In the fourth quarter of 2024, Tammy LoCascio assumed oversight of wholesale banking at First Horizon, a unit that covers business lines helping the bank ride out a volatile economy. And in the face of high interest rates and a volley of tariff announcements, the unit has been doing just that.
"I'm very proud of what our team has accomplished in the face of economic uncertainty over the past year," LoCascio said.
The wholesale banking business generated a combined $123 million in pre-provision net revenue last year and is on track to deliver $150 million this year, said LoCascio, who has been First Horizon's chief operating officer since 2021. The Memphis, Tennessee-based regional bank has assets of about $82 billion.
Units in the wholesale business include franchise finance, correspondent banking, mortgage warehouse and mortgage banking, as well as FHN Financial, First Horizon's fixed-income distribution company. The company serves approximately 4,000 institutional clients with an average daily trading volume of about $4.2 billion.
In addition to wholesale banking, LoCascio is overseeing dozens of the bank's technology projects, many of which were launched after its proposed acquisition by TD Bank was called off in 2023. First Horizon upgraded the technology behind its treasury management and general ledgers systems in 2024. The bank built a more robust data hub and enhanced its case management and fraud protection infrastructure, as well.
First Horizon also rolled out an internal generative AI tool called ChatFHN for use by bank employees. "It's remarkable to see how enabling our teams with a powerful resource like this allows them to find novel ways to change the way work gets done," said LoCascio, who has been using AI tools personally to plan vacations, manage her calendar and do research for fantasy football.
This year, First Horizon is focused on building its own customer-facing digital banking platform. "This project is one of many that aligns with our goal to bring a number of systems and capabilities in house and build a team to support them for the long haul," LoCascio said.
She emphasizes three guiding principles for the bank's technology investments: client-centered innovation, operational resilience and measurable value for stakeholders. "This means we prioritize technology that enhances our clients' experience, strengthens the security, efficiency and scalability of our operations, and delivers clear returns for the bank," she said.
In July 2024, LoCascio gained another perspective on financial technology after being appointed to the board of Jack Henry, the Missouri-based fintech company.
"Although time-consuming, it has afforded me an incredible opportunity to share my expertise while learning from and building relationships with other professionals," said LoCascio, who chairs the board's human capital and compensation committee. "Sitting in a board seat has also given me new perspective and ideas that I can take back to my day to day leadership role."
LoCascio, who previously led HR for First Horizon, also assisted two Memphis nonprofits with CEO searches over the past year for the Boys & Girls Clubs of Greater Memphis and Memphis River Parks Partnership, which has been improving public parks and spaces where the city meets the Mississippi River.
