The 25 Most Powerful Women in Finance

September 25, 2011 2:59 PM

#1 Abigail Johnson

President, Fidelity Personal, Workplace and Institutional Services

The day may not be far off when Abigail Johnson joins the small but growing club of women CEOs at major financial-services firms. The Fidelity Investments executive is widely considered to be next in line to run the company that her grandfather founded in 1946—an assumption she's done nothing to dispel since taking on broader duties at the firm last year.

Johnson in 2010 25 Most Powerful Women in Finance (#1)
Johnson in 2009 25 Most Powerful Women in Finance (#4)
Johnson in 2008 25 Most Powerful Women in Finance (#4)

#2 Barbara Byrne

Vice Chair, Investment Banking, Barclays Capital

"I believe in the power of a team and the creative energy unleashed by different viewpoints. I view conflict as an opportunity and am drawn to addressing it directly and finding workable solutions that move teams forward. A sense of humor goes a long way toward finding common ground."

At Barclays Capital, Barbara Byrne has continued the kind of work that defined her 28-year career at Lehman Brothers: fomenting close ties with large corporate clients like GE and Hewlett-Packard. She also is a senior statesman for her firm in the civic arena, with her participation in organizations such as the Clinton Global Initiative. Byrne plays a key role in recruiting at Barclays and champions its Women's Initiatives Network.

Byrne in 2010 25 Most Powerful Women in Finance (#5)

#3 Ruth Porat

CFO, Morgan Stanley

One of Morgan Stanley's priorities heading into 2011 was to unwind an expensive arrangement it struck in a moment of weakness, when it sold an $8 billion preferred-share stake to Mitsubishi UJF during the 2008 credit crisis. Leading Morgan out of the morass was Ruth Porat, who helped negotiate a stock conversion that netted Mitsubishi a $2 billion premium and relieved Morgan of a $787 million annual dividend burden, while shoring up the firm's Tier 1 capital ratio. Being a top dealmaker and keeping a careful focus on capital exposure is what has earned Porat one of the highest profiles on Wall Street, and allowed her to prosper in a role that has not been especially kind to other women in financial services (see Sallie Krawcheck at Citigroup, Erin Callahan at Lehman). She also is becoming heavily involved in policy issues, as one of 14 members of the U.S. Treasury's borrowing advisory committee.

Porat in 2010 25 Most Powerful Women in Finance (#16)

#4 Val Soranno Keating

CEO, Barclaycard

"Resist the temptation to hire in your own image. Teams with the broadest diversity in thinking and experiences are, by far, the most powerful."

Barclaycard was the No. 3 credit-card issuer in the U.K. when Val Soranno Keating took over as CEO in November 2009. Now it's in the No. 1 slot, and processes $320 billion in annual payment volume, propelled by new innovations in loyalty programs, small-business products, and online and mobile payment services. Pretax profit in the first half of 2011 jumped 65 percent from the same period last year. The growth stems in part from acquisitions, like the Egg Credit Card portfolio in the U.K. and the MBNA small-business credit card portfolio. A new point-of-sale redemption program in the U.K. and a stateside partnership with card rewards marketer Cartera Commerce has increased loyalty enrollment to more than 3 million. Last May, Soranno-Keating, a former American Express executive, led Barclaycard in a partnership that introduced the U.K.'s first payment-enabled mobile phone.

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#5 Nicole Arnaboldi

Vice Chair, Asset Management, Credit Suisse

"Strive for success in your job, but also try to find time to do something you're passionate about apart from your work. Whether it's starting a family, serving on a not-for-profit board or pursuing a sport, it will give you perspective and be very rewarding."

Besides her role in moving Credit Suisse past Goldman atop the private-equity rankings, Nicole Arnaboldi has helped the investment bank's Asset Management Finance unit to double its minority-stake holdings in alternative investment hedge funds like Brigade Capital Management and FX Concepts. She also has been instrumental in Credit Suisse's PE expansion in emerging markets. Arnaboldi came to Credit Suisse in 2000 when the firm merged with Donaldson, Lufkin & Jenrette, where she had spent 15 years primarily in private-equity and venture-capital roles.

Arnaboldi in 2010 25 Most Powerful Women in Finance (#3)

#6 Teresa Ressel

CEO, UBS Securities

"I think in the past there's been a connotation around the idea of different groups of people needing help, and I think the people who have a little bit more humility—self included—realize we all need help."

American banks aren't the only ones concerned with Dodd-Frank. As CEO of UBS Securities, Teresa Ressel has been pushing hard for a level regulatory playing field for foreign-owned firms, and for better synchronization with international banking rules. Last year, she helped recruit Sally Miller from the American Bankers Association to serve as CEO of the Institute of International Bankers, where Ressel is a trustee. "As you know, it is unusual for a woman to be selected to head a banking trade association, at least in this country," says Miller, who was a securities industry expert at the ABA. "Teresa has offered me nothing but constructive guidance and support." An engineer by training and a former chief compliance officer for Kaiser Permanente, Ressel also was CFO of the U.S. Treasury Department, where she worked from 2001 to 2004. She moved to UBS Securities, becoming CEO in 2007.

#7 Candace Browning

Head of Global Research, Bank of America Merrill Lynch

"To provide a true meritocracy, it is critical to work in an open environment, where associates of diverse backgrounds, viewpoints and experiences can succeed, and where all associates have the opportunity to achieve their full potential."

Under Candace Browning, the equity research arm of Bank of America Merrill Lynch has held onto top rankings in Institutional Investor surveys (No.1 in Asia and Latin America, No. 2 in Europe and No. 3 in the United States). The kudos reflect a wide berth of coverage—3,300 equities, 60 economies and 20 currencies—and a "weekend warrior" mentality that keeps clients and in-house analysts informed around the clock. In August, Browning and her team held a Sunday evening teleconference to walk more than 1,600 clients and analysts through the impact of the U.S. credit downgrade by S&P. Another call that month attracted 500 listeners for an examination of the Federal Reserve's annual Jackson Hole gathering.

#8 Diane Offereins

EVP of Payment Services, Discover

"Have plans, but make sure you remember that your journey will not be in a straight line. Career paths can be accelerated by flexibility—and receptivity to non-traditional opportunities."

After accomplishing her goal of turning Discover into a global payments network, Diane Offereins turned her focus to key developments on the domestic front—namely the Durbin Amendment and the Visa/MasterCard settlement with the U.S. Justice Department. Offereins saw a chance to deepen ties with issuers nervous about interchange, and with merchants eager to route lower-cost transactions. Her visits last year to prospective clients led to the acceptance of Discover by Jamba Juice and other high-volume chains. Discover signed 111 new issuers and marketers of credit, debit and rewards programs in 2010, and had record profits of $141 million.

#9 Elizabeth Robinson

Treasurer, Goldman Sachs

"There aren't enough hours in the day to do it all. Therefore it is critical to prioritize ruthlessly in both your job and your personal life to protect what is most important to you. Pick your battles thoughtfully and stick to your guns."

For Elizabeth Robinson (formerly Beshel), the days of being the youngest-ever global treasurer for Goldman Sachs have graduated into a new era of expectations: she's now seen as a potential candidate to succeed CFO David Viniar. While there's no sign Viniar plans an exit soon, the pressure to groom an heir—or heiress—for this key post is growing. Beshel, a partner since 2006, has been managing the firm's balance sheet, funding, liquidity and capital—as well as relationships with creditors and rating agencies—since Goldman's IPO in 1999. She also serves on a Goldman committee that explores opportunities and partnerships with minority and women-owned businesses.

#10 Stacy Bash-Polley

Partner, Managing Director, Goldman Sachs

"When something gets under my skin—and this goes for personal and business situations—I refuse to let myself react right away. No e-mail reply, no phone call, no face to face… nothing for 24 hours, or at least until I've got a handle on my emotions."

Stacy Bash-Polley has been a partner at Goldman Sachs since 2004 and a force in fixed income for years prior as one of the highest-grossing associates in the company's history. She oversees fixed-income sales in the Americas, the unit contributing the largest portion ($13.7 billion in 2010) of Goldman's revenue. She also co-chairs the bank's diversity committee. Her big challenge ahead will be to continue replacing revenue lost to the new Volcker rule restrictions on proprietary trading desks.

#11 Charlotte McLaughlin

President and CEO, PNC Capital Markets

"The best advice that I received came from my first manager. He had a sign in his office that read: Do what is right, not what is easy, and do it once and do it correctly….earn my trust. It sounds so simple, but it is not always easy to execute."

Charlotte McLaughlin used to find that new analysts needed two to three years to master their craft. That was the norm under a common approach to training that promoted specialization in a specific product area, without emphasizing exposure to much else. McLaughlin tore up the how-to manual at PNC Capital Markets and helped to fast-track talent development, giving new hires a three-month rotation in each of four businesses—derivatives, foreign exchange, fixed income and the financial institutions group—and building their competencies across product lines. Another example of her penchant for reinvention? She integrated sales and trading, putting staff from both under a senior manager for each product, to retool a team that had doubled in size with the National City merger.

#12 Elizabeth Crain

COO, Moelis & Co.

"Be comfortable making decisions and recommendations in an ambiguous environment with imperfect information. Assessing all the elements will lead to sound decisions, and you will find colleagues will seek out your views not just because of the decisions you make, but because of the process you follow in making them."

A 20-year veteran of finance, Elizabeth Crain has been at the center of Moelis & Co.'s plans to build out its network of offices in the U.S. and London. Moelis needs both the space and the reach, as the firm climbs up the Dealogic M&A league tables from No. 42 last year to No. 20 through mid-June, with 24 deals valued at $35.5 billion. Crain, whose resume includes roles at UBS and Merrill Lynch, helped recruit key talent from deep-pocketed rivals; she's also part of the team incorporating the acquisition of Asia Pacific Advisors to establish a presence in Hong Kong and mainland China. And despite recent rumor-dousing by CEO Ken Moelis regarding his plans for the four-year-old firm, Crain some point could be helping with an IPO of her employer.

#13 Isabelle Ealet

Global Head of Commodities, Goldman Sachs

Last April, as crude oil prices topped $113 a barrel, Goldman Sachs advised clients invested in petroleum commodities to sell. Good call—prices fell below $100 within a month. Such prescient decisions by Goldman's commodities unit, run by Isabelle Ealet, already had led the company to the top spot in Energy Risk magazine's annual commodity rankings. Commodities have become an important diversification tool for Goldman, providing opportunities such as the new merchant-investing unit formed in Ealet's group to focus on the mining industry. Ealet, a French native who works in London, is entering her third decade at Goldman.

#14 Diane Schumaker-Krieg

Global Head of Research & Economics, Wells Fargo Securities

"Life isn't about finding yourself—it's about creating yourself!"

Since convicted insider-trader Raj Rajaratnam was frog-marched out of a New York federal court, Diane Schumaker-Krieg has felt a sense of vindication, and optimism. Having long disdained the "expert networks" used by hedge funds like Rajaratnam's to gather information, Schumaker-Krieg sees the case as step toward strengthening the transparency and credibility of securities research. Schumaker-Krieg has proven, especially over the past year, that quality, independent research can be a business driver. Clients are following the firm's new indices (including one for municipal bonds), and her unit's economics team took best overall forecasting honors from the Federal Reserve Bank of Chicago.

#15 Margaret Keane

President & CEO, GE Capital Retail Finance

"In times of transition, people are looking at the top asking, 'Are they confident?' It became apparent to me that even just physically how I came to work—if I was smiling, if I held my head up high—people would notice."

When GE Capital put its U.S. credit-card business on the block in late 2007, Margaret Keane learned on the fly how to keep employees, and customers, at ease during uncertain times. The sale never happened, but Keane's leadership skills continue to impress. Her role at GE Capital was broadened this year to include oversight of the sales finance business and GE Money Bank, in addition to the company's $27 billion-asset retail consumer finance business. She has been making big bets on new mobile applications, and she's an active mentor to other women in her organization.

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#16 Elizabeth Buse

Group Executive, International, Visa

"Often, government is characterized as an impediment to business growth. I think that's a mistake. By constructively engaging with policymakers and regulators and striving to understand their broader objectives, corporations can become trusted partners and unlock new opportunities."

In the year since Elizabeth Buse became head of Visa's international sales and client services business, she's delivered double-digit growth across the board—18% in Asia-Pacific, and 27% in the Central Europe/Middle East/Africa markets, for the year ended June 30. An emphasis on Asia last year was particularly fruitful in the debit arena, with 43% higher annual volume. Buse accomplished these milestones in part with a management restructuring in her markets that led to a ramping up of corporate engagement with local managers to better understand and penetrate regional markets for debit, mobile and other payments channels. Buse, based in Singapore, has been with Visa since 1998.

#17 Carla Harris

Managing Director, Morgan Stanley

"If you have an agenda for your career, it will keep you from making emotional decisions about your career and it will also guide you with respect to the timing of making career moves or changes. Without one, you will be easily distracted by the external economic environment or the internal political environment around you."

If you don't know the difference between a mentor and a sponsor, you probably don't know Carla Harris. A renowned speaker on career development, she has counseled countless finance professionals on the road to success. And she knows that of which she speaks. A veteran of Morgan Stanley's M&A and equity syndicate departments, Harris was plucked in late 2009 to run the emerging manager platform at Morgan Stanley Investment Management. The initiative is intended to advise and nurture women- and minority-owned, long-only asset managers.

#18 Kathleen Murphy

President of Fidelity Personal Investing

"Revere the customer. Respect and empower your employees. Inspire individual and collective acts of leadership at all levels of the organization."

The strategic force behind Fidelity's dominance in individual retirement accounts and mutual-fund managed account programs, Kathleen Murphy has helped to grow Fidelity Personal Investing's assets under administration from $730 billion when she joined the firm in 2009 to over $1 trillion in 2010. The former ING executive has expanded Fidelity's branch network, opening 30 new locations since the beginning of 2010, while the firm's retail brokerage business has gained market share among online brokers.

#19 Dominique Senequier

CEO, AXA Private Equity

"The pursuit of short-term gain has played havoc with many companies. The key to long-term success is developing strong and trusting relationships with your own employees and clients."

When the big U.S. banks started shedding non-core assets, AXA Private Equity was ready to pounce. Under CEO Dominique Senequier, who founded the subsidiary of the French insurer in 1996, AXA Private Equity in the past 18 months has scooped up private equity portfolios from Bank of America and Citigroup, in two deals valued at more than $1.7 billion apiece. Such acquisitions in the secondary market have helped to increase the firm's assets under management or advisement to $28 billion.

#20 Susan Ehrlich

SVP of Next Generation Payments, JPMorgan Chase

"Never turn down a job that hasn't been offered to you. What does this mean? When you hear about an opportunity, don't eliminate it—or yourself—from consideration before you really know enough about it."

Susan Ehrlich built a reputation as an innovator as the head of financial services at Sears, where she expanded the retailer's layaway plans and launched an installment loan program, the first of its kind to be integrated into a merchant's point-of-sale system. Her latest innovation? A job in a new role for JPMorgan Chase, which has tasked her with overseeing, from development to delivery, new payment services that cut across the bank's consumer and card business lines.

#21 Martina Hund-Mejean

CFO, MasterCard Worldwide

"Finance teams must be embedded in the business and perceived not only as business partners, but also as advisers who are able to facilitate better decision-making."

In a time of industry upheaval, Martina Hund-Mejean has helped MasterCard to deliver revenue and earnings growth. She's also played a big role in joint ventures and strategic acquisitions in key areas like prepaid cards, electronic commerce and mobile payments. Hund-Mejean began her career as a credit analyst with Dow Chemical in Frankfurt. She worked in finance at General Motors in both the U.K. and U.S., and was treasurer at Lucent Technologies before being plucked for the treasurer role at Tyco International in 2002 to help the company through a liquidity crisis. She has been with MasterCard since 2007.

#22 Andrea Moss

President and CEO, American Express Centurion Bank

"As a wife and mother of five, with a demanding career and active religious and civic responsibilities, each day is filled to the brim. I have set some foundational priorities that keep me grounded and remind me of what I am not willing to sacrifice."

In what must have been at least something of a break from her work overseeing CARD Act compliance, Andrea Moss, CEO of American Express Centurion Bank, recently took time developing a system to manage customer complaints. What started as a data-logging system for 30 service representatives is now fed by 20,000 reps, whose customer interactions are analyzed for potential productivity gains. The time it takes to resolve problems is down sharply. And profits at the $27 billion-asset bank rose 44 percent last year.

#23 Sandie O'Connor

Global Head of Prime Services, JPMorgan Chase

"This advice was offered by a mentor, and I've applied it to every stage in my career since: What we do is very important; how we do it is what defines us as leaders."

After dabbling in treasury services, Sandie O'Connor is back in the investment bank at JPMorgan Chase, as Wall Street's only female head of a global prime services business. This summer she launched the firm's prime brokerage platform in Europe. An expansion to Asia is on tap for next year. O'Connor, with J.P. Morgan since 1988, has worked in a variety of areas, including trading and liquidity management. She co-chairs the J.P. Morgan Investment Bank Women's Network.

#24 Suni Harford

Managing Director, Citigroup

"Prioritize what must get done, what should get done, and what it would be nice to get done. Start at the top and if you get more than halfway through the 'must' section, call it a good day."

Suni Harford runs North American sales, trading and origination for Citigroup's markets business. With Citi finally back on more stable footing, Harford has been back on the road since 2010, spending as much as 50 percent of her time visiting clients and account teams. Her group has been climbing in the league tables, and headcount and profits are up. In addition to her business line responsibilities, Harford co-heads Citi's corporate-wide initiative for developing female talent.

#25 Kelly Williams

Managing Director, Credit Suisse

"Don't be afraid to ask people to send a note to your superiors recognizing a job well done, and always make sure to do the same for others; you will have an ally for life."

As head of the Customized Fund Investment Group at Credit Suisse, Kelly Williams manages one of the top private-equity fund-of-funds businesses in the world, with $27 billion in client commitments and investments in more than 800 private-equity and real-estate funds. In the past 18 months, CFIG has raised more than $1.1 billion from new investors outside the U.S., and won mandates to find local investing opportunities for public sector clients, including the state of North Carolina. Williams practiced law before co-founding CFIG in 1999. She is on the advisory board of private-equity funds including TPG Partners, TH Lee Partners and Blue Point Equity Partners.