Lessons in leadership Women in Banking 2023

Lessons in leadership

October 16, 2023 6:35 AM

What does true leadership look like? Strong and effective leaders exhibit empathy, humility, decisiveness, wisdom, and an ability to listen and communicate. During the Most Powerful Women in Banking 2023, it was apparent that successful leaders and the characteristics they embody transcend all lines of business. Here are some of the highlights they shared throughout the conference.

Nandita Bakhshi, Special Advisor and Board Member, BMO & Former CEO, Bank of the West

Bakhshi says that leaders need to prioritize people, culture and their personal lives as much as their KPIs. "It's important for people to know that their leaders care about them. As a leader, build a culture of authentic leadership, be empathetic and connect with people. Great leaders lead from with their heads (wisdom & ideas) and with their hearts (compassion & empathy)."

Kate Danella, SEVP, Head of Consumer Banking Group, Regions Bank

"Focus on your strengths — they are what will get you your next job," Danella shared. She also emphasizes the importance of believing in yourself and the value of owning your seat at the table when you're invited to join. It's also essential to bring others along with you as you advance in your career.

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

1. Be a subject matter expert — You don't need to learn everything, but it is important to become a subject matter expert in one area. "Be a subject matter expert and be curious about that subject," she advised.
2. If you can't get out of it, really get into it — Whatever happens to you is in large part about your attitude as you go through an experience. "Learn about whatever 'it' is."
3. Whenever you make a mistake - own up to it — During her career, Erdoes shared that she'd lost $20M for the individual who is now her biggest client. She told him what had happened, showed him what to do in order to rebuild from the loss and worked hard to earn his trust.
4. Be hyper-organized — She works hard to return phone calls within 24 hours, opens emails once and deals with them immediately, and practices strong calendar management. "Your office is a representation of you," she said, and being organized is a reflection of the company and its employees.
5. What got you here, won't get you there — "Feedback is a gift you don't really want, but need to get," she cautioned. Everyone needs truth-tellers in their lives who will tell them what they need to know, not just what they want to hear.
6. Take your job seriously, but not yourself — "Be real and authentic," she encouraged the audience. "You can't be perfect, but you can be yourself. The more genuine you are, the more people will want to follow you."
7. Dress the part for your job — Dressing well shows that you have respect for the institution you work for, for the others in the room and for yourself, she explained.
8. Wall Street 2.0 - The pandemic and COVID changed the world of work "and it's a much better Wall Street than what some of us grew up in," she said. "Zoom changed everything. Zoom makes it okay to work from wherever you want and we can't let this go away. It also showed us that we don't have to work 24 hours a day."

Amy Brady, Chief Information Officer, KeyBank

Brady emphasized the importance of diversity in the workplace. "You can't innovate if you surround yourself with people who look, act, sound and think like you." She also said that it's important for women to define what success looks like for them since it's not the same for everyone.

In terms of artificial intelligence, she believes that it will reshape jobs and processes and that it is important for leaders to help their employees be "future ready" at all levels. "Think about how it can reshape what you're doing and be a part of what you're planning for the future."

Priscilla Almodovar, CEO, Fannie Mae

Almodovar encouraged the audience to be good listeners. "You have to be a good listener," she urged. "A CEO can't know everything. Listen to people who are experts in what they do. If you listen, you can ask good questions." She also confirmed what others had shared about owning up to any mistakes. "Own your decisions and your mistakes, your team learns from both."

Leaders aren't born, they are created through hard work, the encouragement and support of others, and by surviving and surmounting the challenges they encounter. As Sandy Pierce, senior executive vice president and chair of Michigan for Huntington Bank shared, "Everything you want is on the other side of hard."