Collaboration among the employees in both the institutional client services and wealth business at Wilmington Trust helped boost revenue during the past three years.
Led by Jennifer Warren, who serves as the head of Wilmington Trust, the teamwork resulted in over $2 billion in revenue expansion—71% more than in the three previous years— for the institutional client services division, which provides trust, custody and agency services, and investment plans.
The "transformative growth" is the result of Wilmington Trust's two core business segments, which are led by Abigail Mrozinski, head of global capital markets and Lisa Roberts, head of wealth, who are working side by side, Warren said.
The team's success led to an increase in both net income and return on equity for 2024. The team generated $9.26 billion in revenue for fiscal year 2024 with a net income of $2.58 billion that resulted in a 9.54% return on equity. The team's earnings are off to a good start for the year. Net income for the first quarter of 2025 is $584 million from revenue of $2.3 billion, and produced an 8.36% return on equity.
The two teams, which include employees in Dublin, London and Frankfurt, not only work well together, but they are also "aligned on creating high-performing and innovative teams," Warren said.
Working closely with each other in New York means the team can share "what's made your day, good, bad or indifferent, and how we can share and learn from each other," she said. "I do that with my male colleagues too, but there is something about the light heartedness of the exchange with women."
The team's creative thinking also led to the successful integration of the CIT business, which was valued at $115 billion, one of the largest transactions in Wilmington Trust's history. The transaction allowed the wealth and ICI business to lessen its risk profiles. The challenges facing banking are not only complex, but are also multifactorial and are "technology enabled," she said.
In 2024, the institutional client services and wealth management segments comprised 21% of M&T Bank's total reported net income. The two divisions represent approximately 16% of the bank's total revenue through the first quarter of 2025, and within that figure represents 34% of total fee income.
The two units could be on track to set another record: nearly $2 billion in revenue was generated through the first half of 2025 producing $18 billion in average deposits and the highest segment efficiency ratios for M&T Bank.
"All of that needs teamwork," Warren said. "You're looking at it from different angles and you're looking at it in a way that is not just about the current state, but also about what you're building towards. Because with increased digitization, you actually have to look at it through both lenses. So we've got these very dynamic businesses with these fantastic groups of women."
One unique aspect about the team is its cohesiveness. The executives did not choose to be either competitive or collaborative with each other, but instead decided to embrace both strategies, she said.
"We have this really cool group of women," Warren said. "We're all doing different things, but we actually do it in quite a similar way. It's kind of interesting that we tend to all be pretty high energy. We are serious about our work, but not self serious, so it's a bit if we get together, we can laugh, we joke. We find pleasure in each other's company, but we also find pleasure in being competitive in winning. The other thing is that we are truly, I believe, supportive of one another."
The Team
Jennifer Warren, Head, Wilmington Trust
Lisa Roberts, Senior EVP, Head of Wealth Management
Abigail Mrozinski, Head of Global Capital Markets
Sharon Klein, EVP, President, Eastern Region, Family Wealth
Meghan Shue, EVP, Chief Investment Strategist
Medita Vucic, EVP, Head of Structured Finance & Loan Market Solutions
Fiona Boger, Managing Director, M&A; Head of Shareholder Team
Candice Nakagawa, Western Region Wealth President, California
Shannon Saltos, Wealth Market Leader, Connecticut
Denise Monahan, Wealth Market Leader, Pennsylvania
