There are "shining examples" of women who have made it to the highest levels of the financial industry, but overall women are woefully underrepresented in the top ranks, said speakers at American Banker's Most Powerful Women in Banking gala in New York Thursday night, which celebrated the list's 20th anniversary.
Jill Castilla, president and CEO of Citizens Bank of Edmond, noted that Janet Yellen serves as Treasury Secretary, Esther George is president and chief executive officer of the Federal Reserve Bank of Kansas City, and that half of the Federal Reserve presidents are women.
Tribute video celebrating the 20th anniversary of the Most Powerful Women in Banking and Finance program.
Other examples of women leading the industry include the
But women are still underrepresented in leadership in the financial industry, Castilla said.
"Only 2% percent of banks under $5 billion in assets are led by female CEOs and in institutions larger than $5 billion in assets, still only a mere 5% are female CEOs," she said. "On a systemic level, we have a long way to go."
In the video clip above, Jill Castilla, president and CEO of Citizens Bank of Edmond, shares advice that was given to her earlier in her career by Dorothy Savarese, CEO of Cape Cod 5, as gala emcee Amy Brady, chief information officer at KeyBank, looks on.
Darryl White, CEO of Bank of Montreal, echoed Castilla's view, noting that $12 trillion could be added to global gross domestic product by advancing women's equality, according to a 2015 McKinsey report.
"So not only is this an ethical imperative, which we all know, it's painfully obvious, but it's also an economic one," White said.
Darryl White, CEO of Bank of Montreal, made a strong case for helping women attain senior levels of management at the gala.
BMO was the first Canadian bank to appoint a female director in 1967 and 50% of BMO's independent board of directors are women, he said. Three of four board committees are chaired by women. White is one of 70 CEOs who have signed a public pledge to advance women, particularly women of color, into senior leadership roles and onto boards, he said.
A behind-the-scenes look at the cover shoot for the Most Powerful Women in Banking and Finance print issue.
At times throughout the evening, speakers offered career advice.
White said he and his daughters recently watched "King Richard," a movie about the father of Venus and Serena Williams. Venus Williams had spoken on Wednesday at the Most Powerful Women in Banking conference.
Ranjana Clark, head of global transaction banking at MUFG, looks back on her cover shoot for the inaugural Most Powerful Women in Banking list 20 years ago.
"The one thing that really, really, really stood out for us was in an early scene, their father wrote, in large words, a quote on the back of the court so that Venus and Serena could see it every single day, from Benjamin Franklin that said, 'If you fail to plan, you plan to fail.' Now we all know in business that that is powerful, powerful inspiration. And he was right. Planning to succeed, which is what we try to do every day in our businesses, is essential to achieving all of our ambitions. Whether you are a tennis player or whether you are a great banker."
Doreen Woo Ho, former U.S. Bank director and independent director at Hercules Capital, looks back on her cover shoot for the inaugural Most Powerful Women in Banking list 20 years ago.
And Cathy Owen, chair of Eagle Bank & Trust Co. in Little Rock, Arkansas, spoke of the need for tenacity.
She started her career in banking at the age 16.
"As the daughter of the bank's founder and majority shareholder, there were questions from the moment I walked through the door about how I'd gotten the job, and whether or not I belonged there," she said. "I decided that I had two options: I could quit, walk out and prove my critics right, or I could stay, work hard, and prove them wrong."
She chose the latter option.
Julia Gouw, chair at Piermont Bank, looks back on her cover shoot for the inaugural Most Powerful Women in Banking list 20 years ago.
"Little did I know what that 16-year-old decision would do in changing not only the trajectory of my life, but also a career that has gone beyond what I could ever imagined," she said.
Owen told the Most Powerful Women honorees that the fact they have made it to this point "is a testament that no matter what it was, you stood, you fought hard, you made it through. You had the fortitude and the tenacity to stay and tackle the job. You've demonstrated the value you bring over and over again to your organizations and to your communities, through your exemplary leadership, your expertise, and your dedication to our profession."
