If having women in high-level roles boosts an institution's appeal as a career choice, then US Banker's annual "Top 25" lists of the most powerful women in banking and finance make a useful resource.
Heading the magazine's list of powerful female bankers for the third straight year is Heidi Miller, chief executive of JPMorgan's treasury and securities services business. Number two is Karen Peetz, a BNY Mellon senior executive vice president responsible for the financial markets and treasury services sector. US Banker quotes BNY Mellon CEO Bob Kelly indicating his institution aims for full equality at the top: "Half the population is women, but the reality is that half of our senior management is not yet women."
Among women in non-bank finance roles (which include both investment banking and fund management), the top two executives were Nicole Arnaboldi, chair of Credit Suisse's DLJ Merchant Banking Partners, and Stacy Bash-Polley, a Goldman Sachs partner managing director who is co-head of fixed-income sales.
Rises and Falls
Just as on the male side of the aisle, the past year's turmoil saw a number of female leaders climb rapidly, while others fell. Among the conspicuous climbers: Sallie Krawcheck, a one-time power at Citigroup, was tapped to lead Bank of America's global wealth and investment management unit in August. "When the news broke BofA's shares shot up nearly 7 percent," US Banker notes. BofA also promoted Cathy Bessant to head its global corporate banking business. And Calpers, the largest public pension fund in the U.S., elevated Anne Stausboll from chief investment officer to its first-ever female CEO.
Females who fell from high posts in banking and finance in the past 12 months include Erin Callan, ex-CFO at Lehman Brothers who briefly joined Credit Suisse only to take a "personal leave of absence" in February, and Lisa Binder, Associated Bank's former president and CEO who resigned in May.
The magazine's October issue also includes a list of "25 Women to Watch," who it says are poised to help lead the industry's recovery. Krawcheck tops that list, followed by Cece Sutton at Morgan Stanley and Citigroup's Jane Fraser.