Bankers Trust New York Corp.'s MARY CIRILLO, evp/senior managing director and head of client processing services, leaves Citibank--and a global banking franchise she helped build--for a shot at a banker's bank. FutureBanker: After 20 years with Citibank--most recently as svp and head of operations and technology for global relationship banking--you accepted the position at Bankers Trust New York Corp. What triggered the switch? Cirillo: The opportunity to go there, work with Frank Newman, be on the management committee, and drive these businesses in a meaningful way in the market was just irresistibleojust a great opportunity. So I decided to take it. FB: How will your technology background at Citibank play a role in your new position? Cirillo: These are businesses that have both opportunities because of technology, but also are very threatened because of technology. And everybody wants to be in the payments business these days, including Microsoft. People see an opportunity to disintermediate lots of financial institution activity. Securities is certainly becoming much more automated and much more driven by automated depositories, and the value of information and the time value of information becomes increasingly important. And all that is enhanced by the fact that there's a lot of market data and information that's (being disseminated) out there.
Therefore, how to integrate that information and make it a meaningful package of services for your clients is going to be tricky for those of us who are in the market. But it will be where lots of the value is added. The advent of new technologies and having management that understands the impact of it, both positively and adversely, is going to be very critical to these businesses going forward. So, I think my background (at Citi) plays a very strong role.