Megabank CEOs: Back to school edition
September 5, 2017 4:56 PM
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Common bond
Before embarking on high-powered business careers, many of the industry’s leaders devoted their undergraduate careers to studying the humanities and social sciences. As college students across the country prepare to go back to school, it’s a good reminder of the value – particularly in the business world – that comes from being well-rounded.
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History buffs
Several big-bank CEOs studied history in college, among other majors. Among them: Brian Moynihan of Bank of America; Tim Sloan of Wells Fargo; Beth Mooney of KeyCorp; Bob Wilmers of M&T Bancorp; and Lloyd Blankfein of Goldman Sachs.
During acommencement speech at LaGuardia Community College in New York a few years ago, Blankfein discussed his love reading history and, in particular, biographies.
“What I liked about biographies then and now is that the person you are reading about is in his or her early life on page 50, doesn’t even know the success he or she will achieve on page 300,” Blankfein said. “They couldn’t see the greatness that lay ahead.”
During a
“What I liked about biographies then and now is that the person you are reading about is in his or her early life on page 50, doesn’t even know the success he or she will achieve on page 300,” Blankfein said. “They couldn’t see the greatness that lay ahead.”
Banking's most successful English major
Before obtaining her MBA at Fordham University in New York, Ellen Alemany, CEO of CIT Group, majored in English at the University of Bridgeport in Connecticut.
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Not all Ivy Leaguers
It doesn’t necessarily take a Harvard degree to make it to the top ranks in banking. While several big-bank CEOs have Ivy League credentials, many attended small schools with strong regional reputations.
For instance, Andy Cecere of U.S. Bancorp graduated from the University of St. Thomas in St. Paul. Bill Demchak attended Allegheny College in Meadville, Pa. Kelly King, meanwhile, graduated from East Carolina University in Greenville, N.C.
For instance, Andy Cecere of U.S. Bancorp graduated from the University of St. Thomas in St. Paul. Bill Demchak attended Allegheny College in Meadville, Pa. Kelly King, meanwhile, graduated from East Carolina University in Greenville, N.C.
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Curious minds
In addition to majoring in economics, Jamie Dimon, CEO of JPMorgan Chase, studied psychology, while A. Scott Anderson, CEO of Zions Bancorp., studied philosophy.
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Attorneys by training
Most top leaders in the industry have MBAs, but two of them — Lloyd Blankfein and Brian Moynihan — parlayed legal careers into executive roles in banking.
For instance, after getting hired a corporate attorney in New York after law school, Blankfein quit after only five years on the job, because he wasn’t passionate about the work. He was later hired by J. Aron, an investment firm that was purchased by Goldman in the early 1980s.
Moynihan, meanwhile, took a different path. After working for a corporate firm, he was hired as deputy general counsel by FleetBoston Financial in 1993. Moynihan later expanded his resume, moving from the legal department and into the business lines of the company. FleetBoston was acquired by Bank of America in 2004.
For instance, after getting hired a corporate attorney in New York after law school, Blankfein quit after only five years on the job, because he wasn’t passionate about the work. He was later hired by J. Aron, an investment firm that was purchased by Goldman in the early 1980s.
Moynihan, meanwhile, took a different path. After working for a corporate firm, he was hired as deputy general counsel by FleetBoston Financial in 1993. Moynihan later expanded his resume, moving from the legal department and into the business lines of the company. FleetBoston was acquired by Bank of America in 2004.
Advice for students
During a commencement speech at Syracuse University in 2010, Jamie Dimon emphasized the importance of staying well-informed and curious.
“Acquiring knowledge must be a lifelong pursuit — it should never end,” Dimon told graduates. “You learn by reading — read everything, all the time — and by talking to and watching other people.”
“Acquiring knowledge must be a lifelong pursuit — it should never end,” Dimon told graduates. “You learn by reading — read everything, all the time — and by talking to and watching other people.”
