The Most Powerful Women in Banking, No. 21, Tasnim Ghiawadwala, Citigroup

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For the last few years, Tasnim Ghiawadwala has overseen a global expansion of Citi's commercial banking business, an effort that culminated with the launch of operations in Japan in 2024.

The expansion, along with investments in digital platforms, is starting to pay off for Citi in the form of higher average revenue per client and greater productivity for its commercial bankers, Ghiawadwala said.

"We're doing more with clients, acting more globally with clients, helping them in more countries, helping them with more products and solutions," said Ghiawadwala, who has been Citi's global head of commercial banking since 2021. The unit generated roughly $4 billion in revenue in 2024.

There is still plenty of room for Citi to grow in its new markets, she said. "We're just at the tip of the iceberg in terms of building our market share."

Nonetheless, Ghiawadwala is turning some of her focus toward generating growth at home. In May, the bank named a new head for Citi's commercial bank in North America, Wyatt Crowell. Other steps include strengthening the bank's focus both geographically and on select industries, as well as partnering with Citi's investment and corporate bankers.

"For me, the U.S. is now one of the most important opportunities that we have to jump to the next level in terms of size and scale," she said. The unit serves companies with annual revenue between $10 million and $3 billion.

Geographically, the bank plans to add commercial bankers in established markets and introduce them in places where Citi already fields private bankers or wealth managers, she said.

Target cities include Atlanta, where Citi has two commercial bankers, and Seattle, where it has private bankers but no commercial presence, Ghiawadwala said.

Citi can serve businesses in Seattle remotely. But, she said, "I'm a big believer in relationship banking. And I think if you really want to cover a market and build those long-term and deep client relationships, you have to be physically present."

The bank's industry targets include digital technology, healthcare and the life sciences. Ghiawadwala also sees opportunities in the industrial sector, given the emphasis on building up manufacturing in the U.S.

"We're seeing it with some of our clients who might be in Asia, Latin America, Europe, looking at making investments in the U.S.," she said.

Ghiawadwala experienced a different kind of growth when she reached the summit of Mount Kilimanjaro in August 2024. While the eight-day trek required fitness, it took an equal dose of willpower. "I'm so glad I did it," she said, describing the feat as a lifelong ambition.

Her other focus outside the bank is a pair of nonprofits that aim to improve the outcomes for children growing up in poverty. Ghiawadwala is a school governor for Central Foundation Girls School in London. She also is a board trustee for Developments in Literacy Trust UK, which provides low-cost, high-quality education to thousands of children across Pakistan, nearly two-thirds of them girls.

One of the trust's students was recently admitted to Harvard University, Ghiawadwala said. "It just shows the power of education."