The Most Powerful Women in Banking NEXT No.17, Rachel Scarry, Bank of America

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It's not every day that a summer intern later becomes the lead on many of Bank of America's largest prime financing and equity clients, but that's how Rachel Scarry's 12-year career with the $3.4 trillion-asset bank has progressed.

Based in London, Scarry, 34, is head of prime brokerage sales origination for Bank of America and has focused her attention on markets outside the bank's stateside headquarters—with the results to show for it. New client acquisition in Europe, the Middle East and Asia, or EMEA, was standout in 2024 and continues in 2025.

Scarry is one of the most accomplished prime brokerage sales people in London, according to Jeremy Benamara, head of EMEA prime brokerage sales, to whom Scarry reports. "Rachel was promoted to each subsequent level at the earliest possible opportunity and in 2025 was promoted to managing director," he said. (Scarry was part of Bank of America's recent promotion of 387 employees to managing director, which was 16% more than they promoted last year.)

Scarry's promotion is based on her recognized performance. "Bank of America continues to attract new prime financing business and increase momentum and market share thanks to the intensity and collaboration Rachel continues to demonstrate," said Benamara.

With existing clients, Scarry has also proven an effective point of contact; they continue to increase their market share in prime financing and adjacent business lines.

Scarry has the wind at her back. Bank of America is considered a top-four global financing provider to alternative investment managers. In 2024, Bank of America's prime brokerage business performed strongly in a record-breaking year for the broader global markets division. While the company does not disclose specific prime brokerage revenue, its global markets division generated a record $18.8 billion in sales and trading revenue in 2024, an 8% increase year over year, and a 20% year-over-year increase in net income, which rose to $5.6 billion.

In Q1 2025, the pace of the global markets division's performance looked much the same: Sales and trading revenue was up 11% to $5.7 billion, marking the 12th consecutive quarter of year-over-year growth; net income for the division was $1.9 billion.

While she seems like a natural, Scarry admits it isn't always easy. Recent market dynamics have revealed a need to optimize the "the balance and shape of client-financing books to enhance the returns into Bank of America," she said.

Undeterred, Scarry's focus isn't wavering. She told American Banker that she aims to drive more of the EMEA prime financing business and continue to lead the team in new mandate origination efforts. "Specifically, I'm targeting to further grow the equity long-short client base in EMEA," she said.

Scarry also participates in several bankwide initiatives including LGBTQ+, volunteering and charitable events. Plus, she also helps at bank recruitment events. "She has demonstrated a real appreciation and gratitude for her position and does her utmost to give back to the bank, to her colleagues and to the wider community," said Benamara