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Nicole Straub August 2020 | americanbanker.com Meet the change-makers raising up the Detra Miller: Champion of industry for a new small businesses Strategic thinker generation Mother Tenzin Alexander Katherine Andersen Meera Das Christine Guo Ryleigh Miller: Angela Ho Self-proclaimed artist Kristiane Koontz Basketball enthusiast Daughter Jennifer Masterson Jennifer Matlock Detra Miller Meghan Ryan Melissa Sacher Lindsay Sacknoff Lisa Shim Nikki Stephenson Nicole Straub THE MOST POWERFUL WOMEN IN BANKINGNEXT ABM0820_Cover_Final.indd 1 7/9/20 1:57 PM Maximize the Value of Your Seniors Housing Loans Welltower (NYSE: WELL), an S&P 500 company, is the largest owner of seniors housing and medical-related real estate assets in the world. Our platform of best-in-class operators, key health care industry relationships, unparalleled data analytics capabilities and access to capital allows us to work alongside and in partnership with you to maximize the value of your seniors housing industry loans (CRE as well as construction loans). We o er solutions to buy your existing loans or to bring in operating partners to turn around existing situations. Please contact us today to explore ways we can partner WELL with you. CONTACT US TODAY Tim McHugh, EVP and CFO Nikhil Chaudhri, VP, Investments [email protected] [email protected] (646) 677-8743 (646) 677-8772 0C2_ABM0820 2 7/8/2020 3:45:56 PM Contents August 2020 | VOL. 130 | NO. 8 8 Most Powerful Women In Banking: NEXT In this extension of our Most Powerful Women in Banking program, we showcase 15 high-achieving executives in the leadership pipeline. These women — ages 40 and under — have amassed accomplishments and influence that set them apart. With the industry still struggling to improve diversity in its top ranks, our 2020 list offers hope for what lies ahead. 10 Tenzin Alexander, Huntington 11 Katherine Andersen, SVB Financial 12 Meera Das, BMO Financial 13 Christine Guo, Wells Fargo 14 Angela Ho, OceanFirst Bank 14 Kristiane Koontz, Zions Bancorp. 15 Jennifer Masterson, PNC Financial 16 Jennifer Matlock, Truist Financial 16 Detra Miller, M&T Bank 18 Briefings BankThink Meghan Ryan, Ally Financial 4 22 Paycheck Defection Program Good for LGBTQ+ and good for business 18 Business owners are changing banks The Supreme Court’s June 15 ruling protecting Melissa Sacher, BBVA USA at three times normal levels, a trend LGBTQ+ employees will strengthen the researchers attribute to their difficulty decision-making structure in businesses like 19 in obtaining emergency loans banks and help the economy, Paul Donovan of UBS Global Wealth Management writes Lindsay Sacknoff, TD Bank 6 Wanted: Apprentice bankers 20 A program at Reading Cooperative Bank in Lisa Shim, BankUnited Massachusetts aims to hire young Black and BackPorch Hispanic adults from low-income communities 24 20 Quotes from the Atlanta Fed’s Raphael Bostic, Nikki Stephenson, Regions Bank FDIC Chair Jelena McWilliams, Hope Credit Metrics & Measures Union’s Bill Bynum, and more 21 7 Nicole Straub, Discover Regional ranking Banks with assets of more than $50 billion, ranked by three-year returns on average equity Cover photograph by Joshua Robers americanbanker.com August 2020 American Banker 1 001_ABM_0820 1 7/9/20 4:52 PM Volume 130, No. 8 What’s going on american banker.com Editor’s View Executive Editor Bonnie McGeer Senior Designer Nick Perkins @americanbanker.com Designer Robin Henriquez Contributors Laura Alix, Joel Berg, Penny Crosman, Miriam Cross, Matthew de Paula, Jim Dobbs, Allissa Kline, Hannah Lang, Jon Prior, John Reosti, Jackie Stewart, Kevin Wack www.americanbanker.com Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 Editor in Chief Alan Kline 571-403-3846 Managing Editor Dean Anason 770-621-9935 Executive Editor Bonnie McGeer 212-803-8430 Technology Editor Penny Crosman 212-803-8673 Washington Bureau Chief Joe Adler 571-403-3832 BankThink Editor Rachel Witkowski 571-403-3857 Community Banking Editor Paul Davis 336-852-9496 Contributing Editor Daniel Wolfe 212-803-8397 Digital Managing Editor Christopher Wood 212-803-8437 Copy Editor Neil Cassidy 212-803-8440 Reporters/Producers Laura Alix 860-836-5431 Kate Berry 562-434-5432 Miriam Cross 571-403-3834 Jim Dobbs 605-310-7780 Neil Haggerty 571-403-3837 John Heltman 571-403-3847 Allissa Kline 716-243-2679 Hannah Lang 571-403-3855 Brendan Pedersen 571-403-3878 Jon Prior 214-629-5894 John Reosti 571-403-3864 Gary Siegel 212-803-1560 Jackie Stewart 571-403-3852 Kevin Wack 626-486-2341 MOST READ MOST SHARED Executive Director, Brand Studio Michael Chu 212-803-8313 ADVERTISING VP, Media Sales Brad Bava 212-803-8829 Midwest/Southwest Shelly Schmeling 312-932-9392 West Sara Culley 831-438-8408 Midatlantic/Southeast David Cleworth 843-640-3713 Bloomberg News Senior Marketing Manager Jamie Billington 212-803-6099 A call for blanket PPP forgiveness Wells Fargo’s diversity push Group Director Custom Marketing Solutions Virginia Wiese 704-987-3224 The Consumer Bankers Association Wells Fargo Chief Executive Customer Service/Subscriptions and the Bank Policy Institute asked Charlie Scharf, who vowed in May [email protected] 212-803-8500 Congress to automatically forgive to do more to improve diversity Licensing and Reuse of Content: Contact our official small-business loans of less than within the company’s ranks, is tying partner, Wright’s Media, for more information about available usages, license and reprint fees, and award seal $150,000 made under the Paycheck executives’ pay to their progress in artwork at [email protected] or (877) 652-5295. Protection Program. meeting that objective. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. CHIEF EXECUTIVE OFFICER....................................Gemma Postlethwaite American Banker (ISSN 2162-3198) Vol. 130 No. 8, is published monthly by Arizent, One State Street Plaza, 27th Floor New York, NY 10004. CHIEF FINANCIAL OFFICER .....................................................Debra Mason Subscription price: $149 per year in the U.S.; $229 per year 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 CHIEF STRATEGY OFFICER ........................................................Jeff Mancini subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New CHIEF CUSTOMER OFFICER ....................................................Dave Colford York, NY 10004. This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax or other CHIEF CONTENT OFFICER..........................................................David Evans professional service. American Banker is a registered trademark used herein under license. ©2020 Arizent and American Banker. CHIEF PEOPLE OFFICER ..................................................................Lee Gavin All rights reserved.www.americanbanker.com. 2 American Banker August 2020 002_ABM0820_001 2 7/9/2020 1:15:28 PM Celebrating your passion and leadership Jennifer Masterson SVP, Director Retail Lending Default Jennifer, we’re proud to count you as a member of our team at PNC. And we’re proud of your business leadership, as well as your contributions to creating an inclusive, collaborative and innovative culture. Congratulations on your recognition by American Banker as one of the industry’s rising stars. And thank you for all you do for our company, our customers and the communities we call home. ©2020 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC CORP SPON PDF 0620-0137-1679502 003_ABM0820 3 7/8/2020 3:45:57 PM Briefings CUSTOMER EXPERIENCE | WORKFORCE MANAGEMENT running through the minds and nervous systems of these business owners is magnified beyond normal levels,” McDonnell said. “People were really irate about their banks prioritizing a bigger more profitable relationship over them.” A survey of small-business owners conducted by Greenwich in May showed that 29% of those who responded said their opinion of their bank had worsened because of PPP. Only 13% said their view had improved. McDonnell said with unresolved questions over which loans will be forgiven and when, banks are in danger of seeing more defections if frustrations mount. The churn rate, he estimated, could climb to six times normal levels if more problems surface during that stage of the PPP process. “It remains to be seen what the forgiveness will entail,” McDonnell said. “There could be another wave.” Dunn said he became impatient with ‘They’re just another vendor now’ his previous bank, Truist, when dentist offices began closing en masse around Small-business owners disgusted with how their Paycheck Protection Program loan the country to ward off the spread of applications were handled are switching banks at a higher rate than usual the virus, and government agencies that use his staffing services began to delay reimbursements for pay he had By Jon Prior already given to employees. Without PPP loans, he would have had to lay off Scott Burr knew his staffing business
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