First Horizon faced challenges in the spring of 2023, when its $13.4 billion merger agreement with TD Bank Group was called off amid concerns over regulatory approval.
As First Horizon's stock plummeted by 50% on the news, Chief Financial Officer Hope Dmuchowski and her team sprang into crisis management mode to reassure clients and investors that the bank was still solid. They promptly put together client presentations, investor meetings and Q&As, and they organized an Investor Day to take place in just 30 days — an event that typically takes up to eight months to plan. Dmuchowski also met daily with clients and bank prospects, and launched an investor outreach program that ultimately connected with over 300 investors over the following six months.
Just 45 days after the merger was terminated, First Horizon had increased its client deposit base by 4%; they retained 90% of those clients through the year. The stock price had also rebounded by more than 45% as a turbulent year came to a close.
Dmuchowski rose to the challenge. At the same time that she was managing the failed merger fallout, she also had to rebuild her team — 20% were temporary employees at the time. Ultimately, she oversaw a change in more than 50% of her direct reports.
In addition to responsibilities that include managing accounting functions, directing treasury operations and running investor relations at the Memphis, Tennessee-based bank, Dmuchowski also oversees corporate properties.
Dmuchowski got her start in the industry more than 20 years ago at Deutsche Bank, where she started in the leadership development program and ended her six-year run as business manager for equity and global markets research. Today's rising bankers, she said, "should have strong leadership, adaptability and agility skills."
She added, "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. 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."
Dmuchowski recognized that while women have come a long way in financial services over the past several decades, there are still far too few making it to top leadership positions. "We, as leaders, are charged with leading by example and responsible for creating environments and opportunities for other women to advance without unnecessary roadblocks," she said.
To that end, Dmuchowski serves as a board member and executive mentor for 4Word, a faith-based organization that supports women throughout their careers.
"I've been fortunate to have several inspirational women lead the way throughout my career," she said. "From navigating the male-oriented office environments to managing the family-work balance, they armed me with the advice, support and guidance I needed to continue to grow throughout my career."
As for her own family-work balance, Dmuchowski said, "I have three boys who participate in multiple sports, and I love watching them play, especially when we travel to tournaments." She also finds the time to read about a book a week on a variety of topics.
