling customer ‘You can’t advise on it or oversee it if you experience to also include overseeing the contact don’t understand it,’” she said. centers and aligning virtual channels with marketing, data and analytics. As one of Citizens’ most senior leaders, Johnson serves on its CEO Executive Committee, an 11-member group that sets strategy for the $159 billion-asset bank. She said an important lesson she learned at a Bita Ardalan young age was how to speak with confidence — Head of Commercial Banking even when she felt unsure. After graduate school, Johnson took a job MUFG working as an associate focused on interest rate derivatives at JPMorgan Chase. The company MUFG may not be the largest commercial lender in the western United States, required its associates to spend a week learning but under the leadership of Bita Ardalan it is arguably among the most how to deliver an effective presentation. disruptive. Johnson said she had a loud voice and a Over the last several quarters, Ardalan ditched the old compensation habit of talking with her hands. In critiquing model used for her team in favor of an incentive-based one designed to help her performance, executives said she was retain top performers and lure more of them away from other institutions. She “really good” when she spoke on topics that she spearheaded the development of a new term sheet process that has enabled lenders to make preliminary offers faster, knew a lot about, but “really bad” the moment she putting them in a better position to win deals. And she built out a new niche business line lending to middle-market private was asked to veer outside her comfort zone. equity groups. So they gave her this advice: “I just want you in These and other aggressive moves are paying off. Though commercial loan demand has been tepid industrywide much of the the back of your mind to say, ‘I am the expert, I am last two years, MUFG has grown lending — particularly to middle-market firms — at a faster clip than its peers. the expert, I am the expert,’” Johnson said. Ardalan had previously headed middle-market lending and for years was a market president for the Los Angeles region. Her She said doing this helped her convey a sense teams have consistently ranked among MUFG’s best performers, largely because Ardalan is never satisfied. of authority at meetings early in her career. “I consider the status quo to be the enemy,” she said. “I always want to know how can we learn and make things better for “I probably used that trick for five years ... and it next time.” just worked,” she said.

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087_ABM_1018_r 87 9/10/18 4:47 PM big change for Wells Fargo, Hope Hardison which had historically Chief Administrative Officer operated under a decentralized model that Wells Fargo encouraged business heads to set their own Outside of CEO Tim Sloan, Hope Hardison is the Wells Fargo agendas. executive who is most responsible for rebuilding the company’s The new model is damaged reputation. designed to put the good 10As chief administrative officer, Hardison oversees all of the company above the functions that touch on branding, culture and reputation, good of any one business including human resources, marketing, corporate social line. responsibility and a new unit, stakeholder relations, that Hardison was a driving encompasses investor relations, communications and force behind decisions to end government relations. She is also responsible for all data product sales goals for branch employees and to award stock management and all customer remediation, functions that options to 250,000 people at Wells Fargo who were previously until recently were handled within each line of business. not eligible for stock compensation. Hardison has been consolidating units that had previously She also helped develop the company’s “Re-established” been run independently since the phony-accounts scandal ad campaign and is leading its effort to commit more than $1 exploded two years ago and thrust the company into crisis. It’s million a day to philanthropic efforts.

Rosilyn Houston Chief Talent and Culture Executive BBVA Compass

For Rosilyn Houston, success billion-asset BBVA Compass continue to fall while employee at BBVA Compass is about engagement scores are trending upward. improving workplace culture, The company is also receiving external recognition. Last 11Houston, who took over year, for the first time, it landed on DiversityInc.’s list of top as the company’s chief talent 50 companies for diversity and inclusion, and received a and culture officer in July 2015, has created an employee perfect score of 100 from the Corporate Equality Index for its engagement council that meets regularly with top-level commitment to providing equal opportunities for lesbian, gay, executives, including CEO Onur Genc, to discuss ways to bisexual and transgender employees. improve the workplace and address policies that may be Houston has long felt a special obligation to help nurture outdated or too bureaucratic. the careers of women and minorities. She has beefed up employee benefits programs, adding She began her career as a teller and eventually rose to such perks as extended leave for new parents and even the head of consumer and commercial banking for the North an overnight breast-milk delivery service for new mothers Texas region. She had been a top producer for many years, traveling on business. She also has established an innovative but she believes she is having an even greater impact on the recruitment program aimed at attracting younger tech organization in her current role. workers and has strengthened initiatives to attract and retain “I work hard to be the chief builder of an internal culture women and minorities. that opens doors to all people, just as I had those committed The efforts are paying dividends. Turnover rates at the $88 to opening doors for me,” she said.

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088_ABM_1018_r 88 9/10/18 4:47 PM We honor the leadership of women in banking and finance. Let’s applaud their strength, recognize their vision and wish them continued success in our industry.

Discover® is proud to honor this year’s 25 most powerful women in banking and finance. Their achievement and vision are changing the industry — for us and for generations to come.

089_ABM1018 89 9/7/2018 1:58:46 PM Monique Herena Chief Human Resources Officer and Senior Jill Castilla EVP, Marketing and Communications BNY Mellon President and CEO

Citizens Bank of Edmond As Monique Herena sees it, financial firms are bypassing huge opportunities Jill Castilla spends at least two I know that we are helping them by14 failing to invest in industries that hours each week surrounded by become a better company by the Mary McNiff could increase economic opportunity for entrepreneurs and startups. resources we provide,” Castilla said. Chief Auditor women across the globe. Late last year, the president and “I feel a great sense of pride that I In her position as chair of the BNY 12CEO of Citizens Bank of Edmond get to be a part of those stories.” Citigroup Mellon Foundation, Herena last year transformed 15,000 square feet The past year was one of co-wrote a white paper that examined of unused office space into an innovation for the $262 million- Mary McNiff arguably has the most important the role investors could play in closing entrepreneurial center with co- asset Citizens. In addition to Vault auditing job in all of banking. the gender pay gap working options and programming 405, Citizens opened an unstaffed As the chief auditor at Citigroup, McNiff in both developing for small businesses. Today Vault banking office in Oklahoma City 13leads the industry’s largest auditing staff, with and developed 405 has about 50 people using the that booked $15 million in loans more than 1,800 employees scattered across countries. The space, with Castilla in the center within its first three months. dozens of countries where Citi does business. opportunity, the every week for various meetings. Outside of her own bank, Castilla McNiff joined Citi in 2012 from Lloyds report said, is not Vault 405 has attracted new remains a well-known speaker and Banking Group as transformational director just in investing business to Citizens, Castilla said. It influencer in the community banking for internal audit, later became chief auditor in women-owned has also positioned the bank as a sector. She is active on social media of the institutional group and then left the businesses, but also supporter and friend to the founders and often hosts bankers from auditing group in 2015 to become the chief in infrastructure, of early-stage companies. around the country who want to administrative officer for Latin America and such as clean water “Whenever you walk into the learn more about Citizens. She has Mexico in 2015. and energy, that space, to see the dozens of diverse been featured on over 20 podcasts McNiff returned to auditing in early 2017 would open more businesses that are represented about innovation and is a regular when Citi CEO Michael Corbat tapped her to doors for women — I know each of their stories and television and radio guest. succeed Mark Carawan as chief auditor after globally and Carawan was named head of compliance. unlock more than $300 billion a year in Corbat said at the time that McNiff earned economic activity by 2025. the promotion by dramatically improving the The research is provocative and it is controls at the company’s Citibanamex unit an example of how Herena is pushing in Mexico, as well as at its other operations BNY Mellon and its clients to think more throughout Latin America. broadly about financial inclusion and the Among McNiff’s key initiatives has been opportunity it presents. using technology to keep pace with the It’s an example, too, of the role Herena increased demands being placed on auditing is playing in driving change at BNY teams without substantially adding to Mellon. Herena heads human resources, headcount. Her group, which now includes marketing and communications and a new head of innovation, has invested her primary mandates are to raise BNY heavily in data analytics and robotics to help Mellon’s profile and position the bank as spot emerging risks, improve efficiency and the premier destination for top talent. ultimately speed up decision-making. Key to the effort is emphasizing At the same time, McNiff is committed the purpose of the work and bank’s to grooming the next generation of internal commitment to the markets it serves. auditors. She initiated the first-ever analyst Each year Herena and her team put out program for internal audit, which is designed a “people report” that celebrates the to train and mentor young auditors at the very innovations and accomplishments of its early stages of their careers. employees.

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090_ABM_1018_r 90 9/10/18 4:47 PM Herena’s plate is full, but that’s not stopping her from Monique Herena continuing her education. Last year, she earned a master’s Chief Human Resources Officer and Senior degree, her second, from Columbia University in change leadership and organizational psychology. EVP, Marketing and Communications BNY Mellon

As Monique Herena sees it, financial firms are bypassing huge opportunities 14by failing to invest in industries that Mary McNiff could increase economic opportunity for Chief Auditor women across the globe. In her position as chair of the BNY Citigroup Mellon Foundation, Herena last year co-wrote a white paper that examined Creating Mary McNiff arguably has the most important the role investors could play in closing auditing job in all of banking. the gender pay gap As the chief auditor at Citigroup, McNiff in both developing Opportunities 13leads the industry’s largest auditing staff, with and developed more than 1,800 employees scattered across countries. The dozens of countries where Citi does business. opportunity, the for all McNiff joined Citi in 2012 from Lloyds report said, is not Banking Group as transformational director just in investing Congratulations to Rosilyn E. Houston for internal audit, later became chief auditor in women-owned of the institutional group and then left the businesses, but also and all honorees in American Banker’s auditing group in 2015 to become the chief in infrastructure, “25 Women to Watch” administrative officer for Latin America and such as clean water Mexico in 2015. and energy, that McNiff returned to auditing in early 2017 would open more At BBVA Compass, we believe that one of when Citi CEO Michael Corbat tapped her to doors for women our strongest assets is our people. Each succeed Mark Carawan as chief auditor after globally and and every day, our team is passionate Carawan was named head of compliance. unlock more than $300 billion a year in about creating opportunities for our Corbat said at the time that McNiff earned economic activity by 2025. clients and the communities we serve. the promotion by dramatically improving the The research is provocative and it is controls at the company’s Citibanamex unit an example of how Herena is pushing Today we thank Rosilyn Houston, our in Mexico, as well as at its other operations BNY Mellon and its clients to think more Chief Talent and Culture Executive and throughout Latin America. broadly about financial inclusion and the Among McNiff’s key initiatives has been opportunity it presents. Senior Executive Vice President, for using technology to keep pace with the It’s an example, too, of the role Herena her inspiration and determination, increased demands being placed on auditing is playing in driving change at BNY and for living our promise of teams without substantially adding to Mellon. Herena heads human resources, creating opportunities for all. headcount. Her group, which now includes marketing and communications and a new head of innovation, has invested her primary mandates are to raise BNY heavily in data analytics and robotics to help Mellon’s profile and position the bank as spot emerging risks, improve efficiency and the premier destination for top talent. ultimately speed up decision-making. Key to the effort is emphasizing At the same time, McNiff is committed the purpose of the work and bank’s to grooming the next generation of internal commitment to the markets it serves. auditors. She initiated the first-ever analyst Each year Herena and her team put out program for internal audit, which is designed a “people report” that celebrates the BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, to train and mentor young auditors at the very innovations and accomplishments of its Member FDIC. Rev. 09/2018 / #528326 early stages of their careers. employees.

americanbanker.com 528326 - Rosilyn Houston Named Woman to Watch ABA.indd 1 October 2018 American Banker9/7/18 91 11:29 AM

091_ABM_1018_r 91 9/10/18 4:47 PM Liz Wolverton Avid Modjtabai Chief Strategy and Customer Experience Officer Head of Payments, Synovus Financial Virtual Solutions and Innovation Group As Synovus Financial’s chief superhuman.” Wells Fargo strategy officer, a job that includes This ability to broker solutions is responsibility for deciding how one of her greatest strengths and Avid Modjtabai is drawing on 25 years of bank resources are allocated, Liz is a big reason CEO Kessel Stelling experience leading a broad range of business 15Wolverton often has to play the role views Wolverton as one of his most lines to accelerate innovation at Wells Fargo. of referee. trusted advisers. 16Modjtabai led divisions as varied as Wolverton meets weekly with Named to the newly created human resources, information technology, department heads who tend to have position in early 2014, Wolverton consumer lending and internet services over competing priorities, and it is her job, has advised Stelling and the board the course of her career at Wells before she says, to “guide them to a shared of directors on virtually all of the transitioning in late 2016 outcome” that is best for the $31 company’s major decisions — from to the head of payments, billion-asset bank and its customers. its hefty investments in consumer virtual solutions and But it’s not easy. In one example lending to its corporate rebranding innovation group, a newly from earlier this year, two leaders to its recently announced deal to created post. who urgently needed to agree were acquire the $11 billion-asset FCB Modjtabai now oversees so unwilling to cede turf that they Holdings in Weston, Fla. That deal, all payment activities, began questioning Wolverton’s expected to close early next year, is digital transactions and a authority to make the call in the first Synovus’ first whole-bank acquisition wide range of back-office place. since 2006 and the biggest in the functions. Perhaps most “We ultimately arrived where company’s history. notably, she heads the we needed to, but the process was And her role keeps expanding. innovation unit that tests fatiguing,” Wolverton said. “I have In January, she was named head of and invests in emerging technologies aimed been surprised to realize [that] … marketing and customer experience, at simplifying and improving the customer the basic task of aligning business responsible for brand development experience. leaders on organizational priorities and deployment and ensuring that Modjtabai said that the role is her “most takes a level of determination and customers receive a consistent exciting” to date and that her experience endurance that sometimes feels experience across all channels. running internet services, IT and consumer lending will inform how her unit can stay on the leading edge. She has had challenges along the way. The mortgage and auto lending businesses she ran for five years consistently ranked among the industry’s leaders, but also were flagged for overcharging customers and selling add-on products they didn’t need. Still, Modjtabai has been a fixture on Wells’ leadership team and she remains a top adviser to CEO Tim Sloan. She attributes her growth as an executive to a willingness to take risks and accept roles in areas that were completely new to her. “I believe that life begins at the end of my comfort zone, and have always advocated saying ‘yes’ to new opportunities,” she said.

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092_ABM_1018_r 92 9/10/18 4:47 PM 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 Diane Reyes and Katia Bouazza, for being this year’s American Banker 16th 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

093_ABM1018 93 9/7/2018 1:58:48 PM to lead conference calls while sitting in a Barbara Duck hospital room receiving treatment. Chief Information Officer “I was new in my CEO role and we had lots of aggressive plans for the BB&T year,” Duck said. “I also knew that if I just sat home it might need be good for my the battle of her life. In February 2017, during the same week mental health.” Duck decided early on in her she was celebrating the birth of her By the time 2017 came to a close, treatment that she needed to be open first grandchild, BB&T’s Barbara Duck BB&T, under Duck’s direction, had with colleagues about her diagnosis so was told she had an aggressive form of opened a $300 million data center, that if she missed a meeting or didn’t 17breast cancer. rebuilt its cybersecurity backroom quickly respond to an email they would Duck had only been in her role as and, most notably, rolled out a new understand why. BB&T’s chief information officer for digital banking platform for customers Duck also believed it was important seven months when she received the with tools for budgeting and tracking to share her story more broadly in hopes diagnosis, and at the time her team was savings. The platform, U by BB&T, was of encouraging more women to be in the midst of radically transforming completed on schedule and under screened for breast cancer. She ended the bank’s client-facing and back-office budget and attracted 1.5 million users in up producing a powerful and moving technology. its first year. awareness video that went live on Over the next few months, Duck It’s a testament to Duck’s leadership BB&T’s website in October 2017; it has endured surgery, 19 rounds of radiation skills that BB&T was able to revamp been viewed more than 150,000 times and 15 rounds of chemotherapy, yet she much of its tech infrastructure in the on social media and was shared with somehow remained actively engaged in span of a year. It’s even more impressive the bank’s 37,000 employees as part of her work. It was not uncommon for her that it did so while its CIO was fighting a “Think Pink” campaign.

Laura Lee Stewart President and CEO Sound Community Bank

When Laura Lee “Laurie” Stewart Stewart emphasizes the need for perseverance, noting that was offered a full scholarship there have been times when she reached for a goal that didn’t to the University of Chicago, immediately materialize. her father insisted she turn it For instance, she wasn’t even the first choice for her current down.18 Her parents, who hadn’t role. At the time, Sound was still a small credit union. The graduated high school, had encouraged her to get good board initially extended an offer to a man who worked for a grades, but didn’t necessarily expect her to go on to college. big bank. He accepted, but then backed out after realizing “His rationale was that girls only went to college to find how different running a credit union would be. husbands,” Stewart said. “It was a generational thing.” Stewart was the No. 2 pick. She took the job, and has But Stewart charted a different course, starting as a bank run with it ever since. Stewart has grown Sound from a $38 teller while a freshman at the University of Washington and million-asset credit union that served the grocery industry into rising to become one of the most respected women in the a $685 million-asset, publicly traded bank. industry. She has been president and CEO of what is now Stewart also has left her mark on the industry through Sound Community Bank in Seattle since 1989. advocacy. She was one of six community bankers who met “Women often think that other successful women got there with President Trump last year, has advised regulators and has because of an Ivy League education or a silver spoon and been active in trade groups. She is currently vice chair of the went directly to the top,” she said. “But that’s not my story.” American Bankers Association.

94 American Banker October 2018

094_ABM_1018_r 94 9/10/18 4:47 PM ongratulations

Kate Quinn Leslie Godridge Gunjan Kedia Vice Chairman Vice Chairman Vice Chairman and Chief Corporate and Wealth Management and Administrative Officer Commercial Banking Investment Services

2018 Most Powerful Women in Banking and Finance

We proudly recognize Kate Quinn, Leslie Godridge and Gunjan Kedia among the honorees. These esteemed women are trailblazers, innovators and problem solvers at U.S. Bank. We’re thankful for their passionate leadership and inspiring commitment to excellence.

Thank you to all our women leaders! We value your many contributions to the financial industry.

095_ABM1018 95 9/7/2018 1:58:48 PM Jane Russell Luanne Head of Customer Experience and Retail Sales Strategy, Delivery and Cundiff Operations President and CEO TD Bank First State Bank of St. Charles TD Bank bills itself as America’s Most Convenient Bank, but even Jane Russell, its head of customer Luanne Cundiff acknowledges that a experience,19 admits that its customer service over the 20career in banking was not even on her years has not always been consistent. radar when she entered college some She said that’s because the U.S. unit of Toronto- three decades ago. based TD Bank Group is an amalgamation of more “The only concrete idea I had was than a dozen bank acquisitions over the last 15 years, that I wanted to make a difference in and many of those entities continued to do things whatever field I chose and whatever city their own way even after being integrated into TD. I landed in” after graduation, she said. “As we grew, this lack of consistency was evident,” It was by chance that her school, Russell said. “Our customer experience and sales Western Illinois University, had recently results were not up to our standards.” started a banking program led by a That’s beginning to change, thanks in large part to former executive at Boatmen’s Bank. Russell, who, among other things, oversees all of TD’s Cundiff, who was majoring in finance, 1,200 branches stretching from Maine to Florida, as well as its ATMs and call centers. A longtime executive within the company’s Canadian ranks, Russell was asked by senior management to relocate to the U.S. in 2016 to help boost the performance of its retail operations here. Since then, she has launched what she calls a “customer experience framework” designed to address gaps in its messaging and make customers’ lives easier through upgrades to its digital products, ATMs and call centers. She also began rolling out an in-store employee Three years into her role as training program that establishes routines, standards chief information officer, and criteria so that the way branch employees Jennifer Smith is leading engage with customers is consistent across the the largest employee group footprint. The program has been fully launched in at Zions Bancorp. — it Pennsylvania and New Jersey and is now being rolled makes up more than 20% out in Florida and New York. of the workforce — and the The efforts are working. In J.D. Power’s most recent deployment of a core banking customer satisfaction rankings for retail banks, TD service conversion, one of the first of its kind nationwide. was ranked No. 4 in the mid-Atlantic region, up from Smith oversees the Salt Lake City company’s replacement No. 18 a year earlier and No. 2 in the Southeast, up of an aging core loan and deposit processing system with from No. 7 in 2017. a system known as FutureCore. Few other U.S. banks in the TD President and CEO Greg Braca, said that country have undertaken such a task given the cost and Russell’s impact on service has been “remarkable.” potential disruption to day-to-day business, but the $66 “Her leadership, innovation, determination and billion-asset Zions plans to invest hundreds of millions of enthusiasm have helped make our organization dollars in the conversion — the largest tech project in its better,” he said. history — over multiple years.

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096_ABM_1018_r 96 9/10/18 4:47 PM decided to enroll in one of according to Federal Deposit Jane Russell Luanne his courses and the rest is Insurance Corp. data. Head of Customer Experience and history. The $383 million-asset “After taking a couple of First State is widely regarded Retail Sales Strategy, Delivery and Cundiff President and CEO courses, it became clear to as one of the region’s best Operations me that my initial goal of corporate citizens, so it’s TD Bank First State Bank of making a difference and the not a stretch to say that its St. Charles reality of the profession were success can be traced in part TD Bank bills itself as America’s Most Convenient one in the same,” she said. to its commitment to the Bank, but even Jane Russell, its head of customer Luanne Cundiff acknowledges that a Cundiff, who began her communities it serves. experience,19 admits that its customer service over the 20career in banking was not even on her career as a bank examiner, joined First Last year, employees of the small years has not always been consistent. radar when she entered college some State Bank of St. Charles in 1998 as a bank donated nearly 2,500 hours of She said that’s because the U.S. unit of Toronto- three decades ago. vice president and, after steadily moving volunteer service to more than 40 local based TD Bank Group is an amalgamation of more “The only concrete idea I had was up the ranks, was named president in organizations, and Cundiff herself is one than a dozen bank acquisitions over the last 15 years, that I wanted to make a difference in 2014 and CEO in 2016. of the most visible leaders in St. Charles and many of those entities continued to do things whatever field I chose and whatever city In 2017, Cundiff’s first full year as County, having served as the immediate their own way even after being integrated into TD. I landed in” after graduation, she said. CEO, the bank earned a record $4.1 past chair of both the county’s “As we grew, this lack of consistency was evident,” It was by chance that her school, million, thanks primarily to strong economic development center and its Russell said. “Our customer experience and sales Western Illinois University, had recently loan growth, and the momentum has workforce investment board. results were not up to our standards.” started a banking program led by a continued in 2018. Through the first She has twice been named by the That’s beginning to change, thanks in large part to former executive at Boatmen’s Bank. six months, net income was up nearly readers of the St. Louis Post-Dispatch as Russell, who, among other things, oversees all of TD’s Cundiff, who was majoring in finance, 44% over the same period last year, a “Best Volunteer of Charles County.” 1,200 branches stretching from Maine to Florida, as well as its ATMs and call centers. A longtime executive within the company’s Canadian ranks, Russell was asked by senior management to relocate to the U.S. in 2016 to help boost the performance of its retail operations here. Since then, she has launched what she calls Jennifer Smith a “customer experience framework” designed to Chief Information Officer address gaps in its messaging and make customers’ lives easier through upgrades to its digital products, Zions Bancorp. ATMs and call centers. She also began rolling out an in-store employee Three years into her role as The first implementation of the project went live in May training program that establishes routines, standards chief information officer, 2017. Now Zions is on track for the next phase, consolidating and criteria so that the way branch employees Jennifer Smith is leading six separate components of its commercial and construction engage with customers is consistent across the 21the largest employee group lending system. footprint. The program has been fully launched in at Zions Bancorp. — it Smith was promoted to information chief in late 2015, after Pennsylvania and New Jersey and is now being rolled makes up more than 20% serving as the director of enterprise operations. Before that, out in Florida and New York. of the workforce — and the she was the chief auditor. The efforts are working. In J.D. Power’s most recent deployment of a core banking In her various roles at Zions, Smith has been dedicated to customer satisfaction rankings for retail banks, TD service conversion, one of the first of its kind nationwide. empowering women. Several years ago she joined three other was ranked No. 4 in the mid-Atlantic region, up from Smith oversees the Salt Lake City company’s replacement women leaders to head a working group with the goal of No. 18 a year earlier and No. 2 in the Southeast, up of an aging core loan and deposit processing system with developing and supporting women in the organization. They from No. 7 in 2017. a system known as FutureCore. Few other U.S. banks in the conducted interviews and surveys to assess the sentiment of TD President and CEO Greg Braca, said that country have undertaken such a task given the cost and women around the organization, and made recommendations Russell’s impact on service has been “remarkable.” potential disruption to day-to-day business, but the $66 that led to greater female representation at Zions. “Her leadership, innovation, determination and billion-asset Zions plans to invest hundreds of millions of A program Smith created led to the formation of the enthusiasm have helped make our organization dollars in the conversion — the largest tech project in its Women in Technology recruitment initiative, which was better,” he said. history — over multiple years. established by one of Smith’s direct reports.

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097_ABM_1018_r 97 9/10/18 4:47 PM Paulette Mullings Dana Abraham Bradnock President, Personal Banking Chief Audit Executive UMB Financial BNY Mellon was able to execute on her key priorities for the year, which included developing a three-year strategic plan for her group, No one will ever accuse A good leader, it is often said, leads by example. A great one overseeing the rollout of new data analytics tools aimed at Dana Abraham of being gets down in the trenches with her team even as she is dealing improving efficiency of internal audits, and completing a top- afraid of change. with health issues and the demands of her job are pulling her to-bottom review of the bank’s risk culture. And she did it all 24Since taking over as 22in multiple directions. while battling an undisclosed illness. president of personal That was Paulette Mullings Bradnock, the chief audit Bradnock manages a global team of more than 350 banking at UMB Financial executive at BNY Mellon, in early 2017. auditors and reports to the audit committee of the board and three years ago, Abraham At the time, the bank was undergoing an intense regulatory CEO Charles Scharf. She actively mentors up-and-coming has transformed the way the examination and significant internal auditing resources were leaders, but is also a big fan of reverse mentoring and meets Kansas City, Mo., company diverted to that effort. That left Bradnock often doing tasks monthly with Jordan Rickard, a millennial-aged vice president delivers services to and that might typically be assigned to auditors several rungs in the bank’s corporate lending division. interacts with its clients. below her, such as pulling documents and writing responses to Bradnock said that thei sessions have helped her gain Abraham has torn regulators’ queries. a better understanding of corporate lending and have down the walls that once Still, despite the increased demands on her time, Bradnock influenced how she engages with millennials on her own team. separated the two business lines she oversees — consumer banking and private wealth management — and merged their leadership teams to Debbie Crowder encourage more active Head of Branch Banking collaboration between the units. SunTrust Banks She has eliminated Debbie Crowder heads SunTrust companies to help improve customer and employee loyalty. the traditional Banks’ most high-profile business Crowder, who oversees all retail banking and wealth tellers and line — its branch network — and management activities distributed through branches, is replaced them she takes seriously the position equally passionate about making a positive difference in the with universal 23she is in to improve the lives of markets served by the $208 billion-asset SunTrust. bankers who employees and the customers and communities they serve. She was the driving force behind the development and have been Recognizing that many branch employees weren’t being creation of the SunTrust Financial Confidence Center in trained to promoted or were struggling in new roles, Crowder a few Memphis, Tenn., where area residents can receive one-on- evaluate and underwrite years ago created a leadership-development program geared one counseling on a range of financial issues, from money consumer loans. And primarily toward staff at SunTrust’s more than 1,200 branches management to homeownership to starting and growing her team continued to in 10 states and the District of Columbia. a business. The center, developed in partnership with the revamp the bank’s wealth The five-day, off-site program, led by senior SunTrust nonprofit Operation Hope, has served roughly 10,000 clients management offerings, employees as well as outside instructors, is designed to since it opened in August 2017. most recently launching enhance knowledge of the bank’s products, services and Crowder says she has been leading with a “renewed an online investing tool for mission and help midlevel managers in particular engage purpose” since her husband of 40 years died of cancer last high-net-worth households and inspire their direct reports. This and other leadership year. “When you experience a life-altering tragedy, you that will soon be available to development programs in which Crowder is actively involved become acutely aware of what matters,” she said. “You also households with as little as helped earn her a prestigious “culture champion” award last learn that we all have a brief window of time to make a $25,000 to invest. year from BI Worldwide, a consulting firm that works with difference.” The moves were all aimed

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098_ABM_1018_r 98 9/10/18 4:47 PM Dana Abraham President, Personal Banking UMB Financial was able to execute on her key priorities for the year, which included developing a three-year strategic plan for her group, No one will ever accuse at providing better service overseeing the rollout of new data analytics tools aimed at Dana Abraham of being to the bank’s retail clients Patricia Kellerhals improving efficiency of internal audits, and completing a top- afraid of change. — associates are trained Director of Retail Banking to-bottom review of the bank’s risk culture. And she did it all Since taking over as to prioritize clients’ interests 24 Commerce Bank while battling an undisclosed illness. president of personal above sales goals — and the Bradnock manages a global team of more than 350 banking at UMB Financial results have been promising. auditors and reports to the audit committee of the board and three years ago, Abraham Personal banking is among Patricia “Patty” Kellerhals has had her share of mentors and CEO Charles Scharf. She actively mentors up-and-coming has transformed the way the the fastest-growing business role models over the course of her 41-year banking career, leaders, but is also a big fan of reverse mentoring and meets Kansas City, Mo., company lines with the $21 billion- but few have influenced Commerce Bank’s head of retail monthly with Jordan Rickard, a millennial-aged vice president delivers services to and asset UMB, with more than banking25 more than her own mother. in the bank’s corporate lending division. interacts with its clients. 60% of its new business Kellerhals said that her mother, Alice, was the center of Bradnock said that thei sessions have helped her gain Abraham has torn coming from existing her family and her community and was always organizing a better understanding of corporate lending and have down the walls that once relationships. Consumer loan events and taking care of neighbors in need. influenced how she engages with millennials on her own team. separated the two business pipelines, meanwhile, are “She had a take-charge personality and believed there lines she oversees — larger than they have ever was nothing she couldn’t tackle,” Kellerhals said in an consumer banking and been, as more and more of interview published on Commerce’s blog earlier this year. private wealth management its universal bankers have “Her typical response to any challenge was, ‘Well, let’s just — and merged their become been certified to get it done.’ ” leadership teams to evaluate loans. Kellerhals inherited that same get-it-done attitude and Debbie Crowder encourage more active Abraham’s group is it is why she has for decades been called upon to lead big, Head of Branch Banking collaboration between the responsible for $1.4 billion of transformational projects at the now $24 billion-asset bank. units. loans, $10.4 billion Starting back in 1989, when Commerce first introduced SunTrust B anks She has of assets under personal computers in its branches, it was Kellerhals who eliminated management, was put in charge of teaching employees how to use them. companies to help improve customer and employee loyalty. the traditional $60 billion of Since then she has overseen launches, and subsequent Crowder, who oversees all retail banking and wealth tellers and assets under upgrades, of all of the Kansas City, Mo., bank’s online and management activities distributed through branches, is replaced them administration mobile services for customers. equally passionate about making a positive difference in the with universal and $5.2 billion of In her current role, Kellerhals has been tasked with markets served by the $208 billion-asset SunTrust. bankers who deposit balances. nothing less than reinventing Commerce’s retail banking She was the driving force behind the development and have been Outside of model. creation of the SunTrust Financial Confidence Center in trained to UMB, Abraham The effort was formally launched in 2014 and its Memphis, Tenn., where area residents can receive one-on- evaluate and underwrite deeotes here energy to overarching goals were to generate new revenue sources, one counseling on a range of financial issues, from money consumer loans. And helping advance the careers boost customer and employee engagement and use management to homeownership to starting and growing her team continued to of wome. She chairs the technology to improve efficiency and delivery of services. a business. The center, developed in partnership with the revamp the bank’s wealth executive women’s council At the outset of the project, Kellerhals had set a target of nonprofit Operation Hope, has served roughly 10,000 clients management offerings, of the Greater Kansas City generating $18.5 million of additional profit by 2018. She not since it opened in August 2017. most recently launching Chamber of Commerce only hit the target a year ahead of schedule, she exceeded it Crowder says she has been leading with a “renewed an online investing tool for and sits on the board of by nearly $4 million. purpose” since her husband of 40 years died of cancer last high-net-worth households the Central Exchange, a Next on Kellerhals’ plate: Developing a new strategy that year. “When you experience a life-altering tragedy, you that will soon be available to networking group whose sets the vision for five major consumer business lines — become acutely aware of what matters,” she said. “You also households with as little as mission is to cultivate the retail, wealth management, payments, mortgages and small learn that we all have a brief window of time to make a $25,000 to invest. next generation of women business. She’s also overseeing the replacement of the bank’s difference.” The moves were all aimed leaders in the area. 30-year-old core banking system.

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099_ABM_1018_r 99 9/10/18 4:47 PM AMERICAN BANKER 2018 MOST POWERFUL WOMEN IN BANKING AND FINANCE

Seated, left to right: Sara Miller, EVP Proud to have strong women Regional CEO Joan Kissel, EVP leading us forward Chief Audit Executive/ Ethics Officer Old National Bank congratulates the women of our Executive Leadership Group for being named among American Banker’s Kendra Vanzo, EVP Chief People Officer prestigious 2018 Most Powerful Women in Banking and Finance. We thank them—and all our organization’s women leaders—for Ann Ryan, EVP their passion, integrity and commitment. Together, they make Chief Client Experience Officer Old National an exceptional bank and a truly great place to work. Candice Rickard, EVP Chief Risk Officer Kathy Schoettlin, EVP Chief Cultural Officer

They are joined by women leaders from throughout Old National Bank. oldnational.com | Member FDIC

100_ABM1018 100 9/7/2018 1:58:49 PM MOST POWERFUL 25WOMEN IN FINANCE

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101_ABM_1018 101 9/10/18 4:39 PM Mary Callahan Erdoes CEO, Asset and Wealth Management J.P. M organ

A bank can’t just wait to see what disruptions cessible today. Investing has become a bigger part might come about and what impact they will have of the national conversation, and plays a bigger — it has to anticipate them. role in more and more people’s lives.” That’s the driving force behind J.P. Morgan’s Still, established banks engaging in internal exercise known as “red teaming,” where employees disruption practices should expect some pushback, in the investment bank put themselves in the shoes she said. of a startup attempting to gain a foothold in the One impediment that isn’t often brought up by market, said Mary Callahan Erdoes, the CEO of its champions of disruption is the tendency of internal asset and wealth management business. transformation efforts to run up against manage- By forcing colleagues into a different role, ment fiefdoms and employee expectations. Erdoes said that her bank gains more than just “It’s just human nature,” she said. “But everyone an understanding of what to expect from upstart has to learn their way1 through it.” challengers. JPMorgan Chase has always made significant “The best part of being a banker is being able investments in technology for its employees and to learn from each and every client and apply the clients, Erdoes added. collective lessons over our decades of experience “In fact, we have more 50,000 technologists, to each new situation,” she said. 31,000 of which are in development and engineer- In the past 12 months, parent company ing roles, making us arguably one of the largest JPMorgan Chase has staked out an aggressive technology companies in the world,” she said. strategy as part of its “digital everything” model, Technology continues to change the practice rolling out new initiatives including You Invest, a of investment management. The fundamentals digital investing app with free trading; a digital of managing money still require having the best portfolio insights tool for financial advisers; and investment minds, but they need sophisticated Finn by Chase, a mobile-only banking service. technology to do their jobs well, she said. “This Echoing others in the financial services industry, enables more comprehensive analysis of enormous Erdoes said that the biggest change is the demand data sets, faster and more optimal execution in for “digitalizing everything we do to allow clients to portfolios, and seamless delivery of all that we do interact with us where and when they want.” in both human and digital form.” She cited a study from Greenwich Associates Technical literacy is now expected of even those that found 76% of companies consider digital who have worked within the traditional spheres capabilities to be highly or very important in of investment management, she noted. Her asset selecting a banking partner, and an Ernst & Young and wealth management business is augmenting survey in which 60% of respondents said digital its current processes with the application of data will be their primary channel for getting invest- analytics. ment advice in three years. “We believe that when we combine data and “Many people once thought that investing was deep learning with our human talent, we can pro- really only accessible to those with substantial duce superhuman results,” Erdoes said. wealth,” she said. “But investing is much more ac- — Suleman Din

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103_ABM_1018 103 9/10/18 4:39 PM Abigail Johnson Chairman and CEO Fidelity Investments

Ever since taking the helm to derail any progress Fidelity at Fidelity Investments a few was making in attracting years ago, Abigail Johnson women, as two successful has made it clear that one of portfolio managers were 2her priorities is to bring more accused of sexual harassment women into the company. in the span of a few days. Margaret Keane “We have a real need in Johnson dealt with the President and CEO our business issues quickly right now to and publicly. Synchrony Financial recruit more Both men women,” were fired, Barely two years after guiding Synchrony Financial Johnson told and Johnson through the stresses of becoming a fully independent a Bloomberg instituted a company, Margaret Keane had the pleasure of watching Television companywide her company be named one of the top 100 companies to interviewer training 3work for in 2017 by Forbes Magazine. Then, unexpectedly, last year. program to Hurricane Maria gave Synchrony the opportunity to Besides raise awareness demonstrate why it belonged on the list. the desire about sexual In September of last year, after the massive storm to simply be harassment. pummeled the island of Puerto Rico, hundreds of fair in hiring She even Synchrony employees and their families living there faced practices, moved her devastating losses. Homes were destroyed, basic needs there is also a very practical own office to the department like power, food and safe drinking water were difficult to business case for adding where the harassment had satisfy, and the future suddenly became very uncertain. women in investment taken place. In that time of confusion, Keane decided that even if management. In a speech to employees, her employees on the island could rely on little else, they Women control an she said, “For us to build a would be able to count on Synchrony looking out for them. increasingly large share of better future it is important Keane arranged for Synchrony’s offices to remain open, overall wealth in the United for us to create a culture providing free meals, power, water and air conditioning to States, and where bad those in need of it. when they behavior is not The company also issued hundreds of thousands of begin shopping Far and Wide: tolerated.” dollars in grants to employees who had lost everything, around for an Chang oversees One way and Keane made sure that paychecks kept coming, even adviser, Johnson research analysts that Johnson to employees who were unable to work in the aftermath of in 26 countries, and said, “very often, aims to recruit the storm. her team provides the first thing economic forecasts women is Back in the U.S. — the company is based in Stamford, they say when for more than 60 through Conn. — fellow Synchrony employees created a giant we’re trying to countries. Fidelity’s Amazon wish list for their colleagues in Puerto Rico, get them paired “Boundless” placing thousands of orders in the space of only a few up with a rep is, ‘I’d like to program, which works with days in an effort to help. work with a woman.’ ” youth organizations to One of Keane’s objectives for an independent Not long after that promote financial services Synchrony was to develop a powerful and cohesive interview, though, Johnson as a career choice for young internal corporate culture. The response to Hurricane faced a crisis that threatened women. Maria suggests that the mission has been accomplished.

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104_ABM_1018 104 9/10/18 4:39 PM Marie Chandoha President and CEO Charles Schwab Investment Management

Marie Chandoha’s greatest career advances have all come after she took big risks. She cited a role heading an underperforming department at a different company4 as one example. She knew the job could disappear if the department continued Margaret Keane to flounder. But she succeeded in making it President and CEO profitable again, allowing her to move on to bigger roles. Synchrony Financial Now she encourages others to follow a similar path and volunteer for assignments Barely two years after guiding Synchrony Financial even if they lack all the qualifications. through the stresses of becoming a fully independent “It is maybe uncomfortable to think about company, Margaret Keane had the pleasure of watching a move or an expansion of your job, but her company be named one of the top 100 companies to you have to get comfortable with being 3work for in 2017 by Forbes Magazine. Then, unexpectedly, uncomfortable,” Chandoha said. Hurricane Maria gave Synchrony the opportunity to Chandoha has led Charles Schwab demonstrate why it belonged on the list. Investment Management since September In September of last year, after the massive storm 2010 and now oversees more than 300 pummeled the island of Puerto Rico, hundreds of people. Last year total assets for her business Synchrony employees and their families living there faced rose 19%, surpassing $360 billion. devastating losses. Homes were destroyed, basic needs Its growth has created opportunities like power, food and safe drinking water were difficult to for employees to take on new challenges. satisfy, and the future suddenly became very uncertain. Chandoha helped one female colleague In that time of confusion, Keane decided that even if go from running the middle office into her employees on the island could rely on little else, they equity trading. Another switched from credit would be able to count on Synchrony looking out for them. research to portfolio management. Keane arranged for Synchrony’s offices to remain open, Chandoha likes accommodating people providing free meals, power, water and air conditioning to this way. “When I see them later in life, when those in need of it. they tell me about something I said to them The company also issued hundreds of thousands of or some impact on them I maybe don’t even dollars in grants to employees who had lost everything, know about, that is really rewarding,” she said. and Keane made sure that paychecks kept coming, even This concern for others’ well-being extends to employees who were unable to work in the aftermath of to her personal life. For a decade Chandoha the storm. and her husband have owned a ranch Back in the U.S. — the company is based in Stamford, dedicated to sustainable farming. When the Conn. — fellow Synchrony employees created a giant couple learned that one of the farm workers, Amazon wish list for their colleagues in Puerto Rico, who had trouble with his vision and suffered placing thousands of orders in the space of only a few from headaches, had never been to an days in an effort to help. optometrist, they gave him the gift of an eye One of Keane’s objectives for an independent exam and a new pair of glasses. “It totally Synchrony was to develop a powerful and cohesive transformed his life,” Chandoha said. “It was internal corporate culture. The response to Hurricane one of the most rewarding things, to have Maria suggests that the mission has been accomplished. that impact on someone’s life.”

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105_ABM_1018 105 9/10/18 4:39 PM Candace Browning Charlotte McLaughlin Head of Global Research and Head of President and CEO Financial Technology Investments for PNC Capital Markets Global Banking and Markets Bank of America Merrill Lynch The way Charlotte McLaughlin sees it, grit is a little like exercise: You only get stronger with practice. As somebody whose job is to help both Bank of America That blend of resilience, tenacity and passion has been a Diane Offereins Merrill Lynch and its global roster of clients see into an critical5 ingredient in McLaughlin’s more than 40-year career President, Payment Services uncertain future, Candace Browning expects two big things in financial services. As a leader, she hopes to foster those 7from her team: to be optimistic and to embrace change qualities in the people who work for her. She also wants her Discover Financial Services enthusiastically. employees to respond positively to failure and learn from their “As a leader, my role is to motivate, inspire, empower and mistakes. It’s a thought that must occur to everyone occasionally, encourage my team’s primary resource — the unlimited, It may seem strange, then, to hear McLaughlin say that while scribbling an illegible line across the digital screen at creative human potential to find better ways. There is no room a personal goal is to criticize less this year. Criticism isn’t a supermarket checkout counter or on a curled up credit for a negative outlook,” said Browning, who is in charge of inherently bad, she says, but it’s important to know when and 6card receipt at a restaurant: “What’s the point?” global research. how to deliver it. For Diane Offereins, who runs a global payments system Over the past year, that insistence on moving confidently “Criticizing more constructively is all about how to pick a for Discover Financial Services, that moment represented toward the future has paid off in a major way. The division’s good fight versus a bad fight,” McLaughlin said. “To pick a an opportunity to improve the experience of cardholders yearslong effort to leverage its primary research with big data good fight, the stakes must be and merchants around the world. and predictive analytics resulted in a nearly 700% increase in worthwhile and add value. It So, in 2017, she began laying the groundwork for the number of reports it was able to publish. is every leader’s responsibility the elimination of signature verification for Discover One of those reports, “Alexa, what are the top 5 cities for to focus on the good fights card transactions across all of North America and the and to not waste time on Caribbean. unproductive conflict.” Getting disparate teams across the company to do McLaughlin has had a away with customer signatures at the point of sale took busy year, which included a lot of work. But after proving that the combination of the introduction of new chip technology, PINs, anti-fraud algorithms and other management support safeguards had made signature verification superfluous, Rebecca Patterson functions aimed at allowing Offereins’ team persuaded Discover to stop requiring it as Chief Investment Officer salespeople to focus more on of April 13. sales. The move to disrupt the point-of-sale experience was Bessemer Trust She also launched a new set in motion during a year of strong growth for Offereins’ two-way mentoring effort, line of business. Volume on the payments network leapt Rebecca Patterson is typically helping investors stay abreast of what will influence their encouraging senior leaders to $336 billion in 2017, from $307 billion in 2016, and the decisions in the market. But over the past year she has invested more effort in sharing her and junior talent to team up number of merchants accepting Discover cards increased insights with those who are influencing the market itself — and the country — in a much and learn from each other. to 42 million, from 39 million. more direct way. Though the experiment is still in its early stages, the results so Offereins has nearly four decades of experience in Patterson, the highest-ranking woman at Bessemer Trust, set a goal last year to play far are positive: The junior employees learned more about PNC the financial services industry and has headed Discover’s a more active role in U.S. politics and policy. She leveraged her network to speak with Capital Markets’ many products, while more senior employees payments operation since early 2009. She attributes her policymakers from both parties to share her understanding of market dynamics and gained insight into the importance of good messaging, she success in part to the contacts she has made both inside propose ideas that she feels could help the U.S. economy. So far those who Patterson has said. and outside of banking. discussed economic policy with include House Minority Leader Nancy Pelosi, candidates That may help McLaughlin achieve her broader aims of “Having a network of strong connections with people for office in New York State and some former policymakers. developing positive chemistry and a sense of teamwork among across various industries will help you grow and be more Patterson also addressed members of the House Ways and Means Committee on her employees. impactful in your career,” she said. “I tend to recommend strategies to improve the lives of middle-class Americans. Her suggestions included a “This does not mean avoiding conflict or tough issues,” she that everyone find someone with a different set of greater focus on education and ways to think differently about immigration. “I know said. “Rather, it means dealing with tough issues and conflicts experiences than your own and push yourself out of your policy may not change simply because I made suggestions, but I feel compelled to at through a fair and constructive approach.” comfort zone.” least provide objective food for thought and get actively involved in the process,” she said.

106 American Banker October 2018 americanbanker.com

106_ABM_1018 106 9/10/18 4:40 PM Amazon’s HQ2?,” used proprietary Candace Browning predictive models to cull 20 Head of Global Research and Head of contenders for Amazon’s second headquarters down to the five Financial Technology Investments for likeliest candidates. The report Global Banking and Markets garnered four times the typical Bank of America Merrill Lynch readership of other research publications. As somebody whose job is to help both Bank of America Browning oversaw the division’s Diane Offereins Merrill Lynch and its global roster of clients see into an qualification as a registered President, Payment Services 7uncertain future, Candace Browning expects two big things investment adviser — a critical from her team: to be optimistic and to embrace change transition that allowed it to continue providing its products Discover Financial Services enthusiastically. to clients while remaining in compliance with the European “As a leader, my role is to motivate, inspire, empower and Union’s new Markets in Financial Instruments Directive II. It’s a thought that must occur to everyone occasionally, encourage my team’s primary resource — the unlimited, She also took the lead on a lobbying effort that persuaded while scribbling an illegible line across the digital screen at creative human potential to find better ways. There is no room Congress to change federal restrictions on broker-dealers a supermarket checkout counter or on a curled up credit for a negative outlook,” said Browning, who is in charge of providing research coverage of exchange-traded funds. The 6card receipt at a restaurant: “What’s the point?” global research. new law took effect this year, allowing BofA Merrill to provide For Diane Offereins, who runs a global payments system Over the past year, that insistence on moving confidently clients with intelligence on that booming market. for Discover Financial Services, that moment represented toward the future has paid off in a major way. The division’s Browning seems to delight in pulling colleagues into the an opportunity to improve the experience of cardholders yearslong effort to leverage its primary research with big data future — ready or not. “Change is something we often fear,” and merchants around the world. and predictive analytics resulted in a nearly 700% increase in she said, “but if we focus optimistically on the opportunity So, in 2017, she began laying the groundwork for the number of reports it was able to publish. instead of getting distracted by all the uncertainties, we can the elimination of signature verification for Discover One of those reports, “Alexa, what are the top 5 cities for excel.” card transactions across all of North America and the Caribbean. Getting disparate teams across the company to do away with customer signatures at the point of sale took a lot of work. But after proving that the combination of chip technology, PINs, anti-fraud algorithms and other safeguards had made signature verification superfluous, Rebecca Patterson Offereins’ team persuaded Discover to stop requiring it as Chief Investment Officer of April 13. The move to disrupt the point-of-sale experience was Bessemer Trust set in motion during a year of strong growth for Offereins’ line of business. Volume on the payments network leapt Rebecca Patterson is typically helping investors stay abreast of what will influence their to $336 billion in 2017, from $307 billion in 2016, and the decisions in the market. But over the past year she has invested more effort in sharing her number of merchants accepting Discover cards increased insights with those who are influencing the market itself — and the country — in a much to 42 million, from 39 million. 8more direct way. Offereins has nearly four decades of experience in Patterson, the highest-ranking woman at Bessemer Trust, set a goal last year to play the financial services industry and has headed Discover’s a more active role in U.S. politics and policy. She leveraged her network to speak with payments operation since early 2009. She attributes her policymakers from both parties to share her understanding of market dynamics and success in part to the contacts she has made both inside propose ideas that she feels could help the U.S. economy. So far those who Patterson has and outside of banking. discussed economic policy with include House Minority Leader Nancy Pelosi, candidates “Having a network of strong connections with people for office in New York State and some former policymakers. across various industries will help you grow and be more Patterson also addressed members of the House Ways and Means Committee on impactful in your career,” she said. “I tend to recommend strategies to improve the lives of middle-class Americans. Her suggestions included a that everyone find someone with a different set of greater focus on education and ways to think differently about immigration. “I know experiences than your own and push yourself out of your policy may not change simply because I made suggestions, but I feel compelled to at comfort zone.” least provide objective food for thought and get actively involved in the process,” she said.

americanbanker.com October 2018 American Banker 107

107_ABM_1018 107 9/10/18 4:40 PM Joyce C hang Global Head of Research J.P. Morgan

Large organizations aren’t to incorporate machine Julie Monaco known for their ability to be learning and natural Global Head of Corporate and nimble, but it’s a trait that language techniques into Investment Banking Coverage 9Joyce Chang, global head of the production of research research for J.P. Morgan, has publications, a change that for the Public Sector fought to instill in the more is allowing her team to Citigroup than 900 members of her automate the production department. of many reports, including Even with more than 30 years of experience in “The financial services earnings notes and model the financial services industry, Julie Monaco still industry is facing constant updates. This helps her values the advice a mentor passed on to her as disruption, whether it is due global team generate in a10 young, rising executive. to market excess of “Early in my career I often made the mistake fluctuations 140,000 of wanting to solve a problem and get to the from global reports, ‘right’ answer quickly,” Monaco said. macro models, “I was not in tune to whether that discovery cycles, or updates process embarrassed anyone in the room. the changes and alerts My mentor imparted, ‘No matter how wrong in market annually. someone is, always let them leave the room structure due With with their dignity intact; you don’t need to to regulation that much expose someone else’s mistakes or ignorance in and the data and front of others.’ ” advance of information If anything, “this is a lesson that has become technology,” to process, even more important the more senior the role,” she said. it’s important she said. “Adaptation is key to to strip away as much The ability to exercise tact and diplomacy staying No. 1 as it is more extraneous distraction as in a room full of outsize egos is particularly challenging to stay No. 1 possible, allowing analysts helpful to Monaco in her role overseeing Citi’s than to become No. 1.” and clients to find out corporate and investment banking coverage for The difficulty of quickly and easily what the public sector — which frequently puts her remaining at the they need to in contact with very senior government officials top may be on inform their around the globe. Chang’s mind, Far and Wide: decisions. It also helps smooth the way for because in 2017, Chang oversees Such groundbreaking new projects. for the first time, research analysts streamlining Over the past year, Monaco has led Citi’s J.P. Morgan’s in 26 countries, and is an ongoing efforts to develop innovative financing plans her team provides global research goal for for governments looking to “de-dollarize” their economic forecasts team earned for more than 60 Chang. foreign debt and has helped governments top honors in countries. “Everyone can navigate the issuance of new green, social and Institutional do something sustainability bonds. Investor’s ranking of research in a less bureaucratic way, It’s also, no doubt, one reason the firms. and sometimes simplification International Financing Review recently named The honor arises, in is the best innovation,” she Citi’s public-sector operation as the “Bank of the part, from Chang’s push said. Year for Governments.”

108 American Banker October 2018 americanbanker.com

108_ABM_1018 108 9/10/18 4:40 PM Katia Bouazza Co-Head of Global Banking, Latin America HSBC

If a career in international banking passions, values, beliefs and has taught Katia Bouazza anything, behaviors at the office and at it’s the value of immersing herself in home,” she said. 11work. Since becoming HSBC’s co- “I believe it’s imperative to bring head of global banking for Latin all of myself to work every day,” she America in 2016, Bouazza has moved said. “Many people are cautious to restructure the executive team, about fully committing to their job, breaking up old boys’ networks and and I was among them early in my identifying high-achieving bankers career.” — many of them women — who However, she added, “As I had been previously overlooked for achieved a long successful career promotion to senior positions. at HSBC, I’ve grown in confidence She sees this not as forcing and become more willing to be gender equality, but rather as 10 fully invested in my professional injecting some integrity into the life. The more I brought myself to advancement process, which had work, the more my successes have been marked by a bias toward the accelerated.” status quo. To be clear, she’s not talking “As a mother of two beautiful about living a life where work is daughters who I want to one day pursued to the exclusion of family or be successful, I’m determined they other interests. learn the importance of integrity and “It’s about consistency consistency through my example,” and evincing the same she said.

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110_ABM1018 110 9/7/2018 1:58:50 PM d38273_InvestWest_AB_AD.indd 1 8/13/18 5:48 PM Diane Schumaker-Krieg Global Head of Research, Economics & Strategy Wells Fargo Securities

In recent years, the combination of people think. It democratizes access algorithms and artificial intelligence to information and ushers in new has reached the forefront of ways of tackling problems. investment12 strategy, but Diane The profile of the person Schumaker-Krieg isn’t ready to take occupying the sell-side analyst’s Kelly Coffey human beings out of the equation. chair also has changed. Gone is the CEO, U.S. Private Bank Her team at Well Fargo Securities trader who would phone dozens of developed an AI-powered tool that contacts to offer up a single piece of JPMorgan Chase can examine relationships between information. company fundamentals, stock price “In the old days, analysts could Under CEO Kelly Coffey, JPMorgan Chase’s movements and news stories. It is make a living as information U.S. Private Bank had an excellent 2017, capable of consuming and analyzing gatekeepers,” Schumaker-Krieg said. growing revenue by 10% and pre-tax 2,000 media articles an hour. “No more. The bar has been raised income by an eye-popping 19%. And if But an analyst’s gut instinct is still exponentially. Marginal players have 13Coffey’s plans come to fruition, those vital, Schumaker-Krieg said. “Until been squeezed out, giving way to numbers are likely to continue going up in machines can mimic consciousness, high-impact analysts with superior the future. there will always be a large human insight, analytical skills and innovative Last year, Coffey announced a five-year element of research,” she said. technology.” strategy to grow her bank’s already strong “Predicting the success of a long- The cultural divisions on Wall position in the high-net-worth space, adding Street that defined the cliques nearly 1,000 new advisers and opening of traders and programmers 24 additional offices. The goal is to have have changed too. For those a local presence in the 50 largest wealth in the back office, algorithms markets in the country. have become stepladders to Coffey is also using the staff expansion the front. “It is much more of to further her goal of diversifying the bank’s a cerebral profession now,” group of advisers. Long a believer in the Schumaker-Krieg said. idea that diverse teams deliver better Currently, her hottest results, Coffey has initiated unconscious-bias recruitment search is for a training for her own leadership team, and data scientist, not the brash expects to expand the same program to her salesmen that populate “Liar’s more than 2,000 employees later this year. Poker.” Among existing employees, Coffey term business strategy is less about Increasingly stringent regulatory has tried to maximize opportunities for sentiment and more about assigning regimes, such as the European Union’s collaboration. Last year she launched probability of success to initiatives MiFID II (which altered how firms Advice Calls, an internal forum designed that are tightly linked to decidedly could charge for analyst research) to allow wealth advisers working in various human skills.” represent another disruptive force. offices around the country to share ideas Though an estimated 90% of These shifting dynamics mean and best practices. trading is now done by algorithms, all companies have to develop new It’s all part of her belief that wealth Schumaker-Krieg, who has more than means to create value and stay management is a “people business” in which 30 years of experience in research, competitive — which is very much communication, both between advisers and argued that the bigger impact of a problem for humans to solve, clients and within the bank itself, is key to technology is its influence on what Schumaker-Krieg said. continued success.

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111_ABM_1018 111 9/10/18 4:40 PM Suni Harford Global Head of Investments UBS Asset Management

When a senior executive from a rival company is suddenly your new boss, the stress and uncertainty can be tough to deal 14with — and it could take months until you have a real sense of what she is like. Yie-Hsin Hung But when Suni Harford left Citigroup CEO, New York Life Investment Management for UBS Asset Management last year, employees there didn’t have to wait too New York Life Insurance Co. long to get to know her. Harford made sure of that by traveling more than 70,000 miles If an asset management firm is like managed accounts. in her first six months on the job in an effort a shopping mall, with a wide choice Hung joined the board of to meet every of retailers, then Yie-Hsin Hung governors of the Investment one of her group’s 15has built New York Life Investment Company Institute last year. She’s 500 employees, Management into one of the nation’s also a member of the U.S. Institute, from secretaries most vibrant collections of boutique an organization of C-level executives to managing stores. from the top asset management directors. With $561 billion in assets under firms. Harford, management, the New York Life Managing assets isn’t the only whose group Insurance Co. unit is the world’s way Hung contributes at New York manages $680 26th-largest asset manager. That Life. As part of the company’s billion of assets, figure has grown significantly during executive management committee credits the Hung’s three-plus years in charge, — three of the 12 members are “listening tour” thanks to both organic growth and women — Hung advises CEO Ted she undertook the acquisition of numerous boutique Mathas on policy and strategy. with boosting money managers. Hung also has taken the lead team morale, Her most recent deals tend to in helping lift up those around her, accelerating her own understanding of the focus on international boutiques, such as by creating a collaboration company and bringing to the surface issues such as the team within the middle- — and solutions — that might otherwise acquisition of Tristan management ranks to have been overlooked. Capital Partners in Personal find ways to open lines The bond she forged with the workforce London, a leading Interest: of communication across made it easier for Harford to press private equity real Hung, who has an units. She has launched forward with several new initiatives, such estate investment autistic son. serves a program to curate as launching a program that makes the firm in Europe. on the board of Next managerial talent as well. company’s sustainable investing experts Tristan is now for Autism, a New It’s the bottom line easily accessible to fund managers one of 10 boutique York nonprofit that that stands out most, develops programs for across asset classes, and centralizing and specialist though. During her tenure adults and children management, governance and audit money managers with autism. as head of investment functions for her division. that operate as management, Hung, While she may be dialing back on part of New York Life. Another is the top-ranking female executive travel, Harford still has a full slate of plans MainStay Funds, which offers access at New York Life, has presided over to execute on, including an effort to bring to institutional money management a threefold increase in total assets more women into senior leadership roles. through mutual funds and separately under management.

112 American Banker October 2018 americanbanker.com

112_ABM_1018 112 9/10/18 4:40 PM Gunjan Kedia Vice Chairman, Wealth Management and Investment Services U.S. Bancorp

During her eight-year run as head of investment services at State Street, Gunjan Kedia managed one 16of the company’s most consequential business lines and served on the leadership team that set overall strategy. It was a heady job, but Kedia was eager to have a Yie-Hsin Hung more direct impact on the lives of individual investors. CEO, New York Life Investment Management She found that opportunity two years ago when she joined U.S. Bancorp as head of wealth management New York Life Insurance Co. and investment services, replacing Terry Dolan, who is now the company’s chief financial officer. managed accounts. This role is similar to her previous one in that Hung joined the board of Kedia still oversees the management of assets for governors of the Investment institutional clients. But one difference is that she now Company Institute last year. She’s has responsibility for private wealth management, an also a member of the U.S. Institute, equally important business line for U.S. Bancorp. an organization of C-level executives The wealth management and investment services from the top asset management division employs roughly 7,300 people worldwide and firms. last year generated revenue of $2.4 billion. Of the Managing assets isn’t the only company’s four core businesses, it had the highest way Hung contributes at New York revenue growth and the highest return on equity. Life. As part of the company’s Kedia said she had been eager to expand her executive management committee responsibilities because of the “huge transition” going — three of the 12 members are on in wealth management. Shifting demographics, women — Hung advises CEO Ted technological changes and the rapid rise of socially Mathas on policy and strategy. responsible investing all present huge challenges, and Hung also has taken the lead opportunities, for traditional wealth managers. in helping lift up those around her, “This is an industry that’s very old-fashioned,” such as by creating a collaboration Kedia said. “The clients are transforming faster than team within the middle- the businesses are in many cases.” management ranks to Under Kedia, the wealth division is continually find ways to open lines reimagining how it can serve clients. Meeting rooms, of communication across which once had the feel of corporate boardrooms, units. She has launched have been transformed to look like living rooms so a program to curate that clients can discuss their finances in a relaxed managerial talent as well. setting. New tools allow clients to build investment It’s the bottom line plans from their living room and connect with their that stands out most, financial advisers through their mobile devices. though. During her tenure The latest is a robo-advisory platform that as head of investment rolled out in June. It’s designed to let users build management, Hung, their own portfolios, but a human adviser is the top-ranking female executive reachable if they have questions. “Money, at New York Life, has presided over whether you have $5,000 to invest or $75 a threefold increase in total assets million, is a very personal thing,” Kedia said. under management. “Eventually it does need a human touch.”

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113_ABM_1018 113 9/10/18 4:41 PM Stephanie Cohen Elinor Hoover Chief Strategy Officer Global Co-Head of Consumer Products, Goldman Sachs Corporate and Investment Banking Citigroup Much has been made over the past few months about Stephanie Cohen’s age. Since taking the position of Her appointment this summer to Goldman Sachs’ global co-head of consumer management committee made her its youngest 18products in Citigroup’s corporate 17member. But she doesn’t see what the fuss is about. and investment banking division, “Forty-one is not so young,” said Cohen, who is an Elinor Hoover has seen a lot ex-officio committee member. of disruption. New entrants in Besides, her job as chief strategy officer involves the consumer products space working with all of the panel members on a daily are challenging established basis, she said. businesses, and consumers “You have this idea of what it feels like to go to the themselves are changing their 41st floor,” where the executive offices are located, behavior and expectations. she said. But once you go there every day, “you just But some things resist get used to it.” disruption — like the tendency What the industry misses in focusing on her age is of the capital markets to shower that she spent two decades climbing to the top of a funding on men launching male-dominated field — and that she took on some companies while overlooking tough assignments along the way. startups led by women. It’s Cohen joined Goldman in the late 1990s as something that Hoover has seen an analyst after college. She later moved to a lot of in the past few years, San Francisco to work on nontech mergers and and she’s frustrated by it. acquisitions and earned a series of high-profile “I have developed a promotions. With the exception of a yearlong newfound passion to help assignment in 2008 to a division that handles support female founders of conflicts of interest, Cohen spent most of her career disruptive companies in raising in M&A. capital and in maximizing their Before being appointed to her current role in enterprises’ value in an attempt January, she was head of financial and strategic investor M&A, focusing on sovereign wealth and pension funds. Reflecting on her career, Cohen said one of her most rewarding experiences was working on the financial crisis-era merger of Chrysler and Fiat. She also helped Chrysler pay off its bailout by negotiating with the Treasury Department. Cohen remembers Chrysler employees at the time wearing big buttons that said “Paid,” signifying a new chapter for an automaker that had been on the brink. “The employees were really proud,” she said. “I remember seeing the cars that they were going to bring out for the auto shows — it was really emotional.”

114 American Banker October 2018 americanbanker.com

114_ABM_1018 114 9/10/18 4:41 PM Stephanie Cohen Elinor Hoover Chief Strategy Officer Global Co-Head of Consumer Products, Goldman Sachs Corporate and Investment Banking Citigroup Much has been made over the past few months about Stephanie Cohen’s age. Since taking the position of to close the staggering gap Her appointment this summer to Goldman Sachs’ global co-head of consumer that exists in the funding dollars Fun Fact: management committee made her its youngest products in Citigroup’s corporate directed towards females versus 18 A classically trained 17member. But she doesn’t see what the fuss is about. and investment banking division, males,” she said. musician, Hoover is “Forty-one is not so young,” said Cohen, who is an Elinor Hoover has seen a lot Similarly, she works to Liz Myers chairman of the board ex-officio committee member. of disruption. New entrants in increase women’s visibility Head of Global Equity of the Chamber Music Besides, her job as chief strategy officer involves the consumer products space within the ranks of Citi’s Society of Lincoln working with all of the panel members on a daily are challenging established upper management, in part Capital Markets Center. basis, she said. businesses, and consumers by identifying promising J.P. Morgan “You have this idea of what it feels like to go to the themselves are changing their young managers and actively 41st floor,” where the executive offices are located, behavior and expectations. mentoring them. For any global investment bank, the growing she said. But once you go there every day, “you just But some things resist None of this takes away Chinese economy presents both an opportunity get used to it.” disruption — like the tendency from Hoover’s determination to and a challenge. Already home to the world’s What the industry misses in focusing on her age is of the capital markets to shower grow the business she runs. Her second-largest19 equities market and third-largest that she spent two decades climbing to the top of a funding on men launching goal is to build it into a top- bond market, China has many large and growing male-dominated field — and that she took on some companies while overlooking three strategic advisory firm. businesses that need, or will soon need, the services tough assignments along the way. startups led by women. It’s To achieve that, she is actively of an investment bank. The challenge is navigating Cohen joined Goldman in the late 1990s as something that Hoover has seen adding to the team, more the country’s unique regulatory climate. an analyst after college. She later moved to a lot of in the past few years, than doubling the number of But to Liz Myers, head of global equity capital San Francisco to work on nontech mergers and and she’s frustrated by it. managing directors and midlevel markets at JPMorganChase’s investment bank, the acquisitions and earned a series of high-profile “I have developed a vice presidents over the past rewards outweigh the risks. Expansion in that market promotions. With the exception of a yearlong newfound passion to help year. is one of her priorities, and over the past year she has assignment in 2008 to a division that handles support female founders of Outside of work, Hoover, been allocating new resources to that effort. conflicts of interest, Cohen spent most of her career disruptive companies in raising a classically trained musician, Myers’ emphasis on China has made it easier for in M&A. capital and in maximizing their chairs the board of the Chamber other executives at the investment bank to devote Before being appointed to her current role in enterprises’ value in an attempt Music Society of Lincoln Center. time and resources to pursuing opportunities there, January, she was head of financial and strategic despite the uncertainty inherent in an emerging investor M&A, focusing on sovereign wealth and market. pension funds. Her strong track record bolsters her case for Reflecting on her career, Cohen said one of her expansion. In 2017, Myers’ group was the No. 1 most rewarding experiences was working on the underwriter for initial public offerings in the United financial crisis-era merger of Chrysler and Fiat. She States and Latin America. Publicly reported fees for also helped Chrysler pay off its bailout by negotiating the global equity capital markets business totaled with the Treasury Department. $1.4 billion, a 20% increase over the previous year. Cohen remembers Chrysler employees at the time Myers said a willingness to let people take wearing big buttons that said “Paid,” signifying a new initiative — and sometimes fail — is key to her chapter for an automaker that had been on the brink. leadership style. “One must empower one’s team “The employees were really proud,” she said. “I through the delegation of both responsibilities remember seeing the cars that they were going and authority,” she said. “This is especially true in a to bring out for the auto shows — it was really hypercompetitive and entrepreneurial environment emotional.” such as investment banking.”

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115_ABM_1018 115 9/10/18 4:41 PM Paula Polito Cary Grace Global Client Strategy Officer and Group CEO, Global Retirement Managing Director and Investment Solutions UBS Global Wealth Management Aon additional assets to UBS last year. UBS began the year by combining its wealth management Polito’s recent initiatives included spearheading a Being able to recognize when your units in the United States and abroad — a restructuring that partnership between UBS and the financial technology business is beginning to shift in a led to a promotion for Paula Polito. provider SigFig that culminated in the April launch of UBS fundamental way is an essential skill 20The Zurich-based banking giant turned to Polito to draw Advice Advantage, an automated platform that is her firm’s for any leader, but the most successful up the blueprint for connecting with clients around the world. answer to the robo-adviser trend. She also packaged the 22ones are those who see change In her newly expanded role as client strategy officer firm’s insights for managing money into UBS Wealth Way, coming beforehand and prepare. It’s for UBS Global Wealth Management, Polito oversees the which replaces a more abstract approach to portfolio a responsibility Cary Grace, the CEO marketing, platforms and programs that shape the customer construction. It distills information in a targeted way that helps of global retirement and investment experience for a business that manages about $2.4 trillion in clients prioritize their financial needs. solutions at Aon, takes very seriously. assets. In addition, Polito continues to champion the financial well- “Our client needs are changing and Polito is also now one of 17 people on its global executive being of women. In April, she published the results of a survey our mission is that we want to be a committee. UBS commissioned that showed that women are often solely couple steps ahead of them,” she said. Her promotion marked an endorsement of work that she responsible for their household finances. She channeled the “So we’re going to continue to evolve.” pioneered over five years as client strategy officer for the insight into “Own Your Worth,” a forum for creating a dialogue Over the past year, that evolution wealth management business in the Americas. Polito helped among women. “Women have to empower themselves to see advisers improve service for companies, their employees and the big picture,” she told an audience at this year’s Women in wealthy investors, who collectively brought $2.5 billion of the World Summit in New York.

Tracey Brophy Warson Head of Citi Private Bank, North America Michelle Neal knows a good opportunity when she sees one. Citigroup In the post-crisis era, there have been severe constraints on dealer balance Having spent a large part of her career in and around Silicon Valley, Tracey Brophy Warson sheets. Higher capital requirements and reporting expenses for brings an innovation mindset to Citi Private Bank, where she runs the North American part of the securities lending, cash management and other kinds of prime business. That’s a major selling point for the high-net-worth clients who trust $223 billion in assets brokerage services led many players to cut back, and a few have 21to her organization. exited the space altogether. Enter Neal, who saw the situation In just the past year, Warson oversaw the rollout of a series of new features that are ultimately as a chance for BNY Mellon to expand the range of services it meant to enhance the client experience. offers to certain clients. The private bank launched an Office of Client Expectations, a platform that gives employees Prime brokerage plays a key role for market participants the authority to propose changes related to the delivery of services. She also established a North that may have a higher risk profile and want to engage in America Advisory Board, made up of high-profile clients across the United States and Canada sophisticated investment strategies. It allows them to use who will convene twice a year to advise the bank on strategies and improvements. the prime broker’s higher credit rating to gain access to new Other initiatives will have a more immediate impact. Under Warson’s direction, the bank counterparties. The retreat by established players has made it changed the way it authorizes margin lending, allowing same-day approval of new credit more difficult for hedge funds, smaller banks, asset managers facilities, rather than the three days the process typically required in the past. She also gave the go-ahead to a new program and other buy-siders to access the counterparties they need to called Citi Private Bank Assist, which allows customers to authorize wire transfers in a matter of minutes, and at a time and engage, resulting in a reduction in market liquidity. place convenient to them. Neal was among the early leaders in financial services to

116 American Banker October 2018 americanbanker.com

116_ABM_1018 116 9/10/18 4:41 PM has led to management of their Cary Grace considerable changes investments — pensions CEO, Global Retirement at Aon. The company funds and the like — either divested or to “outsourced chief and Investment Solutions restructured nearly investment officers,” or Aon half of its business CIOs. additional assets to UBS last year. in 2017, and made Already one of the Polito’s recent initiatives included spearheading a Being able to recognize when your major acquisitions to bigger players in the partnership between UBS and the financial technology business is beginning to shift in a enhance the kind of field, Aon cemented its provider SigFig that culminated in the April launch of UBS fundamental way is an essential skill services it can offer place in the market last Advice Advantage, an automated platform that is her firm’s for any leader, but the most successful clients. year with the acquisition answer to the robo-adviser trend. She also packaged the 22ones are those who see change Historically, Aon of the Townsend firm’s insights for managing money into UBS Wealth Way, coming beforehand and prepare. It’s had consultants to Group, an advisory firm which replaces a more abstract approach to portfolio a responsibility Cary Grace, the CEO advise clients on specializing in real estate. construction. It distills information in a targeted way that helps of global retirement and investment how to construct The results so far clients prioritize their financial needs. solutions at Aon, takes very seriously. their investment portfolios, and asset are promising. After the deal was In addition, Polito continues to champion the financial well- “Our client needs are changing and managers to oversee the investments, announced, Aon posted first-quarter being of women. In April, she published the results of a survey our mission is that we want to be a Grace said. However, over the past earnings per share growth of 26% and UBS commissioned that showed that women are often solely couple steps ahead of them,” she said. few years, there has been a change in saw double-digit growth in adjusted free responsible for their household finances. She channeled the “So we’re going to continue to evolve.” what some large clients are looking for. cash flow. That’s the kind of evolution insight into “Own Your Worth,” a forum for creating a dialogue Over the past year, that evolution Increasingly, they want to assign the any business would love. among women. “Women have to empower themselves to see the big picture,” she told an audience at this year’s Women in the World Summit in New York. Michelle Neal CEO, BNY Mellon Markets BNY Mellon Tracey Brophy Warson Head of Citi Private Bank, North America Michelle Neal knows a good opportunity grasp that the problem was not a lack of cash in the system, but when she sees one. rather the fact that counterparties that wish to trade weren’t Citigroup In the post-crisis era, there have been finding each other. She saw two elements in BNY Mellon’s favor. 23severe constraints on dealer balance The first was that rival offerings had been mispriced, with clients Having spent a large part of her career in and around Silicon Valley, Tracey Brophy Warson sheets. Higher capital requirements and reporting expenses for paying for liquidity based on pre-crisis economics that simply brings an innovation mindset to Citi Private Bank, where she runs the North American part of the securities lending, cash management and other kinds of prime did not add up in the era of higher capital ratios and liquidity business. That’s a major selling point for the high-net-worth clients who trust $223 billion in assets brokerage services led many players to cut back, and a few have charges. Secondly, technological advances would enable BNY to her organization. exited the space altogether. Enter Neal, who saw the situation Mellon to provide services to clients more efficiently than some In just the past year, Warson oversaw the rollout of a series of new features that are ultimately as a chance for BNY Mellon to expand the range of services it incumbent providers. meant to enhance the client experience. offers to certain clients. The company developed a cash and collateral marketplace, The private bank launched an Office of Client Expectations, a platform that gives employees Prime brokerage plays a key role for market participants DBVS, that allows trading counterparties to transact directly with the authority to propose changes related to the delivery of services. She also established a North that may have a higher risk profile and want to engage in each other through a single portal. Sell-side institutions seeking America Advisory Board, made up of high-profile clients across the United States and Canada sophisticated investment strategies. It allows them to use high-quality liquid assets to meet their liquidity requirements can who will convene twice a year to advise the bank on strategies and improvements. the prime broker’s higher credit rating to gain access to new match with buy-side entities holding high-quality liquid assets Other initiatives will have a more immediate impact. Under Warson’s direction, the bank counterparties. The retreat by established players has made it that need cash to meet margin requirements. changed the way it authorizes margin lending, allowing same-day approval of new credit more difficult for hedge funds, smaller banks, asset managers The response has been overwhelming. Within a month of the facilities, rather than the three days the process typically required in the past. She also gave the go-ahead to a new program and other buy-siders to access the counterparties they need to April announcement of its intention to launch the product, more called Citi Private Bank Assist, which allows customers to authorize wire transfers in a matter of minutes, and at a time and engage, resulting in a reduction in market liquidity. than 30 clients were in discussions about using the service and place convenient to them. Neal was among the early leaders in financial services to the bank started pilot testing with some of them.

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117_ABM_1018 117 9/10/18 4:41 PM Amy Carlson Group Head, Debt Capital Markets KeyBanc Capital Markets

After participating in more KeyCorp was vindicated Claudine Gallagher than 70 syndicated finance when the deal priced in May Head of Securities Services for the transactions involving 2017 and was oversubscribed non-investment-grade with a 5.25% coupon, Americas 24 BNP Paribas companies, KeyBanc Capital allowing CareTrust to use the Markets finally earned a proceeds to pay off its old lead-left moment in 2017. 5.875% bonds. Sometimes it can take years to find the right deal. KeyBanc was the main Carlson said she was Just ask Claudine Gallagher, who faced the biggest underwriter for a $300 optimistic throughout and leadership challenge of her career as BNP Paribas searched million high-yield bond that she urged her team not for25 a mutual fund administration and accounting business offering by subsidiaries of to be intimidated by much- that could be “lifted out” to complete BNP Paribas Securities CareTrust, a publicly traded larger competitors such as Services’ U.S. product offering. Without it, the French real estate investment trust. Wells Fargo and Bank of banking giant would not be able to penetrate the U.S. asset In an effort led by Amy America. “I told them we all management sector as it wanted. Carson, its group head put our pants on one leg at Gallagher endured several failed attempts and near for debt capital markets, a time,” she said. misses. The first deal fell through in 2012, as did a second a KeyBanc earned the deal by Still, she acknowledged year later. A third target received a better offer, scuttling the promising to place the bond that “it was a big step going deal just days before the signing in 2015. Discussions with a at a lower rate than the big from co-issuer to our first fourth asset manager in 2016 ended because it was not a banks they were up against. left position on a broadly good fit. The investment banking distributed high-yield bond.” BNP Paribas began its fifth attempt later that same year arm of Cleveland-based KeyBanc’s graduation and, finally, on April 1, 2018, after 15 months of discussion, it into lead bookrunner status closed on the acquisition of the U.S. middle- and back-office now has it firmly planted as operations of Janus Henderson. a competitive full-service “Janus was our first target identified in 2012,” Gallagher underwriter of syndicated said. “This was the deal we always wanted to do.” debt offerings for middle- Acquiring Janus Henderson boosted BNP Paribas’ U.S. market companies (which assets under administration by $138 billion, for a total of $174 are generally below $50 billion. It catapulted the firm into the top 10 U.S. mutual fund million in annual revenue). administrators. (BNP Paribas also will assume the provision The new method of of custody services for Janus Henderson’s U.S. regulated targeting opportunities with funds.) a capital allocation view, Gallagher said that the hard part was maintaining the instead of weighted with a resiliency of her team. client’s credit underwriting “Every time our deal attempts failed, it could have broken data, played a role in the the team,” she said. “It would have been easy to throw in the pursuit of the CareTrust deal. towel, but we knew — thanks to our collective purpose — The policy was developed that if a deal didn’t work it was because there was a better with Carlson’s input as a one out there for us. And there was!” member of the credit policy Gallagher is the only female executive to serve on the committee. Carlson is also BNP Paribas Americas Benefits Committee. She fought this a member of KeyCorp’s year to maintain benefits and prescription drug coverage, executive council. particularly for women.

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JPMorgan Chase 5TD Bank BMO Financial Zions Bancorp. Old National Bank

Sandie O’Connor JPMorgan Chase

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JPMorgan Chase Headquarters: New York TD Bank Financial highlights: JPMORGAN CHASE may have found part there are so few of them. Assets: $2.2 trillion TD BANK HAS always had a compan ywide of the solution to the tech talent crunch — According t o the Nat ional C enter f or ROE: 12.68% focus on the de velopment of its female em- ROA: 1.25% and a way to diversify its workforce in the Women and Inf ormation Technology, 26% ployees. B ut i t w asn’t unt il K aren B uck and process. of professional computing jobs in the U .S. Female representation Kelley Cornish got involved that the Canadi- among corporate officers: In a s ector wher e banks compet e wi th workforce were held b y women in 20 17 — 36% an-owned bank picked it up a notch. big-name tech companies and brash start- including 5% by Asian women, 3% by Afri- Starting with Buck’s establishment of a new Female representation on ups for the best emplo yees, Lori Beer, the can-American women and 1% by Hispanic operating committee: 50% program in 2016, and Cornish’s hiring last year company’s global chief information officer, women. And it doesn’t appear those num- as the compan y’s first head o f div ersity, TD has championed a pr ogram called T ech bers will start going up anytime soon, since Bank has almost complet ely overhauled how Connect to recruit talent from untapped women earn only 12% of computer science it fosters women’s career development. pools. So f ar, 200 people hav e graduated degrees, according to Girls Who Code. THE TEAM “We really want to be the bank of choice for from Tech C onnect and the majori ty ar e Last year, 17% of Fortune 500 CIOs were women, as bo th employees and as cust om- Anu Aiyengar women, according to Beer. women. That includes Beer, who has been ers,” said Buck, head of commercial, retail and Lori Beer “Tech Connect has brought in some great global CIO at JPMorgan since September payment operations. Joyce Chang women technologists who might have oth- 2017, overseeing a t eam 50,000 technolo- Buck led the pr ocess to create a pr ogram Kelly Coffey erwise embarked on a completely different gists and a budget of $10.8 billion. called Take the L.E.A.D. — leadership, engage- Thasunda Duckett career path,” she said. ment, achie vement, de velopment — which Though she w ould no t dis close the Mary Callahan Erdoes Tech Connect is a t raining program f or number o f w omen in her gr oup, 4 9% o f Stacey Friedman was built from the foundation of an earlier aspiring s oftware engineers who do no t JPMorgan emplo yees o verall ar e w omen, Teresa Heitsenrether mentoring program that she had created. have computer science or computer en- including 17% of those at the senior level. Claudia Jury In Take the L.E.A.D., TD Bank selects a gineering backgrounds. In other words, it Beer said recruiting and nurturing diverse Kelli Keough half-dozen women each y ear for a 12-month teaches nontechies to become techies. and female tech talent is a priority for her, Marianne Lake sponsorship program. These employees have After six weeks of immersion in the Java and her company has s everal programs in Kristin Lemkau shown traits in their w ork for the potential to programming language through Tech Con- place to support that goal. Robin Leopold handle e xpanded job r esponsibilities. E ach nect, gr aduates mo ve on t o JPMor gan’s The Technology Executive L eaders pro- Emma Loftus one is pair ed wi th a f emale e xecutive, who own s oftware engineering pr ogram. Her e gram, created in 20 13, is int ended to help Liz Myers serves as a mentor, and participants are given they learn about the banking business and female t ech emplo yees become “ excep- Sandie O’Connor a compr ehensive bat tery o f subject s t o e x- more about de velopment methods, and tional leaders.” More than 100 women have Jennifer Piepszak plore and assess their own strengths. quickly start working on s oftware projects. participated in the on-site course. The pr ogram pulls w omen fr om v arying Assignments run the gamut — design, ana- Another pr ogram, called T ake IT F or- groups throughout the bank’s commercial di- lytics, coding, testing. ward, aims to build a pipeline o f women in vision, and includes one-on-one s essions be- Extra e ffort t o r ecruit t op f emale t ech- technology who ar e r eady t o adv ance t o tween mentors and mentees, as well as group nologists is necess ary, in part becaus e bigger positions. and cohort sessions. “They meet with their respective groups and

Headquarters: Mount Laurel, N.J. Financial highlights: Assets: $312 billion ROE: 7.12% ROA: 0.9% Female representation among corporate officers: Anu Aiyengar Lori Beer Teresa Heitsenrether Kelli Keough Kristin Lemkau, Head of North Global Chief Global Head of Custody Global Head of Digital Managing Director, 21% America M&A Information and Fund Services Wealth Management Chief Marketing Officer Female representation on Officer operating committee: 21%

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120_ABM_1018_r 120 9/10/18 4:54 PM Headquarters: New York TD Bank Financial highlights: Assets: $2.2 trillion TD BANK HAS always had a compan ywide talk about things lik e emo tional int elligence, ROE: 12.68% focus on the de velopment of its female em- executive presence and leadership skills,” Buck ROA: 1.25% ployees. B ut i t w asn’t unt il K aren B uck and said. “This really takes it to the next level.” Female representation Kelley Cornish got involved that the Canadi- TD Bank has been working on impr oving among corporate officers: Aleida Frederico 36% an-owned bank picked it up a notch. diversity f or mor e than a decade . B ut a fter Senior Relationship Starting with Buck’s establishment of a new Cornish was hired last year as U.S. head of di- Manager Female representation on operating committee: 50% program in 2016, and Cornish’s hiring last year versity and inclusion, the bank moved to the as the compan y’s first head o f div ersity, TD next phase. Bank has almost complet ely overhauled how In her year-plus on the job, Cornish has cre- it fosters women’s career development. ated the Div ersity 2.0 program, which is de - THE TEAM “We really want to be the bank of choice for signed “to take a hard look at representation” women, as bo th employees and as cust om- among various communities within TD Bank, Anu Aiyengar ers,” said Buck, head of commercial, retail and including women, minorities and LGBTQ, “and Anne Kline Lori Beer Head of TD Auto Finance payment operations. see how we can get ther e faster and do bet- Commercial Joyce Chang Buck led the pr ocess to create a pr ogram ter,” she said. Kelly Coffey called Take the L.E.A.D. — leadership, engage- “The higher up y ou go , the less y ou s ee Thasunda Duckett ment, achie vement, de velopment — which Mary Callahan Erdoes those communities represented,” she said. Stacey Friedman was built from the foundation of an earlier Cornish shif ted the leadership o f div ersity Teresa Heitsenrether mentoring program that she had created. programs fr om business group heads to the Claudia Jury In Take the L.E.A.D., TD Bank selects a top executives and their direct reports. Kelli Keough half-dozen women each y ear for a 12-month “The most senior people in our organization, Debra Johnston Regional Head of Credit Marianne Lake sponsorship program. These employees have including our CEO, are really the ones with ac- Management for CRE Kristin Lemkau shown traits in their w ork for the potential to countability and the ones who can influence Robin Leopold handle e xpanded job r esponsibilities. E ach change,” Cornish said. Emma Loftus one is pair ed wi th a f emale e xecutive, who The efforts are starting to generate results. Liz Myers serves as a mentor, and participants are given Last year about 53 % of all TD mangers who Sandie O’Connor a compr ehensive bat tery o f subject s t o e x- were pr omoted w ere w omen, accor ding t o Jennifer Piepszak plore and assess their own strengths. DiversityInc. That was better than the r ate of The pr ogram pulls w omen fr om v arying about 48% among the t op 10 inst itutions in Jane Russell Head of Customer groups throughout the bank’s commercial di- DiversityInc’s survey. Experience vision, and includes one-on-one s essions be- Additionally, about 6 1% o f all TD Bank tween mentors and mentees, as well as group employees who w ere pr omoted int o man - and cohort sessions. agement posi tions were women, DiversityInc “They meet with their respective groups and found, compared with 51% for peer banks.

Headquarters: Mount THE TEAM Laurel, N.J. Julie Pukas Head of U.S. Bankcard Financial highlights: Molly Abair Deborah Gravinese Beth Webster and Merchant Solutions Assets: $312 billion Karen Buck Montresa McMillan Rachel Wilner ROE: 7.12% Kelley Cornish Celia Moncholi Janice Withers ROA: 0.9% Lynn Courchaine Anita O’Dell Female representation Aleida Frederico Ellen Patterson among corporate officers: Ellen Glaessner Emily Stoddard Kristin Lemkau, Managing Director, 21% Chief Marketing Officer Female representation on operating committee: Lindsay Sacknoff 21% Head of U.S. Contact Centers

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BMO Financial Headquarters: Chicago Zions Bancorp. Financial highlights: BMO FINANCIAL GROUP has long had a team. T he compan y us ed i ts findings fr om EXECUTIVES AT ZIONS BANCORP. in workplace flexibility policy on the books, but employee engagement surv eys and f ocus Assets: $113.2 billion ROE: 5.91% Salt L ake C ity r ecently f aced do wn a about 18 months ago, its human resources staff groups when t raining managers about fle x - ROA: 0.82% daunting challenge: consolidating more noticed something unsettling: Many women in ible working arrangements, and finally, hosted Female representation than 500 deposit products across half a its commercial bank w ere turning do wn roles webcasts and lunch-and-learns for employees among corporate officers: dozen unique bank br ands in the midst once they reached the vice president or direc- who wanted to know more. 41% of a core conversion while keeping a di- tor level, or even leaving the bank entirely. BMO Financial didn’t end up revamping the Female representation on verse customer base happy. Afraid t o be s een as less commi tted than policy; i t simpl y art iculated what i t meant in operating committee: 35% Before i t could be successful , Z ions their male count erparts, f emale emplo yees a real-life context. For one employee, it could executives kne w they needed t o per- were less lik ely to take advantage o f flexible mean working at a suburban branch a couple suade one very important constituency working policies and many ultimately chose to of day s a w eek, r ather than commut ing an on the changes — their own employees. leave the Chicago compan y rather than st ay hour or more into downtown Chicago. For an- THE TEAM “We spent a lot of time educating our and t ry t o balance w ork wi th their pers onal other, i t might mean having the fle xibility t o Leslie Anderson own emplo yees on the v alue o f thes e lives. travel for softball tournaments. Erica Benjamin products to our cust omers, why it’s not “Sometimes when you have a policy that is Chaikowsky kne w the ne w guidance w as Carolyn Booth going to be a problem for our custom- that br oad, ther e’s no t enough clari ty about working when she heard about how one com- Larissa Chaikowsky ers to switch and how they’re competi- ‘What does that really mean for me?’ So what mercial banking group handled having five of Dawn Feenstra tive,” said Meliss e Grey, the dir ector o f we decided to do was create a mor e formal- its employees all take maternity leave within a Sharon Haward-Laird enterprise retail banking strategy. ized workplace flexibility program for our few months of each other. Sandra Henderson That was just one step in the broader commercial bank,” said Larissa Chaikowsky, The manager s at down wi th each w oman Summer Hinton process of Zions’ core conversion, itself the U.S. chief human r esources officer at the individually t o come up with customized ar- Ernie Johannson a massive undertaking. As if that wasn’t company. rangements that w orked f or e veryone. Mor e Kara Kaiser challenging enough, i t came during a BMO Financial and its BMO Harris Bank unit than six months after returning from maternity Katie Kelley time of intense competition for deposits. set about learning how to make those flexible leave, all five of those women are still with the Erica Kuhlmann Grey s aid that Z ions w anted t o ap - working policies come t o lif e f or emplo yees. company. Margie Lawless peal to two distinct types o f customer: The $113 billion-ass et compan y st arted wi th “The No. 1 thing w e’re trying to accomplish Kim Liautaud younger consumers, who are often on a its commercial bank because that’s where the from a cultur e perspect ive is t o cr eate the Cecily Mistarz budget and in s earch of easy, low-cost gender disparity was the starkest. most inclusive environment possible where our Sue Oleari options, as well as established custom- First, BMO Financial needed buy-in from the employees can bring their best selves to work,” Daniela O’Leary-Gill Pam Piarowski ers, who lik e t o be r ewarded f or their top. It asked managers what w as preventing Chaikowsky said. Joanna Rotenberg savings and spending habits. them fr om making fle xible w orking arr ange- “Part of creating an inclusive environment is Deepa Soni Often, the changes w eren’t r adical. ments wi th their emplo yees and br ought in allowing people to do what they need to do in Susan Wolford Most o f Z ions’ a ffiliate banks all had a partner from PwC t o speak t o its executive their whole life.” Ann Marie Wright similar versions of the same product, so

Headquarters: Salt Lake City Financial highlights: Assets: $66.3 billion ROE: 1.37% ROA: 11.96% Female representation among corporate officers: Larissa Chaikowsky Ernie Johannson Kim Liautaud Summer Hinton Pam Piarowski 51% Chief Human Group Head, Managing Director and Chief Administrative U.S. Controller and Resources Officer U.S. Personal and Head of U.S. Commercial Officer, BMO Chief Accountant Female representation on Business Banking Real Estate Capital Markets operating committee: 21%

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122_ABM_1018_r 122 9/10/18 4:55 PM Headquarters: Chicago Zions Bancorp. Financial highlights: Assets: $113.2 billion EXECUTIVES AT ZIONS BANCORP. in consolidation was frequently a matter ROE: 5.91% Salt L ake C ity r ecently f aced do wn a of get ting all six t o agr ee on, s ay, the ROA: 0.82% daunting challenge: consolidating more number of monthly transactions a cus - Female representation Melisse Grey Sara Goudeseune than 500 deposit products across half a tomer would need to have a fee waived. EVP, Enterprise Retail SVP, California Bank among corporate officers: dozen unique bank br ands in the midst Yet the scale of the project and its im- Strategy & Trust 41% of a core conversion while keeping a di- portance to the cor e con version make Female representation on verse customer base happy. its st ory part icularly t imely as o ther operating committee: 35% Before i t could be successful , Z ions bankers are thinking about how to bet- executives kne w the y needed t o per- ter compete for deposits. Just as cri ti- suade one very important constituency cally, many of Zions’ women executives on the changes — their own employees. were key architects of this undertaking. THE TEAM “We spent a lot of time educating our Ultimately, Zions whittled 529 diff er- Olga Hoff Shelly Johnson EVP, Retail Lending, EVP, Zions Bank Leslie Anderson own emplo yees on the v alue o f thes e ent deposit products down to 133. The Card Operations Erica Benjamin products to our cust omers, why it’s not revamped deposi t pr oducts w ere first Carolyn Booth going to be a problem for our custom- offered t o ne w cust omers, and e xecu- Larissa Chaikowsky ers to switch and how they’re competi- tives monitored feedback to make sure Dawn Feenstra tive,” said Meliss e Grey, the dir ector o f their offerings were truly competitive. Sharon Haward-Laird enterprise retail banking strategy. The ne w account s ar e no w being Sandra Henderson That was just one step in the broader rolled out t o Z ions’ legacy cust omer Summer Hinton process of Zions’ core conversion, itself base. So far, the company has switched Ernie Johannson Jennifer Johnston LeeAnne Linderman a massive undertaking. As if that wasn’t over business and consumer account SVP, Special Project EVP, Enterprise Kara Kaiser challenging enough, i t came during a holders in Arizona and expects to finish Manager Retail Banking Katie Kelley time of intense competition for deposits. migrating all of its customers in 2019. Erica Kuhlmann Grey s aid that Z ions w anted t o ap - Zions is als o using cust omer behav - Margie Lawless Kim Liautaud peal to two distinct types o f customer: ior anal ytics t o figur e out which ne w Cecily Mistarz younger consumers, who are often on a deposit pr oducts i ts legacy cust omers Sue Oleari budget and in s earch of easy, low-cost might like best. Daniela O’Leary-Gill options, as well as established custom- “We actually looked at the behavior Pam Piarowski ers, who lik e t o be r ewarded f or their of each of the customers and what they Crystal Low Marylyn Manis- EVP, Dir. of Corporate Hassanein Director, Joanna Rotenberg savings and spending habits. might pr efer based on that behavior Svcs., Zions Bank Enterprise Initiatives Deepa Soni Often, the changes w eren’t r adical. and mapped them t o the pr oduct that Susan Wolford Most o f Z ions’ a ffiliate banks all had really w orked f or them,” Gr ey s aid. “ It Ann Marie Wright similar versions of the same product, so wasn’t just an ‘A to B’ effort.”

THE TEAM Headquarters: Salt Lake City Lori Chillingworth Jennifer Johnston Mary Murray Shannon Petersen Paula Fryland LeeAnne Linderman Financial highlights: EVP, Corporate Svcs., Corp. Banking Mgr., Cory Gardiner Crystal Low Amegy Bank Nevada State Bank Assets: $66.3 billion Sara Goudeseune Marylyn Manis-Hassanein ROE: 1.37% ROA: 11.96% Melisse Grey Mary Murray Olga Hoff Shannon Petersen Female representation Mary Holman Rebecca Robinson among corporate officers: 51% Stephanie Horne Jennifer Smith Dianne James Chickako Tyler Female representation on Shelly Johnson operating committee: 21% Jennifer Smith Chickako Tyler Chief Information CFO, California Bank Officer & Trust

americanbanker.com October 2018 American Banker 123

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Old National Bank Headquarters: Evansville, Ind. PROMOTING WORK-LIFE BALANCE i sn’t development officer. Financial highlights: just l ip s ervice a t O ld N ational B ank i n “I’m not sure I c ould a dequately describe Assets: $17.4 billion ROE: 9.07% Evansville, Ind. how valuable, how meaningful and how per- ROA: 1.18% Carrie Ellspermann learned that firsthand sonal that was for me,” Ellspermann said of Female representation in 2016. At that time, she was chief executive the bank’s willingness to accommodate her. among corporate officers: of t he b ank’s w ealth m anagement d ivision “It was a l ife-changing switch to me,” she 27% and “absolutely loved the job and my team,” said. “ What was n eat a bout it, Kendra a nd Female representation on she said. But as the business grew, the role Bob found a way for me to still contribute at operating committee: 36% required m ore t ravel, s omething t hat w as a really senior leadership level in a role that difficult t o b alance w ith t he n eeds i n h er helps t o d rive i mportant i nitiatives j ust a s I personal l ife. O ne o f h er s ons, w ho i s n ow had before.” 13, developed Type 1 d iabetes when he was Vanzo said Old National has no set rules 8 years old. for h elping e mployees b alance w ork a nd THE TEAM The d isease i s m anageable, b ut “ you r e - personal obligations. The $17.5 billion-asset Joan Kissel ally h ave to s tay o n top o f i t,” E llspermann company tries to be as accommodating as Sara Miller said. T hough Ellspermann h as a s upportive possible and doesn’t take a o ne-size-fits-all Candice Rickard husband — K en E llspermann, w ho i s p resi - approach to it. Ann Ryan dent of Old National Investments — she de - “Sometimes y ou j ust h ave t o f igure o ut Kathy Schoettlin cided s he w anted t o b e a t h ome m ore f or how to make it all fit,” she said. “We talk a lot Kendra Vanzo her family. Because of that, she approached about that importance and it means differ - both Kendra Vanzo, who is now Old Nation - ent things to different people. Every situation al’s chief people officer, and Bob Jones, the in terms of their role and what is required in chairman a nd C EO, a bout t aking o ver f or their home life is very different.” the t alent d evelopment d irector, w ho w as Allowing f lexibility i n b ig w ays ca n h elp retiring. keep women e ngaged a nd in key d ecision- “Those c onflicting p riorities d rove m e t o making roles. B ut s maller b enefits ca n a lso think maybe there is another opportunity, a make a difference for all employees. different place I c ould contribute,” she said. For instance, the bank has contracted with “While r unning w ealth w as i ntellectually health clinics throughout its service area to challenging and exciting, I loved the people serve employees and their dependents who management the best.” are on its insurance plan. That can make it Vanzo and Jones supported Ellspermann, easier a nd c heaper f or e mployees s eeking and in May 2016 she was named chief talent care for themselves and their families.

Joan Kissel Sara Miller Candice Rickard Ann Ryan Kathy Schoettlin Kendra Vanzo Chief Audit Executive/ Regional CEO Chief Risk Officer Chief Client Chief Cultural Officer Chief People Officer Ethics Officer Experience Officer

124 American Banker October 2018

124_ABM_1018_r 124 9/10/18 4:55 PM LEADERSHIP AWARD

It’s Off to College for Our 2018 Scholarship Winners

In her freshman year at Brooklyn Techni- dent in her senior year. cal High School, Finella Tutelman began Serving as the “direct link” to the tutoring elementary and middle school administration for more than 4,000 students, when she realized that the de- students, Levy played a role in restor- mand for her services was too much for ing armed security at her school after one person. a decision to eliminate it. “It was right So she started Future Youth Talent, after the Parkland school shooting,” an online marketplace where students Levy said. “We felt like there should be can select courses and tutors, and book more security, not security being taken a time and location to meet in person. Qualities like initiative help Shir Levy, left, and away from the school.” Finella Tutelman stand out. The matching service, which typically Levy and the president of the school’s costs $20 for a one-hour session, now of American Banker’s Young Women’s parent-teacher association started a has more than 300 tutors and students Leadership Awards, which come with a petition, which soon collected over 1,000 throughout New York City. $5,000 scholarship to be used for col- signatures and caught the attention of “Not only is it a business, it facilitates lege tuition. The awards, sponsored by the media. Levy even appeared on “Fox a connection between younger students Discover, are part of the Most Powerful & Friends.” Days later, a replacement and older students and it brings togeth- Women in Banking program each year. officer was assigned to the school. er a sense of community,” said Tutelman, Our other scholarship recipient is Shir “It just showed me how much people, who is determined to continue running Levy, who had been an active member even high school students, can make the business even though she is now at- in the Student Organization at Francis a difference in their community,” said American Banker 2018 - half page Ad.pdf 1 8/28/18 1:38 PM tending the University of Pennsylvania. Lewis High School in New York since her Levy, who is attending George Washing- Tutelman is one of the two winners freshman year and was elected presi- ton University. — Jinman Li

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125_ABM1018 125 9/7/2018 1:47:32 PM Index of Advertisers Thank you, Deepa. Under Digital Account Services, can you change the contact from Mei-Yee Mak to:

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127_ABM1018 127 9/7/2018 6:02:53 PM BankThink

Why Diversity Needs To Be a Men’s Issue By LeeAnne Linderman

Reflecting on my career as I retire after as he does with the community boards three decades in banking, I have come he chairs. Without his sponsorship, I to see firsthand the crucial role that have no doubt I would not have ended male leaders can play in women’s my career as a member of the execu- progress in the workplace. tive management committee, helping In college, I was one of only a few to run our nearly $70 billion-asset women in my business classes and company. the #MeToo movement becomes an professors never used the “career” word In my early days, I candidly shared excuse, even by well-meaning men, to with me — only the “job” word — unlike with Harris some of the challenges I avoid mentoring women for fear of the with my male peers. Upon graduation, I encountered as one of the only female risk of being wrongly accused of was hired for the management training executives in banking in Utah, not just impropriety. My career has benefited program of a large national depart- within our bank. I was often interrupted enormously from the mentoring and ment store chain — filling a quota of when speaking. I was ignored when sponsorship of great male leaders, and three women in a class of 25. There, I making a point in a meeting. Some- I wish the same opportunity for all encountered my first mentor and times, I was not even invited to women. sponsor, a high-ranking manager. meetings someone in my role would be We need male allies. Women are Ron taught me, among other expected to attend. not making the progress in leadership career-long lessons, how diversity and Harris encouraged me to confront positions that is reasonable to have inclusion is a men’s issue. When I asked those bad behaviors, saying, “When I expected after decades of this conver- him why he was so different from other critique the financial performance of sation. When men retract their men, he told me, “It isn’t just because your division, I do not see pink ink.” It mentoring, even maintaining our I have daughters. It is because I gave me more confidence as I devel- current numbers is impossible. recognize that I have the power — oped my own leadership style of I implore all male leaders to share men have the power.” honesty, directness and service to their gifts with the next generation of Up until then, the only people I heard others. leaders — many of whom will be talking (whispering, actually, in those Recently I attended a roundtable women. Don’t ignore the over 50% of days) about opportunities for women in with other retail banking executives the talent in our industry for any leadership were other women. Ron from across our industry. I was again reason. used his social capital and credibility to reminded that diversity and inclusion is Whether you call it “power” or advocate for me. I continued to be a male issue when we got to an agenda “influence,” men in our industry have promoted to larger roles with more item on the #MeToo movement. My jaw the majority of “it.” That is why men visibility and responsibility. dropped when I realized it was the men must own diversity and inclusion — and After a career change, I encountered in the room who led the discussion. follow the examples of those who at least two more male leaders who are One male executive promised, “I will already do. □ allies for women — Scott Anderson, never again ignore an off-color joke or Zions Bank’s president and chief a comment about a woman being ‘too LeeAnne Linderman retired Aug. 3 from executive, and Harris Simmons, Zions abrasive’ when all she is doing is saying Zions Bancorp. She was in the Most Bancorp.’s chairman and CEO. exactly what a man would have said.” I Powerful Women rankings eight times and Scott ensures all his internal advisory admit to tearing up. was the first-ever female chair of the Utah boards are half women and half men, But I also admit to my concern that Bankers Association, in 2008.

128 American Banker October 2018

128_ABM1018 128 9/4/2018 3:47:00 PM Our industry is only as strong as those who lead us. Thankfully, that’s you.

Helga Houston Sandy Pierce

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.

0C3_ABM1018 3 9/5/2018 6:08:32 PM Lead boldly

At MUFG, we understand the importance of leadership and we value the skills, insights, and abilities that bring teams together to empower and mentor others.

We applaud our inspirational colleagues — Ranjana Clark and Bita Ardalan — and salute them on being recognized among the leading women in banking.

MUFG congratulates all the honorees, and the American Banker, for continuing with this meaningful tradition.

Ranjana Clark Bita Ardalan Chief Transformation Officer, Head of Commercial Banking Head of Transaction Banking, and Bay Area President

Learn more about MUFG’s culture of respect and inclusion: join.mufgamericas.com/LeadBoldly

MUFG Union Bank, N.A. A member of MUFG, a global financial group

©2018 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., with permission; Union Bank is a registered trademark and brand name of MUFG Union Bank, N.A., Member FDIC.

0C2_ABM1018 2 9/5/2018 6:08:31 PM