For a little performance pressure, nothing beats having your business unit identified as a key global growth engine by your bosses during the worst financial crisis the banking industry has seen in a generation. That's exactly what Kathleen Murphy, CEO of ING US Wealth Management, has faced since she took the reins of the reorganized group in April of 2007.
So far so good. As of year end, 2007, the ING Wealth Management unit had posted over $1 billion in pre-tax profits, for a compounded annual growth rate of 23 percent from 2004 to 2007. The rolling twelve month figures ended June 30 were also strong under some tough economic conditions. While profits after tax were down 30 percent compared to the year before given the pressure on fees tied to assets under management, sales jumped 28 percent.