NEW YORK — From the moment
"The day I was able to get on an airplane in July of 2020 and land in these different cities, I started telling groups of people, 'I think we are embarking on Wall Street 2.0,'"
Erdoes, JPMorgan Chase's CEO of asset and wealth management, delivered the closing keynote address at the first day of American Banker's
During her remarks, she reflected on her 27-year career with the New York-based mega bank — including her experience working directly for JPMorgan CEO Jamie Dimon — and offered advice to her fellow women in the field.
Erdoes said the conference, which drew roughly 350 attendees from throughout banking and related industries, was an example of the power of connecting in-person, something she said was badly missed during the pandemic. But, she said, recent years have proven how much work can be accomplished from home, a revelation she sees as a paradigm shift for women in the workplace, freeing them from having to choose between building a career and caring for loved ones.
"Zoom makes it OK for you to be in the office for whatever hours you want to be in and then do a Zoom from wherever you want. It's all OK," she said. "When I look at the young people that are in this room, this is your chance, and it's our chance, for people that have lived through maybe a different world, to not let this go away."
Still, Erdoes said, there is "no substitute" for showing up in person when possible. She extolled the virtues of arriving early and staying late, along with being curious, learning and teaching others, and "dressing the part" by wearing business-appropriate clothes to work.
She also emphasized the importance of becoming a subject matter expert. Early in her career, Erdoes said, her mastery of Microsoft Excel — then a relatively new program — positioned her to take a leadership role in a newly-opened investment group in Germany just months after joining JPMorgan. She added that her focus on Treasuries, specifically T-Bills, helped propel her from a junior portfolio manager to a seat on the bank's operating committee during the financial crisis of 2008.
"When you think about these little seeds of what gets you up the chain of command, it's really just those things," she said. "It's always finding that next thing you're gonna be a subject matter expert in and being curious about it."
At the same time, she told the audience to remember that "what got you here, isn't going to get you there." She said it's important for leaders not to spend too much time on building on existing strengths, but to instead focus on addressing weaknesses. For this, she said, it is critical to have "truth-tellers," people in your life who provide critical feedback.
Erdoes encouraged young professionals to take ownership of their errors and missteps, and face them down directly, both as a means of learning and rebuilding the trust of anyone else who may have been affected.
"Mistakes are gifts," she said. "You just don't want to spoil yourself with them."
She also emphasized attention to detail and diligence. She noted Dimon's personal policies on dealing with pressing emails immediately and responding to all calls within 24 hours. The fact that he holds himself to such a high standard "cascades right through the organization," Erdoes said.
Ultimately, Erdoes said, success requires authenticity, not perfection.
"Take your job seriously, but not yourself," she said. "Be your authentic self. You've got to be real. You got to reflect who you are. You can't try to be this wonderful, perfect thing. You have to be yourself."
