The Women to Watch
September 25, 2017 12:01 AM
Some of these leaders are new to their roles, while others have been in theirs for years. But one thing they all have in common is that they are commanding attention.
None more so than Mary Mack, who tops the list of the 25 Women to Watch for 2017.
Mack is the head of community banking at the embattled Wells Fargo, which is working to recover from a disastrous scandal in which employees created millions of phony accounts to meet aggressive sales targets.
It has fallen on Mack to convince front-line employees — along with customers and regulators — that Wells is a changed company.
Thasunda Duckett ascends to the No. 2 spot on the Watch list, with her appointment as chief executive of consumer banking at JPMorgan Chase, while Ellen Patterson, the general counsel at TD Bank, jumps to No. 5, as she takes on the additional title of general counsel at its Toronto-based parent company, TD Bank Group.
Two technology leaders — Heather Cox and Yolande Piazza — also rank high. Cox is in the newly created role of chief technology and digital officer at USAA. Piazza, who is Cox's successor as CEO of Citi FinTech, is appearing on the Watch list for the first time.
Jennifer Smith, the chief information officer at Zions Bancorp., is another tech leader who is new to the ranking. Smith is overseeing a multiyear core conversion, which is significant not just because it is the largest tech project in Zions' history, but because few other banks have even dared to attempt one.
In all, six of the 25 Women to Watch are making their debuts on the list this year. Besides Piazza and Smith, these include BMO Harris Bank's Alex Dousmanis-Curtis, TD Bank's Jane Russell, and BNY Mellon's Monique Herena and Paulette Mullings Bradnock.
Two others, who have been on the list in the past, but not last year, are returning – Julianne Thurlow of Reading Cooperative Bank and Janet Garufis of Montecito Bank & Trust.
There are five community bankers on the list overall — which might be a record.
This group includes Mary Ann Scully of Howard Bancorp, Jill Castilla of Citizens Bank of Edmond and Laura Lee Stewart of Sound Community Bank, along with Thurlow and Garufis.
Click through the slideshow to see the full Women to Watch ranking.
Make sure to check out this year's other rankings:
•Most Powerful Women in Banking
•Most Powerful Women in Finance
None more so than Mary Mack, who tops the list of the 25 Women to Watch for 2017.
Mack is the head of community banking at the embattled Wells Fargo, which is working to recover from a disastrous scandal in which employees created millions of phony accounts to meet aggressive sales targets.
It has fallen on Mack to convince front-line employees — along with customers and regulators — that Wells is a changed company.
Thasunda Duckett ascends to the No. 2 spot on the Watch list, with her appointment as chief executive of consumer banking at JPMorgan Chase, while Ellen Patterson, the general counsel at TD Bank, jumps to No. 5, as she takes on the additional title of general counsel at its Toronto-based parent company, TD Bank Group.
Two technology leaders — Heather Cox and Yolande Piazza — also rank high. Cox is in the newly created role of chief technology and digital officer at USAA. Piazza, who is Cox's successor as CEO of Citi FinTech, is appearing on the Watch list for the first time.
Jennifer Smith, the chief information officer at Zions Bancorp., is another tech leader who is new to the ranking. Smith is overseeing a multiyear core conversion, which is significant not just because it is the largest tech project in Zions' history, but because few other banks have even dared to attempt one.
In all, six of the 25 Women to Watch are making their debuts on the list this year. Besides Piazza and Smith, these include BMO Harris Bank's Alex Dousmanis-Curtis, TD Bank's Jane Russell, and BNY Mellon's Monique Herena and Paulette Mullings Bradnock.
Two others, who have been on the list in the past, but not last year, are returning – Julianne Thurlow of Reading Cooperative Bank and Janet Garufis of Montecito Bank & Trust.
There are five community bankers on the list overall — which might be a record.
This group includes Mary Ann Scully of Howard Bancorp, Jill Castilla of Citizens Bank of Edmond and Laura Lee Stewart of Sound Community Bank, along with Thurlow and Garufis.
Click through the slideshow to see the full Women to Watch ranking.
Make sure to check out this year's other rankings:
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1. Mary Mack
Senior EVP and Head of Community Banking | Wells Fargo
In a ballroom at the Phoenix Hilton in July, Mary Mack gripped a microphone and listened intently as Wells Fargo managers asked difficult questions about the phony-accounts scandal at the nation's third-largest bank.
"Will senior leadership really support a change away from aggressive sales?"
"Will regional presidents be consistent in rolling out the new turnaround plan?"
"How can the retail branches regain the trust of customers?"
The questions cut to the heart of the challenges facing Mack.
She became head of community banking at Wells in July 2016, just weeks before regulators disclosed that thousands of employees opened more than 2 million fake accounts in order to hit sales targets set by management.
In late August this year, Wells said that it had uncovered as many as 1.4 million more fake accounts dating to 2009, an increase of 67% from its original estimate.
It has fallen on Mack, a 33-year banking veteran who previously served as head of the brokerage unit, to convince front-line employees — along with customers and regulators — that Wells is a changed company.
Over the past year, Mack has headlined 54 town hall meetings in 30 cities. She has crisscrossed the country from Sacramento to Grand Prairie, Tex., and Minneapolis to Miami, on a "listening tour," to hear employees' ideas on how to move forward from a scandal that resulted in $190 million in penalties, cost former Chairman and Chief Executive John Stumpf his job and decimated Wells' once-sterling reputation.
"I came in at a really difficult time for the institution," said Mack.
"We knew we had broken trust with customers and team members. So I started immediately doing what I knew how to do, which was to listen to team members, to show them we were on their side."
Many of those employees resent that executives and managers for years raked in huge bonuses tied to strong cross-selling and benefited from the company's rising stock price.
At the same time, lower-level employees were threatened with losing their jobs for falling short of sales targets. More than 5,300 front-line employees were fired for opening phony accounts — often under pressure from their bosses — as were some of the hundreds of whistleblowers who reported the fraud.
David Carroll, Mack's former boss who retired this year as head of wealth and investment management at Wells, said that sometimes "bad things can happen to good companies."
But even he acknowledged that Wells' transgressions seemed particularly egregious due to the level of deception. "People will forgive monumentally bad business decisions, but this one was different because of ethics," he said.
Still, Carroll and other current and former Wells officials said that if anyone within the company can fix what ails its retail bank and rebuild morale among the 75,000 employees, it's Mack. "She is one of the most charming people; she puts others at ease," said Carroll. "But she's also eerily smart and extremely quick."
(See the full profile of Mary Mack here.)
In a ballroom at the Phoenix Hilton in July, Mary Mack gripped a microphone and listened intently as Wells Fargo managers asked difficult questions about the phony-accounts scandal at the nation's third-largest bank.
"Will senior leadership really support a change away from aggressive sales?"
"Will regional presidents be consistent in rolling out the new turnaround plan?"
"How can the retail branches regain the trust of customers?"
The questions cut to the heart of the challenges facing Mack.
She became head of community banking at Wells in July 2016, just weeks before regulators disclosed that thousands of employees opened more than 2 million fake accounts in order to hit sales targets set by management.
In late August this year, Wells said that it had uncovered as many as 1.4 million more fake accounts dating to 2009, an increase of 67% from its original estimate.
It has fallen on Mack, a 33-year banking veteran who previously served as head of the brokerage unit, to convince front-line employees — along with customers and regulators — that Wells is a changed company.
Over the past year, Mack has headlined 54 town hall meetings in 30 cities. She has crisscrossed the country from Sacramento to Grand Prairie, Tex., and Minneapolis to Miami, on a "listening tour," to hear employees' ideas on how to move forward from a scandal that resulted in $190 million in penalties, cost former Chairman and Chief Executive John Stumpf his job and decimated Wells' once-sterling reputation.
"I came in at a really difficult time for the institution," said Mack.
"We knew we had broken trust with customers and team members. So I started immediately doing what I knew how to do, which was to listen to team members, to show them we were on their side."
Many of those employees resent that executives and managers for years raked in huge bonuses tied to strong cross-selling and benefited from the company's rising stock price.
At the same time, lower-level employees were threatened with losing their jobs for falling short of sales targets. More than 5,300 front-line employees were fired for opening phony accounts — often under pressure from their bosses — as were some of the hundreds of whistleblowers who reported the fraud.
David Carroll, Mack's former boss who retired this year as head of wealth and investment management at Wells, said that sometimes "bad things can happen to good companies."
But even he acknowledged that Wells' transgressions seemed particularly egregious due to the level of deception. "People will forgive monumentally bad business decisions, but this one was different because of ethics," he said.
Still, Carroll and other current and former Wells officials said that if anyone within the company can fix what ails its retail bank and rebuild morale among the 75,000 employees, it's Mack. "She is one of the most charming people; she puts others at ease," said Carroll. "But she's also eerily smart and extremely quick."
2. Thasunda Duckett
CEO of Chase Consumer Banking | JPMorgan Chase
Thasunda Duckett led Chase Auto Finance to record loan growth in her three-plus years as the unit's CEO. Now she is looking to take a different JPMorgan Chase business to similarly lofty heights.
Duckett was named CEO of Chase Consumer Banking in September 2016. In each quarter since, deposit growth has been at least 10% compared to the same period a year earlier. Meanwhile, net revenue in consumer and business banking has climbed steadily in each of the last three quarters and total client investment assets are now at a two-year high.
Duckett's promotion acknowledges a job well done as CEO of Chase Auto Finance. Auto loan and lease balances increased in every quarter during her tenure and her emphasis on improving the customer experience, largely through technology upgrades, helped earn a top ranking in customer satisfaction among automobile dealers.
Perhaps most notably, Chase became the nation's second-largest auto lender by dollar volume in 2016, up from the No. 5 in 2015.
"Thasunda is an extraordinary leader who has completely transformed our auto finance business in less than three years," Gordon Smith, the CEO of consumer and community banking, said in announcing Duckett's promotion in September 2016.
Duckett oversees all aspects of consumer banking, including wealth management. She is responsible for 47,000 employees, 5,300 branches and 18,000 ATMs, all serving roughly 23 million U.S. households.
One of Duckett's primary goals as CEO of the consumer bank is to connect with moderate-income households. She created an office of community and business development dedicated to helping families keep their finances on track through education and innovative saving and investment products and services.
Thasunda Duckett led Chase Auto Finance to record loan growth in her three-plus years as the unit's CEO. Now she is looking to take a different JPMorgan Chase business to similarly lofty heights.
Duckett was named CEO of Chase Consumer Banking in September 2016. In each quarter since, deposit growth has been at least 10% compared to the same period a year earlier. Meanwhile, net revenue in consumer and business banking has climbed steadily in each of the last three quarters and total client investment assets are now at a two-year high.
Duckett's promotion acknowledges a job well done as CEO of Chase Auto Finance. Auto loan and lease balances increased in every quarter during her tenure and her emphasis on improving the customer experience, largely through technology upgrades, helped earn a top ranking in customer satisfaction among automobile dealers.
Perhaps most notably, Chase became the nation's second-largest auto lender by dollar volume in 2016, up from the No. 5 in 2015.
"Thasunda is an extraordinary leader who has completely transformed our auto finance business in less than three years," Gordon Smith, the CEO of consumer and community banking, said in announcing Duckett's promotion in September 2016.
Duckett oversees all aspects of consumer banking, including wealth management. She is responsible for 47,000 employees, 5,300 branches and 18,000 ATMs, all serving roughly 23 million U.S. households.
One of Duckett's primary goals as CEO of the consumer bank is to connect with moderate-income households. She created an office of community and business development dedicated to helping families keep their finances on track through education and innovative saving and investment products and services.
3. Heather Cox
Chief Technology and Digital Officer | USAA
Wayne Gretzky's famous advice about hockey — skate to where the puck is going — also applies to banking.
And that puck is moving fast as the industry increasingly faces competition from tech companies.
So says Heather Cox, who left Citigroup to join USAA in October as its first chief technology and digital officer. She leapt at the chance to help the San Antonio-based company, known as a tech leader, crank up its velocity of innovation.
Among the strategic plans Cox has helped lead since coming on board are: getting approval to aggressively grow in areas like engineering and design over the next two and a half years and creating an environment that lets anybody work on USAA's innovation team. All employees can pitch their ideas, and potentially receive funding to try them out.
By rearranging the company's structure to break down silos and encouraging everyone to think innovatively, Cox hopes to roll out features before "members" (as USAA calls its customers) even know they need them.
As she sees it, USAA's top priority is moving to an artificial intelligence-first mentality. While there are many unknowns on how AI will transform banking, Cox is already jazzed about its potential to humanize the digital banking experience, which members love. She envisions a day when the technology understands a member's state of mind when he is tapping on his mobile phone and, if appropriate, can reroute him to a human or bot that can swiftly handle his request. "Our members deserve that kind of engagement," said Cox.
While brainstorming ways to shake up the status quo, Cox makes time to mentor several USAA employees and serve on the board of LIFT, a nonprofit whose mission is to help families break the cycle of poverty.
Wayne Gretzky's famous advice about hockey — skate to where the puck is going — also applies to banking.
And that puck is moving fast as the industry increasingly faces competition from tech companies.
So says Heather Cox, who left Citigroup to join USAA in October as its first chief technology and digital officer. She leapt at the chance to help the San Antonio-based company, known as a tech leader, crank up its velocity of innovation.
Among the strategic plans Cox has helped lead since coming on board are: getting approval to aggressively grow in areas like engineering and design over the next two and a half years and creating an environment that lets anybody work on USAA's innovation team. All employees can pitch their ideas, and potentially receive funding to try them out.
By rearranging the company's structure to break down silos and encouraging everyone to think innovatively, Cox hopes to roll out features before "members" (as USAA calls its customers) even know they need them.
As she sees it, USAA's top priority is moving to an artificial intelligence-first mentality. While there are many unknowns on how AI will transform banking, Cox is already jazzed about its potential to humanize the digital banking experience, which members love. She envisions a day when the technology understands a member's state of mind when he is tapping on his mobile phone and, if appropriate, can reroute him to a human or bot that can swiftly handle his request. "Our members deserve that kind of engagement," said Cox.
While brainstorming ways to shake up the status quo, Cox makes time to mentor several USAA employees and serve on the board of LIFT, a nonprofit whose mission is to help families break the cycle of poverty.
4. Yolande Piazza
CEO, Citi FinTech | Citigroup
When Yolande Piazza stepped in as interim leader of Citi FinTech in August 2016, it was a critical time for the Citigroup unit. The previous CEO, Heather Cox, had left for USAA and the unit, formed in 2015, had yet to roll out a product.
"Yolande was under enormous pressure to deliver our first product launch," said Linda Duncombe, the chief marketing officer for Citi FinTech, who at the time had just come on board. "Under Yolande's leadership, we delivered on schedule and under budget."
The "product" delivered in December consists of several features for the Citi mobile banking app that let customers do things like open brokerage accounts and trade; reach a banker with one click; log in with biometric authentification, such as a fingerprint or facial recognition; and transfer funds globally between Citi accounts and linked checking and brokerage accounts using just an account number.
One reason the transition was smooth is Piazza was already part of Citi FinTech — she was the chief operating officer.
She got the CEO job permanently in March, and is happy with it. "It's not often that you find a role where even on the weekends, you're anxious to get back to it," she said. "I love what I'm doing."
Citi FinTech has the trappings of a tech startup — an open-plan office, pingpong tables and beanbag chairs. Failures are celebrated with champagne. Work is driven by small teams with coaching from entrepreneurs-in-residence. Ideas are rapidly tested with customers and then evaluated, and potentially funded, by venture capital-like boards within Citi, called "growth boards."
As the head of a fintech-startup-within-a-bank, Piazza finds being a nearly 30-year veteran of Citi is an advantage, helping her overcome obstacles on the business side. Prior to becoming COO of Citi FinTech, she served as chief administrative officer for consumer banking for seven years. She also was senior vice vice president of online applications and services for Diners Club and chief information officer of Citi's Student Loans Corp.
When Yolande Piazza stepped in as interim leader of Citi FinTech in August 2016, it was a critical time for the Citigroup unit. The previous CEO, Heather Cox, had left for USAA and the unit, formed in 2015, had yet to roll out a product.
"Yolande was under enormous pressure to deliver our first product launch," said Linda Duncombe, the chief marketing officer for Citi FinTech, who at the time had just come on board. "Under Yolande's leadership, we delivered on schedule and under budget."
The "product" delivered in December consists of several features for the Citi mobile banking app that let customers do things like open brokerage accounts and trade; reach a banker with one click; log in with biometric authentification, such as a fingerprint or facial recognition; and transfer funds globally between Citi accounts and linked checking and brokerage accounts using just an account number.
One reason the transition was smooth is Piazza was already part of Citi FinTech — she was the chief operating officer.
She got the CEO job permanently in March, and is happy with it. "It's not often that you find a role where even on the weekends, you're anxious to get back to it," she said. "I love what I'm doing."
Citi FinTech has the trappings of a tech startup — an open-plan office, pingpong tables and beanbag chairs. Failures are celebrated with champagne. Work is driven by small teams with coaching from entrepreneurs-in-residence. Ideas are rapidly tested with customers and then evaluated, and potentially funded, by venture capital-like boards within Citi, called "growth boards."
As the head of a fintech-startup-within-a-bank, Piazza finds being a nearly 30-year veteran of Citi is an advantage, helping her overcome obstacles on the business side. Prior to becoming COO of Citi FinTech, she served as chief administrative officer for consumer banking for seven years. She also was senior vice vice president of online applications and services for Diners Club and chief information officer of Citi's Student Loans Corp.
5. Ellen Patterson
General Counsel | TD Bank
Ellen Patterson's business card is getting a bit crowded.
Already general counsel and head of the compliance, legal and anti-money-laundering activities at TD Bank, Patterson recently took on the additional title of executive vice president and general counsel at TD's Toronto-based parent, TD Bank Group.
In her new role, Patterson leads the global legal function for the $994 billion-asset company, overseeing a team of nearly 700 people.
She continues to direct all compliance, legal and AML functions at the U.S. subsidiary that, on its own, is one of the nation's 10 largest banks.
Patterson admits the additional workload can be daunting at times, but says she can manage because she has such a highly competent team. She also went into the role understanding she can't know everything and can't be afraid to seek counsel.
Indeed, being perceived as "coachable" is a critical attribute of any good leader, she said.
"There will be things you don't see, or things that others need from you in the role, and you will be far more successful if people know you are coachable so that they can tell you about those things and believe you will listen," said Patterson, one of just 21 TD employees with an EVP title globally and the only female EVP based in the United States.
The most successful leaders are also self-aware, open to new ideas and, importantly, display a basic level of predictability, she added.
"While it would be no fun if you were completely predictable in all circumstances, your team does need to know basically what to expect from you," Patterson said. "This is particularly important in the case of receiving bad news. As a leader, you always want to hear the bad news or the things people are worried about. You'll hear a lot more of it, earlier in the process, if your team knows how you'll react to that type of information."
Ellen Patterson's business card is getting a bit crowded.
Already general counsel and head of the compliance, legal and anti-money-laundering activities at TD Bank, Patterson recently took on the additional title of executive vice president and general counsel at TD's Toronto-based parent, TD Bank Group.
In her new role, Patterson leads the global legal function for the $994 billion-asset company, overseeing a team of nearly 700 people.
She continues to direct all compliance, legal and AML functions at the U.S. subsidiary that, on its own, is one of the nation's 10 largest banks.
Patterson admits the additional workload can be daunting at times, but says she can manage because she has such a highly competent team. She also went into the role understanding she can't know everything and can't be afraid to seek counsel.
Indeed, being perceived as "coachable" is a critical attribute of any good leader, she said.
"There will be things you don't see, or things that others need from you in the role, and you will be far more successful if people know you are coachable so that they can tell you about those things and believe you will listen," said Patterson, one of just 21 TD employees with an EVP title globally and the only female EVP based in the United States.
The most successful leaders are also self-aware, open to new ideas and, importantly, display a basic level of predictability, she added.
"While it would be no fun if you were completely predictable in all circumstances, your team does need to know basically what to expect from you," Patterson said. "This is particularly important in the case of receiving bad news. As a leader, you always want to hear the bad news or the things people are worried about. You'll hear a lot more of it, earlier in the process, if your team knows how you'll react to that type of information."
6. Bita Ardalan
Head of Commercial Banking | MUFG Union Bank
Chemistry is important to Bita Ardalan, who has been managing teams for the bulk of her 31-year career at MUFG Union Bank.
But she acknowledges that, earlier in her career, she was at times too focused on her own performance to think about how her teams jelled or how her staff perceived her. Ardalan said that if she knew then what she knows now about how to build more cohesive teams, she might have delivered better results and, importantly, found more job satisfaction.
"While individual contributions are critical, it is also vital to build supportive relationships that will shape us, challenge our thinking, sustain us through tough patches and ultimately help us achieve our organization's goals," she said. "I encourage all those who are just starting their careers to think deeply about these issues as they will improve your balance and help you gain a deeper understanding of your work environment. And, hopefully, enjoy it more."
Whatever faults she felt she had in those early years, Ardalan has clearly overcome them. She has been promoted four times over the past five years, most recently in 2015 when she was named head of commercial banking for the San Francisco-based MUFG Union, a newly created role in which she oversees all business lending for companies with revenues between $10 million to $1 billion.
Chemistry is important to Bita Ardalan, who has been managing teams for the bulk of her 31-year career at MUFG Union Bank.
But she acknowledges that, earlier in her career, she was at times too focused on her own performance to think about how her teams jelled or how her staff perceived her. Ardalan said that if she knew then what she knows now about how to build more cohesive teams, she might have delivered better results and, importantly, found more job satisfaction.
"While individual contributions are critical, it is also vital to build supportive relationships that will shape us, challenge our thinking, sustain us through tough patches and ultimately help us achieve our organization's goals," she said. "I encourage all those who are just starting their careers to think deeply about these issues as they will improve your balance and help you gain a deeper understanding of your work environment. And, hopefully, enjoy it more."
Whatever faults she felt she had in those early years, Ardalan has clearly overcome them. She has been promoted four times over the past five years, most recently in 2015 when she was named head of commercial banking for the San Francisco-based MUFG Union, a newly created role in which she oversees all business lending for companies with revenues between $10 million to $1 billion.
7. Cate Luzio
Global Head of International Subsidiary Banking | HSBC
If a fledgling apparel company has a million followers on Facebook and Instagram but not much in the way of revenue, is it a good credit risk?
Conversely, should a bank think twice about making a loan to an established retailer that generates decent profits but has a negligible presence on social media?
Cate Luzio contends that these are questions bankers need to consider as they evaluate the creditworthiness of corporate clients, particularly those that sell directly to consumers. In the age of social media, sales — whether in-store or online — tell only part of a company's story and banks that fail to understand this dynamic "do so at their own peril," said Luzio, the global head of international subsidiary banking at HSBC.
Luzio leads roughly 900 bankers worldwide who serve 33,000 subsidiaries of large multinationals. She travels extensively, placing a premium on connecting bankers in far-flung countries with each other to serve HSBC's broad clientele.
Luzio is equally passionate about supporting the careers of women, inside and outside her company. She is a co-founder of two networking groups at HSBC that aim to develop female leaders, and she serves on the board of Girls Inc., a nonprofit devoted to increasing educational opportunities for young women from disadvantaged communities. She also has organized a series of women's career development leadership conferences around the globe for HSBC's clients.
Much as she believes Instagram and Facebook can be valuable for evaluating business opportunities, Luzio said that social media is giving women a voice that they didn't have a decade ago. Luzio herself has more than 3,000 followers on LinkedIn, where she often posts materials related to gender equality.
"I see social media making girls more confident and more willing to stand up for what they believe in," she said.
If a fledgling apparel company has a million followers on Facebook and Instagram but not much in the way of revenue, is it a good credit risk?
Conversely, should a bank think twice about making a loan to an established retailer that generates decent profits but has a negligible presence on social media?
Cate Luzio contends that these are questions bankers need to consider as they evaluate the creditworthiness of corporate clients, particularly those that sell directly to consumers. In the age of social media, sales — whether in-store or online — tell only part of a company's story and banks that fail to understand this dynamic "do so at their own peril," said Luzio, the global head of international subsidiary banking at HSBC.
Luzio leads roughly 900 bankers worldwide who serve 33,000 subsidiaries of large multinationals. She travels extensively, placing a premium on connecting bankers in far-flung countries with each other to serve HSBC's broad clientele.
Luzio is equally passionate about supporting the careers of women, inside and outside her company. She is a co-founder of two networking groups at HSBC that aim to develop female leaders, and she serves on the board of Girls Inc., a nonprofit devoted to increasing educational opportunities for young women from disadvantaged communities. She also has organized a series of women's career development leadership conferences around the globe for HSBC's clients.
Much as she believes Instagram and Facebook can be valuable for evaluating business opportunities, Luzio said that social media is giving women a voice that they didn't have a decade ago. Luzio herself has more than 3,000 followers on LinkedIn, where she often posts materials related to gender equality.
"I see social media making girls more confident and more willing to stand up for what they believe in," she said.
8. Sandy Pierce
Senior EVP, Private Client Group; Regional Banking Director and Chair of Michigan | Huntington Bancshares
Sandy Pierce has been through enough mergers in her 39 years in banking to know that, as companies get larger, department meetings tend to get longer and more unwieldy.
So Pierce, who joined Huntington Bancshares last year when it acquired her former employer, FirstMerit, is intent on reducing the length of meetings across the $100 billion-asset company so that bankers can spend more time with existing or prospective clients. She has directed department heads to reduce meeting times and the number of people required to attend meetings in person by at least 25% and cut the number of pages used in presentations in half.
"As a company grows, so does the paperwork and so do the number and length of meetings," said Pierce. "We want to be really intentional about giving people back time so we can focus on what we are in the business of doing, which is making people's lives better."
The initiative has strong backing from the senior management team, which has responded by cutting its number of weekly meetings from two to one.
That's extra time Pierce can devote to her myriad responsibilities, which include managing Huntington's 18 regional bank presidents across eight states, overseeing the private bank, directing corporate communications, regional marketing and public affairs, and leading all activities in the state of Michigan.
It's a lot to juggle, but Pierce — who also chairs the Henry Ford Health System and is on the board of the Detroit branch of the Chicago Federal Reserve — said she can do it all because she is unafraid to delegate.
"You don't micromanage, you lead," she said. "You allow people to make decisions, and if they make a mistake, like we all do, they learn from it and move on."
Sandy Pierce has been through enough mergers in her 39 years in banking to know that, as companies get larger, department meetings tend to get longer and more unwieldy.
So Pierce, who joined Huntington Bancshares last year when it acquired her former employer, FirstMerit, is intent on reducing the length of meetings across the $100 billion-asset company so that bankers can spend more time with existing or prospective clients. She has directed department heads to reduce meeting times and the number of people required to attend meetings in person by at least 25% and cut the number of pages used in presentations in half.
"As a company grows, so does the paperwork and so do the number and length of meetings," said Pierce. "We want to be really intentional about giving people back time so we can focus on what we are in the business of doing, which is making people's lives better."
The initiative has strong backing from the senior management team, which has responded by cutting its number of weekly meetings from two to one.
That's extra time Pierce can devote to her myriad responsibilities, which include managing Huntington's 18 regional bank presidents across eight states, overseeing the private bank, directing corporate communications, regional marketing and public affairs, and leading all activities in the state of Michigan.
It's a lot to juggle, but Pierce — who also chairs the Henry Ford Health System and is on the board of the Detroit branch of the Chicago Federal Reserve — said she can do it all because she is unafraid to delegate.
"You don't micromanage, you lead," she said. "You allow people to make decisions, and if they make a mistake, like we all do, they learn from it and move on."
9. Kate Quinn
Vice Chairman and Chief Administrative Officer | U.S. Bancorp
When Andy Cecere took over as CEO of U.S. Bancorp in April, one of his first orders of business was to promote Kate Quinn to vice chairman and chief administrative officer.
Quinn had been the chief strategy and reputation officer since 2015 and the move expanded her responsibilities to include human resources. It was a reward for a job well done — Quinn was the driving force behind the successful 2016 "Power of Possible" marketing campaign — and an acknowledgement that reputation and culture are partly defined by how companies recruit, retain and develop talent.
A longtime insurance industry executive, Quinn joined U.S. Bancorp as the chief marketing officer in 2013. She was charged with improving its branding, an area that it had not focused on previously. Though it is the nation's fifth-largest banking company by assets, even Quinn hadn't heard of it until she began interviewing for the job.
Still, before she could build an external campaign, Quinn believed she had to strengthen its message internally. At the time, marketing and community relations were housed in the retail bank, public relations reported to investor relations and government relations was part of the legal department. With support from then-CEO Richard Davis, Quinn pulled those functions into a newly created office of strategy and corporate affairs, then worked with employees companywide to develop a purpose statement and set of core values.
"You have to have a consistent message with a consistent point of view to all of your different stakeholders," said Quinn, who is one of 14 senior executives, and one of four women, on the company's management committee. "When you are building a brand, it can't be just an advertising campaign."
These efforts by Quinn, who oversees all aspects of the company that touch on culture, branding and reputation, are resonating. In March, the Ethisphere Institute named U.S. Bancorp as one of the world's most ethical companies for the third consecutive year. It is the largest U.S.-based banking company to ever make the list.
When Andy Cecere took over as CEO of U.S. Bancorp in April, one of his first orders of business was to promote Kate Quinn to vice chairman and chief administrative officer.
Quinn had been the chief strategy and reputation officer since 2015 and the move expanded her responsibilities to include human resources. It was a reward for a job well done — Quinn was the driving force behind the successful 2016 "Power of Possible" marketing campaign — and an acknowledgement that reputation and culture are partly defined by how companies recruit, retain and develop talent.
A longtime insurance industry executive, Quinn joined U.S. Bancorp as the chief marketing officer in 2013. She was charged with improving its branding, an area that it had not focused on previously. Though it is the nation's fifth-largest banking company by assets, even Quinn hadn't heard of it until she began interviewing for the job.
Still, before she could build an external campaign, Quinn believed she had to strengthen its message internally. At the time, marketing and community relations were housed in the retail bank, public relations reported to investor relations and government relations was part of the legal department. With support from then-CEO Richard Davis, Quinn pulled those functions into a newly created office of strategy and corporate affairs, then worked with employees companywide to develop a purpose statement and set of core values.
"You have to have a consistent message with a consistent point of view to all of your different stakeholders," said Quinn, who is one of 14 senior executives, and one of four women, on the company's management committee. "When you are building a brand, it can't be just an advertising campaign."
These efforts by Quinn, who oversees all aspects of the company that touch on culture, branding and reputation, are resonating. In March, the Ethisphere Institute named U.S. Bancorp as one of the world's most ethical companies for the third consecutive year. It is the largest U.S.-based banking company to ever make the list.
10. Rosilyn Houston
Chief Talent and Culture Executive | BBVA Compass
As the only woman on BBVA Compass' 12-person management team, Rosilyn Houston feels a special obligation to help advance the careers of other women in the organization. So last year, Houston developed a business resource group within the bank that is geared specifically to women in leadership roles.
The group launched in June with 430 members, including some men. Its mission is to provide up-and-coming female executives with opportunities for career advancement, partly through mentoring, sponsorship and professional development training, and partly through a program that matches midlevel female leaders with higher-level executives to help solve real-world problems.
Houston's hope is that the group's existence will help the $88 billion-asset bank strengthen its pipeline of high-quality female leaders who could move into executive roles when opportunities arise. She also believes strongly that when women feel supported in their careers, they are more inspired and engaged, leading to an improved bottom line.
In her role as the bank's chief talent and culture officer, Houston is all about making employees happy. In the past year, she and her team implemented a range of new worker-friendly initiatives that include higher pay coverage for short-term disability, increased leave for new parents and even an overnight breast-milk delivery service for mothers traveling on business.
Houston is also bringing more innovation into the human resources area. Her division is the only nontech unit at BBVA Compass to create its own agile team to improve efficiency and performance. Using design-thinking methodologies, the team has revamped the employee onboarding process and built new talent and leadership development programs, doing in weeks what would normally take many months.
Houston was a regional head of consumer and commercial banking when she was asked to take over human resources in 2015 and she admits to being hesitant at first about leaving a revenue-generating post for one with no P&L responsibilities. Now, she finds incredible satisfaction in developing compensation, leave and benefits policies that cement BBVA Compass' bond with employees.
"I did not give up anything by shifting my focus to the people strategies in my organization," she said. "I gained the greatest opportunity ever."
As the only woman on BBVA Compass' 12-person management team, Rosilyn Houston feels a special obligation to help advance the careers of other women in the organization. So last year, Houston developed a business resource group within the bank that is geared specifically to women in leadership roles.
The group launched in June with 430 members, including some men. Its mission is to provide up-and-coming female executives with opportunities for career advancement, partly through mentoring, sponsorship and professional development training, and partly through a program that matches midlevel female leaders with higher-level executives to help solve real-world problems.
Houston's hope is that the group's existence will help the $88 billion-asset bank strengthen its pipeline of high-quality female leaders who could move into executive roles when opportunities arise. She also believes strongly that when women feel supported in their careers, they are more inspired and engaged, leading to an improved bottom line.
In her role as the bank's chief talent and culture officer, Houston is all about making employees happy. In the past year, she and her team implemented a range of new worker-friendly initiatives that include higher pay coverage for short-term disability, increased leave for new parents and even an overnight breast-milk delivery service for mothers traveling on business.
Houston is also bringing more innovation into the human resources area. Her division is the only nontech unit at BBVA Compass to create its own agile team to improve efficiency and performance. Using design-thinking methodologies, the team has revamped the employee onboarding process and built new talent and leadership development programs, doing in weeks what would normally take many months.
Houston was a regional head of consumer and commercial banking when she was asked to take over human resources in 2015 and she admits to being hesitant at first about leaving a revenue-generating post for one with no P&L responsibilities. Now, she finds incredible satisfaction in developing compensation, leave and benefits policies that cement BBVA Compass' bond with employees.
"I did not give up anything by shifting my focus to the people strategies in my organization," she said. "I gained the greatest opportunity ever."
11. Monique Herena
Chief Human Resources Officer and Senior EVP, Marketing and Corporate Affairs | BNY Mellon
When BNY Mellon hired Monique Herena as its chief human resources officer and head of corporate affairs in 2014, the directive from then-CEO Gerald Hassell was an ambitious one: position the bank as the "preeminent career destination" for talented financial professionals.
It's perhaps too soon to say "mission accomplished," but under Herena's leadership the bank is making significant progress in attracting and retaining top talent, according to Hassell, who recently relinquished the CEO title and is now nonexecutive chairman.
On the recruitment side, Herena refreshed the interview process and shortened applications, while internally she is improving the workplace culture at BNY Mellon largely by celebrating its people and upgrading the benefits it offers.
Last year, the bank rolled out its first-ever "people report," a digital-only vehicle that highlights employees' accomplishments and showcases their commitment to citizenship. It recently launched a well-being initiative through which the company now provides such services as in-house counseling, financial planning and fitness training. And it has reimagined its in-house university to focus less on what Herena calls "check-the-box" training and more on things like culture and leadership.
"To accomplish all of our goals, we needed a new leader as our chief human resources officer, someone who would have the courage, drive and human touch to effect the changes necessary," Hassell said. "Monique has been extraordinarily effective and impactful, delivering results beyond expectations."
When BNY Mellon hired Monique Herena as its chief human resources officer and head of corporate affairs in 2014, the directive from then-CEO Gerald Hassell was an ambitious one: position the bank as the "preeminent career destination" for talented financial professionals.
It's perhaps too soon to say "mission accomplished," but under Herena's leadership the bank is making significant progress in attracting and retaining top talent, according to Hassell, who recently relinquished the CEO title and is now nonexecutive chairman.
On the recruitment side, Herena refreshed the interview process and shortened applications, while internally she is improving the workplace culture at BNY Mellon largely by celebrating its people and upgrading the benefits it offers.
Last year, the bank rolled out its first-ever "people report," a digital-only vehicle that highlights employees' accomplishments and showcases their commitment to citizenship. It recently launched a well-being initiative through which the company now provides such services as in-house counseling, financial planning and fitness training. And it has reimagined its in-house university to focus less on what Herena calls "check-the-box" training and more on things like culture and leadership.
"To accomplish all of our goals, we needed a new leader as our chief human resources officer, someone who would have the courage, drive and human touch to effect the changes necessary," Hassell said. "Monique has been extraordinarily effective and impactful, delivering results beyond expectations."
12. Mary Ann Scully
Chairman, President and CEO | Howard Bancorp
Talk about impeccable timing.
When Howard Bancorp in Maryland was looking to raise money late last year to support its growth, the board's initial aim was to raise $15 million by issuing subordinated debt.
But with the market soaring following the November elections, the board, led by Chairman and CEO Mary Ann Scully, decided to change course and pursue a stock offering instead. The goal was to raise $30 million, but the offering was so oversubscribed that by the time it was completed in January, the company had pulled in $41 million from existing and new investors.
That capital raise set the stage for Howard's biggest-ever acquisition. In August, the $1 billion-asset company announced it was buying 1st Mariner Bank in Baltimore for roughly $165 million in stock.
Though Howard had been expanding at a healthy pace, organically and through acquisitions, Scully said the capital raise was "transformational" not only because of its potential to accelerate growth, but because of the message it sent to future investors and potential acquisition targets. "It wasn't just two or three institutional investors showing confidence in us, it was a group of more than 25 that invested in us," Scully said. "That sent a very strong signal to our shareholders, our customers and potential strategic partners about our ability to access capital."
Scully, a longtime Baltimore-area banker, founded Howard in 2004 and, in the 13 years since, its assets have grown from $17 million to more than $1 billion. Howard's market capitalization has nearly doubled since the capital raise, and this past spring the company was added to the Russell 2000 index.
Scully is one of the nation's most vocal advocates for community banks, having served as a past chair of the Maryland Bankers Association and currently serving on the boards of the Baltimore branch of the Richmond Fed and the FDIC's community advisory board.
Scully is also visible in the community. In Howard's hometown of Ellicott City, whose downtown was ravaged by floods a year ago, the company has sponsored events aimed at benefiting flood victims, while Scully, who has served on various economic development commissions, is a leading adviser on the rebuilding. Howard also recently opened a branch in a blighted section of Baltimore and committed $500,000 to a nonprofit whose mission is to revive the city's most down-and-out neighborhoods.
Talk about impeccable timing.
When Howard Bancorp in Maryland was looking to raise money late last year to support its growth, the board's initial aim was to raise $15 million by issuing subordinated debt.
But with the market soaring following the November elections, the board, led by Chairman and CEO Mary Ann Scully, decided to change course and pursue a stock offering instead. The goal was to raise $30 million, but the offering was so oversubscribed that by the time it was completed in January, the company had pulled in $41 million from existing and new investors.
That capital raise set the stage for Howard's biggest-ever acquisition. In August, the $1 billion-asset company announced it was buying 1st Mariner Bank in Baltimore for roughly $165 million in stock.
Though Howard had been expanding at a healthy pace, organically and through acquisitions, Scully said the capital raise was "transformational" not only because of its potential to accelerate growth, but because of the message it sent to future investors and potential acquisition targets. "It wasn't just two or three institutional investors showing confidence in us, it was a group of more than 25 that invested in us," Scully said. "That sent a very strong signal to our shareholders, our customers and potential strategic partners about our ability to access capital."
Scully, a longtime Baltimore-area banker, founded Howard in 2004 and, in the 13 years since, its assets have grown from $17 million to more than $1 billion. Howard's market capitalization has nearly doubled since the capital raise, and this past spring the company was added to the Russell 2000 index.
Scully is one of the nation's most vocal advocates for community banks, having served as a past chair of the Maryland Bankers Association and currently serving on the boards of the Baltimore branch of the Richmond Fed and the FDIC's community advisory board.
Scully is also visible in the community. In Howard's hometown of Ellicott City, whose downtown was ravaged by floods a year ago, the company has sponsored events aimed at benefiting flood victims, while Scully, who has served on various economic development commissions, is a leading adviser on the rebuilding. Howard also recently opened a branch in a blighted section of Baltimore and committed $500,000 to a nonprofit whose mission is to revive the city's most down-and-out neighborhoods.
13. Jill Castilla
President and CEO | Citizens Bank of Edmond
If imitation is the highest form of flattery, then Jill Castilla has countless admirers.
As president and CEO of Citizens Bank of Edmond, Castilla has become a master of social media and an internationally recognized voice for community banking. So much so that more than 100 institutions have adopted her bank's use of cash mobs, where employees shop at a local business and then post about it on social media.
In addition to that, Citizens hosts other bankers who trek there to learn from Castilla and her team.
Not bad for an institution with just $256 million of assets in the suburbs of Oklahoma City.
"A rising tide lifts all boats," Castilla said. "Community banking is so much different than two large retailers competing against each other and trying to stay one step ahead of each other. There is a place in the market for many of us."
Castilla seems to relish the opportunity to hear from and work with her fellow bankers. As chairman of the Community Bankers Association of Oklahoma, she has traveled across her home state, meeting with other community banks to hear their stories and learn about their concerns. This leadership has led to record membership for the organization. "We were really inspired by the creativity of these community bankers in these rural areas and urban environments as well and their ability to survive and thrive," Castilla said.
Castilla sees communication as a cornerstone in building a strong culture for her own bank, which she led through a turnaround. Employees anonymously submit questions for Castilla to answer during monthly fireside chats. She doesn't review the questions beforehand or have someone screen out uncomfortable ones.
"It is candid and there aren't prepared responses," she said. "Ultimately that builds autonomy."
If imitation is the highest form of flattery, then Jill Castilla has countless admirers.
As president and CEO of Citizens Bank of Edmond, Castilla has become a master of social media and an internationally recognized voice for community banking. So much so that more than 100 institutions have adopted her bank's use of cash mobs, where employees shop at a local business and then post about it on social media.
In addition to that, Citizens hosts other bankers who trek there to learn from Castilla and her team.
Not bad for an institution with just $256 million of assets in the suburbs of Oklahoma City.
"A rising tide lifts all boats," Castilla said. "Community banking is so much different than two large retailers competing against each other and trying to stay one step ahead of each other. There is a place in the market for many of us."
Castilla seems to relish the opportunity to hear from and work with her fellow bankers. As chairman of the Community Bankers Association of Oklahoma, she has traveled across her home state, meeting with other community banks to hear their stories and learn about their concerns. This leadership has led to record membership for the organization. "We were really inspired by the creativity of these community bankers in these rural areas and urban environments as well and their ability to survive and thrive," Castilla said.
Castilla sees communication as a cornerstone in building a strong culture for her own bank, which she led through a turnaround. Employees anonymously submit questions for Castilla to answer during monthly fireside chats. She doesn't review the questions beforehand or have someone screen out uncomfortable ones.
"It is candid and there aren't prepared responses," she said. "Ultimately that builds autonomy."
14. Liz Wolverton
Chief Strategy Officer | Synovus Financial
Synovus Financial is widely regarded as one of the industry's most admired companies, and it is largely up to Liz Wolverton to ensure that it does not rest on its laurels.
As chief strategy officer at the $31 billion-asset Synovus, Wolverton works closely with all business lines and finance teams to prioritize investments, refine products and services, evaluate acquisitions and other growth opportunities and manage third-party partnerships, all with an eye toward building on its strong reputation.
Among her chief responsibilities is serving on the five-person committee that decides which projects get funded. Last year the group signed off on $125 million of investments in capital and tech projects, up from $100 million in 2015.
Wolverton also heads up a new project management office, which she established last year to ensure these projects are implemented on time and within budget and are on pace to deliver projected returns. Perhaps the biggest project she is overseeing at the moment is an overhaul of Synovus' wealth management business, and she is pulling in resources from around the company to keep the project on track.
Under Wolverton's direction, Synovus is committing resources and energy into developing a formal diversity and inclusion strategy to improve its ability to attract and retain talent and serve a rapidly diversifying population. The program is just getting off the ground, but Wolverton said that once it is fully in place it will set clear targets for diversifying the workforce at all levels and will hold management and the board accountable for hitting those targets. "As with any business imperative, real progress requires a clear goal, a strategy and accountability for meaningful results," she said. "Is it a priority on the CEO's agenda? If not, it will be difficult to get the focus and investment required to make a difference."
Synovus Financial is widely regarded as one of the industry's most admired companies, and it is largely up to Liz Wolverton to ensure that it does not rest on its laurels.
As chief strategy officer at the $31 billion-asset Synovus, Wolverton works closely with all business lines and finance teams to prioritize investments, refine products and services, evaluate acquisitions and other growth opportunities and manage third-party partnerships, all with an eye toward building on its strong reputation.
Among her chief responsibilities is serving on the five-person committee that decides which projects get funded. Last year the group signed off on $125 million of investments in capital and tech projects, up from $100 million in 2015.
Wolverton also heads up a new project management office, which she established last year to ensure these projects are implemented on time and within budget and are on pace to deliver projected returns. Perhaps the biggest project she is overseeing at the moment is an overhaul of Synovus' wealth management business, and she is pulling in resources from around the company to keep the project on track.
Under Wolverton's direction, Synovus is committing resources and energy into developing a formal diversity and inclusion strategy to improve its ability to attract and retain talent and serve a rapidly diversifying population. The program is just getting off the ground, but Wolverton said that once it is fully in place it will set clear targets for diversifying the workforce at all levels and will hold management and the board accountable for hitting those targets. "As with any business imperative, real progress requires a clear goal, a strategy and accountability for meaningful results," she said. "Is it a priority on the CEO's agenda? If not, it will be difficult to get the focus and investment required to make a difference."
15. Janet Garufis
Chairman and CEO | Montecito Bank & Trust
It's been a whirlwind year for Janet Garufis, chairman and CEO of Montecito Bank & Trust in Santa Barbara, Calif.
First she has been working to make the most of her one-year term as president of the national Community Depository Institutions Advisory Council for the San Francisco Fed. She feels a sense of responsibility to visit as many bankers in the central coast area of California as she can to gather information about actionable items to pass along to the Fed Governors.
This is vitally important, Garufis said. Though many in the industry complain about regulatory burden, Garufis said regulators are listening and taking concerns from bankers seriously.
"The council has given community bankers a real seat at the table," Garufis said. "We haven't always had that. I think the Federal Reserve and other agencies are beginning to understand that community banking as an industry has an impact and makes a difference."
But Garufis acknowledges the pace of change can be painfully slow.
"The Fed always asks us questions about, 'What do you need us to do for you?' " she added. "Things don't move swiftly. But they did say, 'We hear you.' "
Garufis became involved in her local advisory council for the 12th district in 2014 after a Fed relationship manager stopped by her bank. After a chat, the woman said she thought Garufis would be great for the Fed bank's local council. After her first meeting, Garufis was asked to serve as chairman of the body. "This has given me a great deal of respect for the task at hand and the work that the Fed does for us," Garufis said.
It's been a whirlwind year for Janet Garufis, chairman and CEO of Montecito Bank & Trust in Santa Barbara, Calif.
First she has been working to make the most of her one-year term as president of the national Community Depository Institutions Advisory Council for the San Francisco Fed. She feels a sense of responsibility to visit as many bankers in the central coast area of California as she can to gather information about actionable items to pass along to the Fed Governors.
This is vitally important, Garufis said. Though many in the industry complain about regulatory burden, Garufis said regulators are listening and taking concerns from bankers seriously.
"The council has given community bankers a real seat at the table," Garufis said. "We haven't always had that. I think the Federal Reserve and other agencies are beginning to understand that community banking as an industry has an impact and makes a difference."
But Garufis acknowledges the pace of change can be painfully slow.
"The Fed always asks us questions about, 'What do you need us to do for you?' " she added. "Things don't move swiftly. But they did say, 'We hear you.' "
Garufis became involved in her local advisory council for the 12th district in 2014 after a Fed relationship manager stopped by her bank. After a chat, the woman said she thought Garufis would be great for the Fed bank's local council. After her first meeting, Garufis was asked to serve as chairman of the body. "This has given me a great deal of respect for the task at hand and the work that the Fed does for us," Garufis said.
16. Begonya Klumb
CEO of UMB Healthcare Services | UMB Financial
Of all the mentors Begonya Klumb has had in her career, one stands out as being particularly influential: her grandmother.
Josefa Bonastre founded a shoe manufacturing and export company in the 1940s and by the 1970s it was one of the biggest employers in Monóvar, Spain, Klumb's hometown. It was Bonastre — "la Jefa" to the people of Monóvar — who encouraged Klumb to study business and economics and who taught her that treating employees with respect is the key to building a successful organization.
Now the head of health care services at UMB Financial in Kansas City, Mo., Klumb has, in short order, established UMB as one of the nation's foremost administrators of health savings accounts and related products.
When Klumb took over as CEO of the division in 2015, UMB was the nation's eighth-largest HSA administrator. It is now ranked No. 5, with more than 1 million accounts and $2 billion of assets and deposits under management. The HSA division is the fastest-growing business unit within the $20.1 billion-asset UMB and Klumb aims to maintain that momentum by pursuing strategic acquisitions — it recently bought the health savings portfolio of a bank that has exited the business — and investing in technology that will help customers manage their accounts.
Before taking the helm of the HSA division, Klumb launched and built the first mergers-and-acquisitions unit at UMB and, on her watch, UMB completed more than 20 deals.
Though Klumb has enjoyed immense success, she remains frustrated that female executives still endure what she refers to as "a prevalence of latent biases." These include off-handed comments such as one she heard recently from a man praising a female business leader's accomplishments while raising three kids. "I believe he intended to compliment her, but in my mind he was contributing to a bias that we expect women to raise children when we should expect parents to raise children," she said.
Of all the mentors Begonya Klumb has had in her career, one stands out as being particularly influential: her grandmother.
Josefa Bonastre founded a shoe manufacturing and export company in the 1940s and by the 1970s it was one of the biggest employers in Monóvar, Spain, Klumb's hometown. It was Bonastre — "la Jefa" to the people of Monóvar — who encouraged Klumb to study business and economics and who taught her that treating employees with respect is the key to building a successful organization.
Now the head of health care services at UMB Financial in Kansas City, Mo., Klumb has, in short order, established UMB as one of the nation's foremost administrators of health savings accounts and related products.
When Klumb took over as CEO of the division in 2015, UMB was the nation's eighth-largest HSA administrator. It is now ranked No. 5, with more than 1 million accounts and $2 billion of assets and deposits under management. The HSA division is the fastest-growing business unit within the $20.1 billion-asset UMB and Klumb aims to maintain that momentum by pursuing strategic acquisitions — it recently bought the health savings portfolio of a bank that has exited the business — and investing in technology that will help customers manage their accounts.
Before taking the helm of the HSA division, Klumb launched and built the first mergers-and-acquisitions unit at UMB and, on her watch, UMB completed more than 20 deals.
Though Klumb has enjoyed immense success, she remains frustrated that female executives still endure what she refers to as "a prevalence of latent biases." These include off-handed comments such as one she heard recently from a man praising a female business leader's accomplishments while raising three kids. "I believe he intended to compliment her, but in my mind he was contributing to a bias that we expect women to raise children when we should expect parents to raise children," she said.
17. Wendy Breuder
Arizona President, Head of Corporate Real Estate and Resource Location Strategy | MUFG Union Bank
At first glance, Wendy Breuder's transition from a senior wholesale banking role at MUFG Union Bank to a newly created post overseeing its corporate real estate needs would seem like a lateral move.
In her previous role as head of Midwest general industries, Breuder ran a business that last year generated revenue of nearly $300 million; in her new role managing the bank's roughly 12 million square feet of office space nationwide, Breuder has no P&L responsibilities.
Still, in a business as competitive and low-margin as banking, real estate costs can make the difference between respectable returns and below-average ones. And at MUFG Union, which is based in San Francisco and has a significant presence in other high-cost markets like New York and Los Angeles, real estate expenses have far exceed initial projections and have been a huge drag on the bottom line. That is why senior leaders are counting on Breuder — a proven revenue generator — to use her considerable analytical skills to find meaningful cost savings through the consolidation and relocation of office space.
Breuder is challenging her team to reduce real estate expenses by at least 15% through the termination of leases and other structural changes. For example, roughly 90% of the bank's 12,000 U.S. employees are based in San Francisco, Los Angeles, San Diego and New York and one of Breuder's key tasks will be determining how many back- and middle-office jobs could be shifted to lower-cost markets such as Arizona, where Breuder is based. As part of an overall mission to lower overhead, Breuder and her team also are studying how to optimize MUFG Union's branch network and examining how the bank could better use mobile and remote technologies to reduce corporate travel and encourage teleworking.
At first glance, Wendy Breuder's transition from a senior wholesale banking role at MUFG Union Bank to a newly created post overseeing its corporate real estate needs would seem like a lateral move.
In her previous role as head of Midwest general industries, Breuder ran a business that last year generated revenue of nearly $300 million; in her new role managing the bank's roughly 12 million square feet of office space nationwide, Breuder has no P&L responsibilities.
Still, in a business as competitive and low-margin as banking, real estate costs can make the difference between respectable returns and below-average ones. And at MUFG Union, which is based in San Francisco and has a significant presence in other high-cost markets like New York and Los Angeles, real estate expenses have far exceed initial projections and have been a huge drag on the bottom line. That is why senior leaders are counting on Breuder — a proven revenue generator — to use her considerable analytical skills to find meaningful cost savings through the consolidation and relocation of office space.
Breuder is challenging her team to reduce real estate expenses by at least 15% through the termination of leases and other structural changes. For example, roughly 90% of the bank's 12,000 U.S. employees are based in San Francisco, Los Angeles, San Diego and New York and one of Breuder's key tasks will be determining how many back- and middle-office jobs could be shifted to lower-cost markets such as Arizona, where Breuder is based. As part of an overall mission to lower overhead, Breuder and her team also are studying how to optimize MUFG Union's branch network and examining how the bank could better use mobile and remote technologies to reduce corporate travel and encourage teleworking.
18. Alex Dousmanis-Curtis
Group Head, U.S. Retail and Business Banking | BMO Harris Bank
BMO Harris Bank's 2011 acquisition of M&I Bank in Milwaukee roughly doubled its assets and greatly expanded its footprint, but the integration took a toll on customer service and staff morale — particularly in its new markets.
By early 2013, only one bank in the Midwest had a worse customer approval rating than BMO Harris, according to an annual survey conducted by J.D. Power & Associates. In the same survey just a year earlier, BMO Harris was ranked among the best banks in the Midwest.
To reverse the slide and revitalize the retail business, senior leaders in 2014 turned to Alex Dousmanis-Curtis, then the head of private banking in Canada for its Toronto-based parent, BMO Financial. It was a wise move.
Customer satisfaction scores, which fell following the merger, are once again rising and for the first time in years the $130 billion-asset bank is adding retail customers. Last year, with customer acquisitions up 30% over the prior year, Chicago-based BMO Harris started to regain some of the market share it had been losing in Wisconsin. The improved performance of the retail bank — profits are up nearly 33% since 2014 — can be traced in large part to Dousmanis-Curtis' decisions to eliminate sales targets for customer-facing employees and invest more heavily in technology.
Rather than tracking performance by products sold, Dousmanis-Curtis switched to a new model that emphasized customer satisfaction, resulting in significantly higher employee engagement scores and, in turn, improved customer loyalty.
Meanwhile, improvements in the bank's mobile offerings, streamlined application processes for small-business and home equity loans, and a new partnership with Allpoint (which has vastly expanded the bank's network of surcharge-free ATMs) have all helped BMO Harris attract new clients.
BMO Harris Bank's 2011 acquisition of M&I Bank in Milwaukee roughly doubled its assets and greatly expanded its footprint, but the integration took a toll on customer service and staff morale — particularly in its new markets.
By early 2013, only one bank in the Midwest had a worse customer approval rating than BMO Harris, according to an annual survey conducted by J.D. Power & Associates. In the same survey just a year earlier, BMO Harris was ranked among the best banks in the Midwest.
To reverse the slide and revitalize the retail business, senior leaders in 2014 turned to Alex Dousmanis-Curtis, then the head of private banking in Canada for its Toronto-based parent, BMO Financial. It was a wise move.
Customer satisfaction scores, which fell following the merger, are once again rising and for the first time in years the $130 billion-asset bank is adding retail customers. Last year, with customer acquisitions up 30% over the prior year, Chicago-based BMO Harris started to regain some of the market share it had been losing in Wisconsin. The improved performance of the retail bank — profits are up nearly 33% since 2014 — can be traced in large part to Dousmanis-Curtis' decisions to eliminate sales targets for customer-facing employees and invest more heavily in technology.
Rather than tracking performance by products sold, Dousmanis-Curtis switched to a new model that emphasized customer satisfaction, resulting in significantly higher employee engagement scores and, in turn, improved customer loyalty.
Meanwhile, improvements in the bank's mobile offerings, streamlined application processes for small-business and home equity loans, and a new partnership with Allpoint (which has vastly expanded the bank's network of surcharge-free ATMs) have all helped BMO Harris attract new clients.
19. Jane Russell
Head of U.S. Consumer Distribution, Strategy and Solutions | TD Bank
Jane Russell is used to accepting challenging new assignments at TD Bank.
But when senior leaders approached her last year about taking on a new role overseeing U.S. consumer distribution, she had to give it a lot of thought.
After all, as head of mortgage banking in Canada — TD's largest business line by assets — Russell already held one of the bank's most-coveted jobs.
Moreover, it was just three years earlier that Russell and her family had moved back to Toronto from Vancouver.
She wasn't sure she wanted to uproot the family again, this time to a new country.
With her family's consent, Russell, who has spent her entire 30-year career with TD in Canada, ultimately accepted the offer.
She and her family moved to the Philadelphia suburbs last year. "It was a big decision," she said, "but being able to work in the U.S., the most competitive banking environment in the western world, was very attractive."
In the newly created role, Russell manages TD's call centers, ATMs and digital operations, and directs all operations within its 1,250 U.S. branches. Her main job, as she sees it, is to ensure that all of those channels are "interconnected" so that customers can do their banking as quickly and effortlessly as possible."
A recent innovation is something called TD ASAP, a function within the bank's mobile app that instantly moves customers who urgently need to speak with a call center representative to the front of the line.
On Russell's watch, TD late last year also launched TD VoicePrint, an authentication feature that quickly identifies callers by the sound of their voice.
Among Russell's top priorities is improving online and mobile bill pay, which she said is "still a big pain point" for U.S. consumers. Moving to the U.S. from Canada, she was surprised to see payments take two or three days to go through. "Bill pay is much more seamless in other jurisdictions," she said.
Jane Russell is used to accepting challenging new assignments at TD Bank.
But when senior leaders approached her last year about taking on a new role overseeing U.S. consumer distribution, she had to give it a lot of thought.
After all, as head of mortgage banking in Canada — TD's largest business line by assets — Russell already held one of the bank's most-coveted jobs.
Moreover, it was just three years earlier that Russell and her family had moved back to Toronto from Vancouver.
She wasn't sure she wanted to uproot the family again, this time to a new country.
With her family's consent, Russell, who has spent her entire 30-year career with TD in Canada, ultimately accepted the offer.
She and her family moved to the Philadelphia suburbs last year. "It was a big decision," she said, "but being able to work in the U.S., the most competitive banking environment in the western world, was very attractive."
In the newly created role, Russell manages TD's call centers, ATMs and digital operations, and directs all operations within its 1,250 U.S. branches. Her main job, as she sees it, is to ensure that all of those channels are "interconnected" so that customers can do their banking as quickly and effortlessly as possible."
A recent innovation is something called TD ASAP, a function within the bank's mobile app that instantly moves customers who urgently need to speak with a call center representative to the front of the line.
On Russell's watch, TD late last year also launched TD VoicePrint, an authentication feature that quickly identifies callers by the sound of their voice.
Among Russell's top priorities is improving online and mobile bill pay, which she said is "still a big pain point" for U.S. consumers. Moving to the U.S. from Canada, she was surprised to see payments take two or three days to go through. "Bill pay is much more seamless in other jurisdictions," she said.
20. Yvette Hollingsworth Clark
Regulatory Innovation Officer | Wells Fargo
For all the ways artificial intelligence could transform banking, there are some things about the technology that make risk managers uneasy. One worry is that if algorithms are making decisions on who qualifies for a loan, banks could inadvertently discriminate against certain consumers and end up in trouble with regulators.
That scenario helps explain why Wells Fargo appointed Yvette Hollingsworth Clark, formerly its chief compliance officer, to the newly created position of regulatory innovation officer. As the bank becomes increasingly digital, Clark's job is to make sure consumer, cyber and other protections are embedded in the design of digital products — whether built in-house or with fintech partners — and not bolted on later.
"If you are using AI to help identify patterns, will it inherently create an outcome that could lead to a fair-lending problem?" said Clark, who transitioned in June to the new role inside the innovation group after serving five years as head of compliance. "It's best to discover that in the lab."
This is not entirely new territory for Clark. Last year she wrote a report for the payments and innovation team that examined how Wells could integrate risk management into the design of digital products and services. It was largely because of her recommendations that the new role was created.
Clark is excited about developing technology that will make banking more accessible to senior citizens, people with disabilities and the underbanked. Despite her concerns about some aspects of AI, she believes it can be a game-changer for the most vulnerable segments of the population. "I view AI as an opportunity to refocus human intelligence on true problem-solving through real-time corrective measures," she said. "We have more opportunities to make general banking and transactions easy and help improve financial literacy through increased accessibility."
For all the ways artificial intelligence could transform banking, there are some things about the technology that make risk managers uneasy. One worry is that if algorithms are making decisions on who qualifies for a loan, banks could inadvertently discriminate against certain consumers and end up in trouble with regulators.
That scenario helps explain why Wells Fargo appointed Yvette Hollingsworth Clark, formerly its chief compliance officer, to the newly created position of regulatory innovation officer. As the bank becomes increasingly digital, Clark's job is to make sure consumer, cyber and other protections are embedded in the design of digital products — whether built in-house or with fintech partners — and not bolted on later.
"If you are using AI to help identify patterns, will it inherently create an outcome that could lead to a fair-lending problem?" said Clark, who transitioned in June to the new role inside the innovation group after serving five years as head of compliance. "It's best to discover that in the lab."
This is not entirely new territory for Clark. Last year she wrote a report for the payments and innovation team that examined how Wells could integrate risk management into the design of digital products and services. It was largely because of her recommendations that the new role was created.
Clark is excited about developing technology that will make banking more accessible to senior citizens, people with disabilities and the underbanked. Despite her concerns about some aspects of AI, she believes it can be a game-changer for the most vulnerable segments of the population. "I view AI as an opportunity to refocus human intelligence on true problem-solving through real-time corrective measures," she said. "We have more opportunities to make general banking and transactions easy and help improve financial literacy through increased accessibility."
21. Jennifer Smith
Chief Information Officer | Zions Bancorp.
Jennifer Smith is not the highest-ranking executive at Zions Bancorp., but she arguably has the most important job at the Salt Lake City company right now.
As chief information officer, Smith is overseeing a massive, multiyear effort to replace an aging core loan and deposit processing system with a modern, integrated system built for the digital age. The core conversion, dubbed FutureCore, is significant not just because it is the largest tech project in Zions' history, but because few other banks have even dared to attempt one due to the cost and potential disruption to day-to-day business.
Smith was promoted to CIO at Zions in late 2015, after having served as director of corporate bank operations and, before that, chief auditor.
Scott McLean, president and chief operating officer at the more than $60 billion-asset Zions, said Smith is the right person to lead the conversion effort because of her demonstrated ability to stay poised under pressure and her willingness to do whatever it takes to get the job done. This year, with Zions facing a critical deadline related to the core conversion, Smith relocated her office to another building so she could work more closely with her team — often into the night and on weekends — to ensure that the deadline was met.
That collaborative spirit is core to Smith's approach to leadership. The best leaders, she said, aren't those with all the answers, but rather those who understand that they cannot do it alone. "Where I've seen people stumble is when there is fear of asking for help because it's perceived as a sign of weakness," she said in an interview during a recent podcast on leadership. "The idea of the leader as hero is dead. We really have to work with one another to achieve our full potential."
Jennifer Smith is not the highest-ranking executive at Zions Bancorp., but she arguably has the most important job at the Salt Lake City company right now.
As chief information officer, Smith is overseeing a massive, multiyear effort to replace an aging core loan and deposit processing system with a modern, integrated system built for the digital age. The core conversion, dubbed FutureCore, is significant not just because it is the largest tech project in Zions' history, but because few other banks have even dared to attempt one due to the cost and potential disruption to day-to-day business.
Smith was promoted to CIO at Zions in late 2015, after having served as director of corporate bank operations and, before that, chief auditor.
Scott McLean, president and chief operating officer at the more than $60 billion-asset Zions, said Smith is the right person to lead the conversion effort because of her demonstrated ability to stay poised under pressure and her willingness to do whatever it takes to get the job done. This year, with Zions facing a critical deadline related to the core conversion, Smith relocated her office to another building so she could work more closely with her team — often into the night and on weekends — to ensure that the deadline was met.
That collaborative spirit is core to Smith's approach to leadership. The best leaders, she said, aren't those with all the answers, but rather those who understand that they cannot do it alone. "Where I've seen people stumble is when there is fear of asking for help because it's perceived as a sign of weakness," she said in an interview during a recent podcast on leadership. "The idea of the leader as hero is dead. We really have to work with one another to achieve our full potential."
22. Paulette Mullings Bradnock
Chief Auditor | BNY Mellon
Paulette Mullings Bradnock keeps making history at Bank of New York Mellon.
Two years ago, Bradnock became the first woman to hold the title of chief auditor at the venerable bank. This year, the Federal Reserve Bank of New York invited Bradnock to its Supervisory College to deliver a presentation on the BNY Mellon's audit methodologies and processes. The bank appears before the Supervisory College every year and this was the first time that its chief auditor had been asked to speak.
Bradnock's appearance before the panel, which also included the Federal Deposit Insurance Corp., the New York State Department of Financial Services and several European regulators, speaks to how much the internal auditing function has changed in the years since the financial crisis.
Whereas internal audits were once largely confined to finance and compliance, regulators and audit committees are now expecting auditors to take an enterprisewide view of risk. It's becoming increasingly common, for example, for auditing teams to assess strategic and operational risks related to products and services and to examine overall risk culture to ensure it aligns with the company's stated values.
Given these heightened expectations, Bradnock has spent a considerable amount of her time building up her team. She now has a staff of more than 320 auditors, up from roughly 240 when she joined BNY Mellon in May of 2015.
Bradnock said that among large institutions "there is a war for internal auditors," so attracting, keeping and developing talent is among her highest priorities. Last year she implemented an audit internship program for college students and has already hired several former interns that have since graduated.
Paulette Mullings Bradnock keeps making history at Bank of New York Mellon.
Two years ago, Bradnock became the first woman to hold the title of chief auditor at the venerable bank. This year, the Federal Reserve Bank of New York invited Bradnock to its Supervisory College to deliver a presentation on the BNY Mellon's audit methodologies and processes. The bank appears before the Supervisory College every year and this was the first time that its chief auditor had been asked to speak.
Bradnock's appearance before the panel, which also included the Federal Deposit Insurance Corp., the New York State Department of Financial Services and several European regulators, speaks to how much the internal auditing function has changed in the years since the financial crisis.
Whereas internal audits were once largely confined to finance and compliance, regulators and audit committees are now expecting auditors to take an enterprisewide view of risk. It's becoming increasingly common, for example, for auditing teams to assess strategic and operational risks related to products and services and to examine overall risk culture to ensure it aligns with the company's stated values.
Given these heightened expectations, Bradnock has spent a considerable amount of her time building up her team. She now has a staff of more than 320 auditors, up from roughly 240 when she joined BNY Mellon in May of 2015.
Bradnock said that among large institutions "there is a war for internal auditors," so attracting, keeping and developing talent is among her highest priorities. Last year she implemented an audit internship program for college students and has already hired several former interns that have since graduated.
23. Julieann Thurlow
President and CEO | Reading Cooperative Bank
Of all the threats facing community banks these days, two that worry Julieann Thurlow most are a competition from fintechs and an aging workforce.
As Thurlow, the president and CEO of Reading Cooperative Bank in Massachusetts, sees it, fintech lenders like SoFi have a "bullseye" on banks and threaten to steal their best customers unless banks — with support from regulators — can streamline the lending process for low-risk borrowers. She saw this threat firsthand when she applied for a loan with SoFi and within seconds was approved for an $84,000 personal loan at an interest rate of 5.5%.
"If all of our best customers get their loans from SoFi using its easy, efficient and paper-free process to borrow, the credit risk in the loan portfolios of community banks will increase," Thurlow said. "Bank processes, consumer protections and disclosures are in place for marginal credits. There really should be some way for a financially sophisticated low-risk client to opt out of the bulky paperwork and self-serve."
Relaxed regulation would help, but Thurlow said that small banks can't delay investing in technology to ward off threats from nonbanks. To that end, her $515 million-asset thrift is using data to analyze customer behavior and identify opportunities for branch consolidation and other cost-cutting measures. Reading Cooperative intends to use the savings to fund investments in mobile mortgages, mobile small-business loans and other mobile technologies.
Similarly, Thurlow said, small banks risk extinction if they do not make a more concerted effort to retain talent. Reading Cooperative has been progressive in this regard, developing training, leadership and mentoring programs designed to prepare talented employees for more challenging roles and discourage them from going elsewhere or, as is sometimes the case with women, leaving the workforce entirely after starting families.
"There is a wave of retirement coming in the banking industry; leaders need to be mentoring their replacements right now or I fear we will see more consolidation," she said.
Of all the threats facing community banks these days, two that worry Julieann Thurlow most are a competition from fintechs and an aging workforce.
As Thurlow, the president and CEO of Reading Cooperative Bank in Massachusetts, sees it, fintech lenders like SoFi have a "bullseye" on banks and threaten to steal their best customers unless banks — with support from regulators — can streamline the lending process for low-risk borrowers. She saw this threat firsthand when she applied for a loan with SoFi and within seconds was approved for an $84,000 personal loan at an interest rate of 5.5%.
"If all of our best customers get their loans from SoFi using its easy, efficient and paper-free process to borrow, the credit risk in the loan portfolios of community banks will increase," Thurlow said. "Bank processes, consumer protections and disclosures are in place for marginal credits. There really should be some way for a financially sophisticated low-risk client to opt out of the bulky paperwork and self-serve."
Relaxed regulation would help, but Thurlow said that small banks can't delay investing in technology to ward off threats from nonbanks. To that end, her $515 million-asset thrift is using data to analyze customer behavior and identify opportunities for branch consolidation and other cost-cutting measures. Reading Cooperative intends to use the savings to fund investments in mobile mortgages, mobile small-business loans and other mobile technologies.
Similarly, Thurlow said, small banks risk extinction if they do not make a more concerted effort to retain talent. Reading Cooperative has been progressive in this regard, developing training, leadership and mentoring programs designed to prepare talented employees for more challenging roles and discourage them from going elsewhere or, as is sometimes the case with women, leaving the workforce entirely after starting families.
"There is a wave of retirement coming in the banking industry; leaders need to be mentoring their replacements right now or I fear we will see more consolidation," she said.
24. Michelle Di Gangi
EVP, Head of Small and Medium-Size Enterprise Banking | Bank of the West
Michelle Di Gangi's decision in 2005 to leave a senior-level post at Wells Fargo to head up commercial banking at the far-smaller Greater Bay Bancorp didn't look so great two years later when Greater Bay sold itself — to Wells Fargo, no less. Di Gangi had joined Greater Bay for the opportunity to run a business line and its sale to her longtime employer left her at a career crossroads.
Then in 2008, she accepted an offer to oversee small and midsize business banking at Bank of the West and it all made sense.
"All the technology and support that I had taken for granted at Wells was nonexistent at Greater Bay. I had to roll up my sleeves and write my own marketing material, design policies, create and analyze incentive plans and figure out how to build a viable online banking system," she said. "That experience was invaluable when I went to Bank of the West to build a business again."
Build it she has. The unit Di Gangi now runs had just 75 employees in 2008 and at the time Bank of the West didn't even rank among the nation's top 25 small-business lenders. Today it has more than 800 employees — it added 75 last year alone — and the bank is now ranked as the nation's 12th-largest small-business lender, according to FDIC call report data.
Volume in Small Business Administration lending reflects this surge. Last year Bank of the West, once an also-ran in SBA loans, was the 11th-largest lender in the SBA's flagship 7(a) program by dollar volume.
Under Di Gangi, small and midsize business lending also has emerged as a significant driver of profits at the $86.9 billion-asset Bank of the West. Her unit now accounts for roughly 20% of the bank's loans, 22% of its deposits and 21% of its net banking income.
Di Gangi's success at Bank of the West is validation that the best career moves are sometimes unexpected. It's a lesson she said she wished she learned earlier and one she preaches to the many young bankers she now mentors. "You have to be willing to possibly fail or take a step back to really learn and propel yourself forward," she said.
Michelle Di Gangi's decision in 2005 to leave a senior-level post at Wells Fargo to head up commercial banking at the far-smaller Greater Bay Bancorp didn't look so great two years later when Greater Bay sold itself — to Wells Fargo, no less. Di Gangi had joined Greater Bay for the opportunity to run a business line and its sale to her longtime employer left her at a career crossroads.
Then in 2008, she accepted an offer to oversee small and midsize business banking at Bank of the West and it all made sense.
"All the technology and support that I had taken for granted at Wells was nonexistent at Greater Bay. I had to roll up my sleeves and write my own marketing material, design policies, create and analyze incentive plans and figure out how to build a viable online banking system," she said. "That experience was invaluable when I went to Bank of the West to build a business again."
Build it she has. The unit Di Gangi now runs had just 75 employees in 2008 and at the time Bank of the West didn't even rank among the nation's top 25 small-business lenders. Today it has more than 800 employees — it added 75 last year alone — and the bank is now ranked as the nation's 12th-largest small-business lender, according to FDIC call report data.
Volume in Small Business Administration lending reflects this surge. Last year Bank of the West, once an also-ran in SBA loans, was the 11th-largest lender in the SBA's flagship 7(a) program by dollar volume.
Under Di Gangi, small and midsize business lending also has emerged as a significant driver of profits at the $86.9 billion-asset Bank of the West. Her unit now accounts for roughly 20% of the bank's loans, 22% of its deposits and 21% of its net banking income.
Di Gangi's success at Bank of the West is validation that the best career moves are sometimes unexpected. It's a lesson she said she wished she learned earlier and one she preaches to the many young bankers she now mentors. "You have to be willing to possibly fail or take a step back to really learn and propel yourself forward," she said.
25. Laura Lee Stewart
President and CEO | Sound Community Bank
Sound Community Bank CEO Laura Lee "Laurie" Stewart has made a career of going against the grain, and her bank's investors, employees and customers are all better for it.
Stewart has been CEO since 1989, when Sound was known as A.G.E. Federal Credit Union. To the dismay of credit union purists, she engineered a credit-union-to-bank conversion. Its first-step stock offering took place in 2008, and it went fully public in 2012. Investors have been richly rewarded; a $10,000 investment in Sound in 2012 is worth more than $30,000 today.
This year, amid skepticism from the board and other executives, Stewart made a branch manager the new head of retail banking. It's a leap, but Stewart said that with proper training the former branch manager will succeed in her executive role.
Moreover, the move sent a powerful message at the bank that Stewart is willing to take chances on talented employees at lower levels.
Customers have benefited from Stewart's out-of-the-box thinking. A money-market account she created in 2014 in response to new restrictions on transfers in and out of accounts has quickly become Sound's most popular, and lucrative, deposit product. The average balance in the high-yielding account is $125,000.
Stewart takes pride in being a model corporate citizen. Last year, the $589 million-asset Sound gave nearly $200,000 to local charities, placing it No. 2 among small firms on the Puget Sound Business Journal's ranking of generous corporate philanthropists. The next-closest bank on the list gave less than half that amount.
Sound Community Bank CEO Laura Lee "Laurie" Stewart has made a career of going against the grain, and her bank's investors, employees and customers are all better for it.
Stewart has been CEO since 1989, when Sound was known as A.G.E. Federal Credit Union. To the dismay of credit union purists, she engineered a credit-union-to-bank conversion. Its first-step stock offering took place in 2008, and it went fully public in 2012. Investors have been richly rewarded; a $10,000 investment in Sound in 2012 is worth more than $30,000 today.
This year, amid skepticism from the board and other executives, Stewart made a branch manager the new head of retail banking. It's a leap, but Stewart said that with proper training the former branch manager will succeed in her executive role.
Moreover, the move sent a powerful message at the bank that Stewart is willing to take chances on talented employees at lower levels.
Customers have benefited from Stewart's out-of-the-box thinking. A money-market account she created in 2014 in response to new restrictions on transfers in and out of accounts has quickly become Sound's most popular, and lucrative, deposit product. The average balance in the high-yielding account is $125,000.
Stewart takes pride in being a model corporate citizen. Last year, the $589 million-asset Sound gave nearly $200,000 to local charities, placing it No. 2 among small firms on the Puget Sound Business Journal's ranking of generous corporate philanthropists. The next-closest bank on the list gave less than half that amount.
