Northeast and Metro New York division executive, U.S. Trust, Bank of America Private Wealth Management, Bank of America Merrill Lynch
Lisa Carnoy made an abrupt career change in April when she moved into private banking and wealth management. For the last two decades, Carnoy has worked in capital markets at Bank of America Merrill Lynch and its predecessor, managing initial public offerings, leveraged buyouts and other high-profile deals. But Carnoy has always had a personal interest in wealth management, and when an opportunity arose in the company's Northeast region, she pursued it.
Carnoy insists that her job really won't change much her main responsibilities will still be setting strategy, grooming talent and growing a business line. She also says there's plenty of room for collaboration between capital markets and private wealth management, given that individuals involved in investment banking deals are wealthy.
The opportunity to pursue this new challenge came about only because she raised her hand, Carnoy says, adding that she often encourages her employees to speak up if they want to be promoted or to pursue a new opportunity. "Don't assume your boss can read your mind," she advises.
She also routinely offers two other bits of advice to rising stars. First, exude enthusiasm, confidence and gratitude, because it will rub off on others. Second, savor the pressure. Banking, she says, is a difficult business and the individuals who succeed are those who relish giving advice and making decisions, particularly in times of volatility. Quoting tennis great Billie Jean King, she says, "Pressure is a privilege."