Skills for success from The Most Powerful Women in Banking

October 15, 2024 10:05 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

For the women in the top echelon of the banking industry, emotional intelligence, continued learning and constant communication are just a handful of the characteristics of an influential leader.

Honorees from this year's ranking of the Most Powerful Women in Banking were asked to weigh in on what skills should matter most to female banking professionals on the rise.

Read on to learn more about the advice that each award winner shared for the generations of female talent following in their footsteps and beyond.

Honorees are not listed in ranked order.

What skills does a rising banker need to have to be successful today and how can she get those skills?

Jennifer Piepszak

Co-CEO of the commercial and investment bank
JPMorgan Chase & Co.

"While it's crucial to continually learn and build your technical skills as you advance in your career, [EQ (emotional intelligence]) becomes increasingly important as you start to manage people and take on clients," said Jennifer Piepszak, co-CEO of the commercial and investment bank at JPMorgan Chase.

"EQ is what distinguishes leaders from managers. Be curious about the people you work with," she said. "Building relationships and personal connections are key to creating an inclusive workplace where everyone feels they belong."

Discover more about what EQ means to Piepszak.

thomas_strand

Gunjan Kedia

President
U.S. Bancorp

"Develop multiple skills. It can be knowledge, it can be an area like AI or digital or something that's creating vibrancy in your work. It can [even] be better communication or better influencing skills or better courage and curiosity," Kedia said.

"You can almost pick anything you want. Practice new things. Get involved in new things. Your skills set will be so strong that when an opportunity comes along, your ability to capitalize on it will lead to advancement."

Learn more about Kedia's rise to the top at U.S Bancorp.

Holly O'Neill

President, Retail Banking
Bank of America

"It's really important for people coming into banking to be curious; it's very helpful to have a good background in data and analytics and in technology," O'Neill said.

"The challenge that lies ahead for us is: How do you maintain that personal connection and deliver personally and do it with technology in a way that makes that client experience so much better?" she said.

For a company the size of Bank of America, leaders need to be able to "look through data and understand what it's telling you, so you can manage the business accordingly."

Find out more about O'Neill's thoughts on risk taking.

Wendy Stewart

President, Global Commercial Banking
Bank of America

For Wendy Stewart, president of global commercial banking at Bank of America, a rising banker needs three things to be successful: curiosity and inquisitiveness, analytical skills, and grit and determination.

"Working with clients and bringing in new clients is not for the faint of heart," Stewart said. "It's not easy. You've really got to get out there, you've got to have thick skin and you've got to be able to pick yourself up and keep going."

Learn more about Stewart's approach to client relationships.

Kate Danella

Head of Consumer Banking Group
Regions Bank

"Be a good listener, observer and student of your industry and stay close to your customers," Danella said. "Ask questions and create the environment where people around you know they're free to ask their own questions too."

"There's no better way to get to know your customers and how to better serve them than to get out in the community. If I'm going to keep pace with changing customer preferences, I've got to get up from my desk and go out and visit branches, so I can see and be with customers and the associates serving them," she said.

Learn more about how Danella helps the bank's customers.

Tracy Kerrins

Head of Consumer Technology and Generative AI
Wells Fargo

Tracy Kerrins, senior executive vice president and head of technology at Wells Fargo, identified a few core skills, including an understanding of technology.

She also said bankers need to understand that the industry is still a people business, so communications skills are essential. The ability to personalize and simplify things and the ability to be a continuous learner are also important.

Learn more about how Kerrins is reshaping the bank's digital teams and technology.

Erminia “Ernie” Johannson

Group head, North American personal and business banking
BMO

"As an industry, we need to better encourage and support women at all levels to have that courage and to avoid the compromises that lead to mediocrity and personal regret in leaders," Johannson said.

Discover how Johannson led a team to successfully integrate Bank of the West's employees and operations.

Beth Johnson

Vice Chair, Chief Experience Officer
Citizens

"It's a little bit of a balancing act: A focus on the customer, their needs and how you're serving those needs, partnered with a keen understanding of bank balance sheets and how we make money," Johnson said.

"It's rare to find people who combine those two skills. ... Make sure you really understand the economics of banking," she said.

Learn more about how Johnson is harnessing data to help the bank's clients and customers.

Teresa Heitsenrether

Chief Data and Analytics Officer
JPMorgan Chase & Co.

"While there will always be certain technical skills you'll need to do your job, don't underestimate the importance of skills like collaboration and communication," Heitsenrether said.

"As technology continues to make many aspects of our jobs easier, the ability to connect the dots between people and processes is even more valuable," she said.

Learn more about Heitsenrether's role at JPMorgan and her plans for A.I.

Tasnim Ghiawadwala

Global Head of Commercial Bank
Citigroup

"You need a positive attitude, a curious mind and a willingness to persevere. You can teach the rest: technical skills, products and sales," Ghiawadwala said.

Learn more about Ghiawadwala's strategies for growing the global commercial banking business.

Amy Brady

Chief Information Officer
KeyBank

Agility is front and center for Brady, who noted that what it takes to succeed today will not be what it takes five years from now.

She also said bankers need to be willing to work with technology and have at least a basic understanding of how it can improve what they do.

Learn more about Brady's thoughts on leadership and teamwork.

Tammy LoCascio

Chief Operating Officer
First Horizon

"Developing strong core banking skills is imperative to not only providing clients the support and advice they need, but for continued career growth," LoCascio said. "It takes a strong work ethic to develop these skills — good old-fashioned, 'roll-up-your-sleeves' and outwork others — something I learned early on from my dad."

But she underscored how that it is only the starting point.

"To be successful, continuous curiosity and a passion for learning are differentiators. Raise your hand and volunteer for tough assignments and learn from your successes and your failures. Be willing to take a new role horizontally instead of being solely focused on vertical advancement," she said.

"Too often, rising bankers only want to move up within their own vertical and lose sight of the opportunity to build a foundation of banking knowledge in other parts of the company that will serve them well later in their career. ... Understanding changing business dynamics, operating environments and how client preferences evolve can provide valuable perspectives that can also position a rising banker for continued success," LoCascio said.

Discover how LoCascio managed the challenges caused by the termination of the proposed TD Bank merger.

Stacey Friedman

General Counsel
JPMorgan Chase & Co.

"You have to have curiosity and continuous learning, because how banking is done today will not be the same in 10 years," Friedman said.

"Our industry is going to evolve and evolve quickly in the scale of a 20- or 30-year career," she said. "What got you here won't get you there. The world is changing too fast [so] you have to continue to learn; you have to continue to be curious."

Learn more about Friedman's thoughts on using A.I. at JPMorgan.

Jennifer Smith

Chief Technology and Operations Officer
Zions Bancorporation

"Technology fluency. The great news is it's never been easier. There's training and certifications online everywhere," Smith said, highlighting examples such as free training on Google and free open courses at the Massachusetts Institute of Technology.

Learn more about how Smith updated Zion's core banking software.

Hope Dmuchowski

Chief Financial Officer
First Horizon

"A rising banker should have strong leadership, adaptability and agility skills. ... The banking industry is constantly changing, and with 4,000 competitors in the U.S., banks must continue to evolve and adapt to become (and remain) best-in-class," Dmuchowski said.

"I always encourage young people in the industry to build their leadership skills by volunteering to lead projects or employee resource groups at their banks before they become a manager," she said.

Learn more about how Dmuchowski calmed investors' and clients' nerves after the TD Bank acquisition was called off.

Deborah Guild

Head of Technology
PNC Bank

"A rising banker needs the tech expertise to be able to creatively solve problems at scale with a security mindset, the ability to apply secure-by-design principles, and a strong knowledge base of banking regulations to be able to achieve and demonstrate compliance," Guild said.

For each of these, she recommended what she calls 'tours of duty.'

"That means you learn as you work and continue to stretch yourself outside of your comfort zone. ... For example, let's say you are a debit card product manager; take a role in tech or an interfacing role where you have to learn how the technology and security work and are implemented specifically for a debit card," she said.

Guild emphasized how that bridging from one area to the other is important "so you can see how all the pieces fit."

"Build on your product knowledge or area of responsibility in a way that provides you additional perspectives," she said.

See how Guild is protecting the bank against cyber threats.

Jennifer Barker

Global Head of Treasury Services and Depositary Receipts
BNY

"This industry changes every day," Barker said. "There are existing competitors, [which are] other banks [and] there are new competitors with fintechs. ... You have to understand, where will you focus and where is the puck going?"

See more about how Barker manages dual roles at BNY.

Megan Crespi

Chief Operating Officer
Comerica Bank

Crespi said the No. 1 skill is curiosity, which means asking lots of questions, even of things that are not directly related to your job. No. 2 is being a team player, which for her translates into helping other people achieve their goals. These effort can open doors to unforeseen opportunities.

Understand more about how Crespi helps employees navigate change and her efforts to improve the bank's operations.

Ellen Patterson

General Counsel
Wells Fargo

"An interest and ability in 'continuous learning.' ... There are constantly new, interesting matters to learn about in financial services," Patterson said.

"Also, ask and care about what your colleagues are doing," she said.

Learn more about Patterson's efforts to manage risk and how she leads a team of lawyers at Wells.

Jodi Richard

Vice Chair and Chief Risk Officer
U.S. Bank

"My best advice is to understand the business of banking — its balance sheet, business mix, how banks make money, regulatory oversight and community reinvestment — and to maintain an intellectual curiosity about industry developments and market performance," Richard said.

"This breadth and depth of knowledge will help rising bankers understand the different parts of a banking organization and how they intersect with servicing customers," she said.

See how Richard handled the fallout from the regional bank failures.

Jill Castilla

President, CEO, Vice Chairman
Citizens Bank of Edmond

"Participate in audits and examinations as much as you can," Castilla said. "Understand how your bank makes money."

Learn more about Castilla's push for wider implementation of FedNow to help community banks.

Bridgit Chayt

Head of Treasury Management and Commercial Payments
Fifth Third

"As we look at the next generation of financial services, it's these types of skills that will make sure that banks continue to leap and not cede their leadership position to the non-bank financial sector," Chayt said. "We have to navigate that intersection between experience and innovation in order to do that."

Learn more about how Chayt and her team onboarded new depositors in the wake of the three failed regional banks.