Work/Make-a-Difference Balance in the Banking Industry

Written By: Talia Sacks, W’24

Women have indeed made their mark in the banking sector; an industry that was previously dominated by males. Today, women make up 52% of the sector globally which is incomparable to figures from the past; however, the proportion of the women that hold executive positions is still unfairly low. So what does it actually take to be a woman in an executive position in banking? Why are we still underrepresented? I’d like to bring to light a few names of highly successful women who worked their way up the ranks to becoming executives at their financial institutions. By looking into their stories and positions, perhaps we can discover what their journeys have looked like and what it takes to be an executive woman in banking.

Anne Ackerly, Blackrock 

“My piece of advice is to be passionate. If you’re going to work these hours, you had better like what you do. And be inspiring, because people want to work for people who are inspiring.”

Anne F. Ackerley is the head of BlackRock's Retirement Group (RG) that is responsible for building innovative solutions to the most pressing retirement challenges. Throughout her time at BlackRock, she has held many different leadership positions including that of the Chief Marketing Officer where she played a vital role in the building and strengthening of BlackRock’s global brand. Prior to joining BlackRock in 2000, she spent 15 years at Merrill Lynch in investment banking. She has won multiple awards for her leadership in the industry as well as for her work in advancing gender equity. She earned her BA degree in economics, and her MBA degree from Harvard. She co-founded the BlackRock's Women's Initiative Network (WIN) which has the main goal of helping women at BlackRock reach their full potential. WIN played a vital role in making BlackRock a more inclusive work environment where women were not just allowed but also encouraged to thrive.

Catherine P. Bessant, Bank of America

“I've never seen a situation I didn't want to take on. I'm persistent and even when I've had failures, I get up and do it again. I respect that attribute in people who will take whatever you throw at them and figure out a way."

Cathy Bessant is chief operations and technology officer at Bank of America, and is a member of the company’s executive management team. She is responsible for the security and privacy of the bank’s systems and accounts. Like Akerly, she has held many other leadership positions at the company and has won multiple awards for her influence in finance, banking and LGBT+ allies. Her passion for diversity in business led her to become the executive sponsor for Bank of America’s LGBT Pride Executive Council, LGBT Ally Network, and its Disability Advocacy Network. She received a Bachelor of Business Administration degree from The University of Michigan. 

Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management

“There is no substitute for hard work. There is a little luck along the way, but there is no substitute for really super-hard work, first in, last out.”

Mary Callahan Erdoes is Chief Executive Officer of JPMorgan Chase's Asset & Wealth Management line of business. She joined J.P. Morgan in 1996 from Meredith, Martin & Kaye, a fixed income specialty advisory firm. Previously, she worked at Bankers Trust in corporate finance, merchant banking and high yield debt underwriting. She is currently very involved in a JPMorgan Chase initiative called Women on the Move to explore the issues of women in the workplace. Women on the Move aims to drive female ambition and advance financial equality in the banking sector. Callahan’s involvement has helped expand women-run businesses, improve women’s financial health and empower their career growth. She studied math at Georgetown University and got her MBA from Harvard. 

What stands out most to me about these three women is that they used their position to make a difference. Each one of them is involved in an initiative or have won an award for being influential in an area outside of business, whether that be with gender equality, LGBT, people with disabilities, or overall women empowerment. It is inspiring. We too often focus on work-life balance and try to emulate those who have perfected it, but it's not often enough that we look at professionals’ work-make-a-difference balance, where beyond work and social life, they are actively bettering the lives of others. If these women can work around the clock in large financial institutions while still finding the time to better causes that they are passionate about, then I think it’s fair to conclude that they are true role-models and superwomen. We should be inspired by them, learn from them, and think more deeply about our work-make-a-difference balance.

Sources: FutureOfEarth, BlackRock, KinLin, AmericanBanker, LeadersMag