NEW YORK — As the sun set over Manhattan's West Side Thursday, women in finance gathered to recognize progress achieved toward equitable gender representation in the sector.
Attendees arrived at the event in a stunning array of gowns and tuxedos, their conversations echoing with ambition and shared purpose. This annual celebration, hosted by American Banker, honored the relentless strides women have made in finance, while acknowledging the challenges still to be faced in shattering the industry's glass ceiling.
The industry titans in attendance, many of whom currently occupy the C-suites of the most influential financial institutions, related their own experiences with the gala's theme, sharing experience and wisdom for the next generation.
The evening's keynote speaker — Gunjan Kedia, president of U.S. Bancorp — kicked off the night with a passionate address celebrating the progress of women in the financial world while highlighting the challenges that remain.
Reflecting on her appointment as president in May 2024, Kedia recounted how the moment of representation resonated deeply with industry veterans and newcomers alike.
"Some shared the news with their daughters, their mothers who were bankers, or their grandmothers who came from India years ago," she said, emphasizing the personal significance her leadership represents as a South Asian woman.
Kedia noted both optimism and frustration in the current landscape for women, likening it to a "tale of two cities."
On one hand, she acknowledged setbacks like the rollback of diversity and inclusion efforts, persistent income inequality, and the dismal statistic that only 10% of Fortune 500 CEOs are women.
"There's a general belief that our movement has stalled," she admitted, citing a McKinsey report
"Perhaps it is really the best of times," Kedia mused. "Until 1974, women could not get a credit card without a man's signature ... today we hold more credit cards than men and credit card companies are very happy to have us as customers."
However, she was clear-eyed about the fragility of these gains and the importance of eyeing women's progress through an intersectional lens. This is especially important, she noted, for women of color like herself.
"The arc of the moral universe is long, but it bends towards justice," Kedia said, referencing Dr. Martin Luther King Jr.'s words. "These words still ring true today and apply toward our movement toward equity."
In her closing remarks, Kedia outlined a "must-do" list for advancing women's rights, including calls for an even playing field for all genders — free of bias or double standards, reaching income parity, and the normalization of women's unique leadership styles.
She stressed the need for confidence right now, urging women to aspire to higher roles and overcome social conditioning.
"We must nurture aspiration and courage for each other," Kedia said. "It's really time for others to unload the dishwasher occasionally."
Leighann Lord, a comedian who is for the second year in a row the emcee of the night's event, said the significance of the event extends beyond banking.
"It's so inspirational no matter what you do, whether you're working in banking or finance or any arena," Lord said. "This is important, this is women supporting women and women succeeding and that's a beautiful thing to see."
Attendee Barbara G. Novick, who was a co-founder of BlackRock in 1988, said the night marked a sea change compared to when she began in the industry.
"I started my career in the early '80s, and there were no managing directors that were female; today obviously, you can't count them all, which is a huge, huge change and a change for the better," Novick said. "[That represents] a lot of role models for younger women who are entering the field today … I'm quite optimistic about the future."
Kimberly Moore-Wright, the chief teammate officer and head of enterprise diversity for Truist, said seeing women flourish tonight is a mark of progress.
"This night is really important to celebrate the achievement of women, seeing that women are now holding very prominent positions within an industry that has traditionally been male-dominated is amazing," Moore-Wright said. "Celebrating that accomplishment means a lot."
This year's honorees include Citigroup CEO Jane Fraser, who won the top overall award for this year's
Mary Callahan Erdoes, CEO of JPMorgan Chase's asset and wealth management group, was the top honoree for the
The 2024 Most Powerful Women in Banking also honored the
This year's top woman to watch is Hope Holding Bryant, vice chair of First Citizens. Bryant played a pivotal role in First Citizens' acquisition of Silicon Valley Bank after its collapse in March 2023 during a larger banking crisis. Her leadership in the acquisition helped propel First Citizens to become the 15th-largest bank in the U.S. and earned it recognition as the top-performing U.S. bank with assets of at least $50 billion. Bryant's efforts reassured clients and depositors, solidifying her position as a standout leader in the industry.
A cohort of women banking executives aged 40 and under were also named to the
