Most Powerful Women in Finance: No. 12, Citi's Julie Monaco
Global Head of the Public Sector Group, Corporate and Investment Bank | Citigroup
Part of Julie Monaco's role at Citigroup is to understand the worries of governments and central banks around the world. As head of public sector coverage for the corporate and investment bank, she is a fixture at events like the annual World Economic Forum at Davos and meetings of the World Bank Group and International Monetary Fund.
Over the past several years, a frequent complaint from Monaco's clients has been about the challenges of dealing with corruption, which destroys the public's faith in government and makes the daily operations of the public sector more expensive for taxpayers.
With her international team of experts advising more than 700 clients around the world on everything from public debt offerings to best practices for implementing new financial services technology, Monaco saw an opportunity to effect change. In particular, she understood that helping developing countries use technology to increase transparency in public finance could make it much more difficult to disguise corruption.
To that end, she helped organize Citi's Tech for Integrity Challenge, called "T4I" for short. The cooperative effort pulled in 200 colleagues and 11 business units at Citi as well as 80 outside participants, including governments, regulators and Fortune 500 companies. The object is to develop systems that track beneficiary eligibility, tax administration, transparency in the procurement process, allocation of public funds and more, in an effort to fight corruption.
Monaco, who describes T4I as "a global open innovation competition," said she expects it will lead to technology solutions that benefit "a huge number of people" worldwide.
Fitting these efforts, Monaco also retains oversight for the know-your-customer and anti-money-laundering operations at the corporate and investment banking unit.