Voice of Experience: Julie Monaco, North America Regional Head of Global Transaction Services, Citi

By Pamela Weinsaft (New York City)

In April 2007, about to embark on a business trip, Julie Monaco, then managing director at JP Morgan Chase, was contacted about a position in financial giant Citi’s Global Transaction Services division. That’s when fate intervened and a routine trip turned into anything but.

While waiting in an airport security line for her connecting flight through Tokyo, Monaco struck up a conversation with a fellow business traveler. It just so happened to be the CEO of Citi’s Global Transaction Services.

“I stuck out my hand and introduced myself,” said Monaco. He laughingly responded, “You are about to have the longest job interview you ever had.”

Moving Outside Her Comfort Zone

Following their conversation, Monaco was asked to become the region head for North America for Global Transaction Services. “At the time, I wasn’t looking for a different job,” notes Monaco, “but after successfully managing cash and trade throughout my career, I was excited to be outside of my comfort zone and have the excitement of learning something new. For the first time in my career, I would focus on the United States rather than international markets.”

“In addition,” she adds, “I had heard fantastic things about how Citi was transforming and growing their transaction services business. With their international network and technology focus, they are the leader in the global transaction services business and definitely the place to be.”

Much like the chance meeting at the airport, Monaco didn’t expect the turns her career would take when she graduated with a degree in International Affairs from George Washington University. After taking an international banking class in her senior year, Monaco decided that she wanted to pursue a career in banking. She applied to Bankers Trust, and landed a role in their transaction services management training program, one of the first such programs in the industry.

“It was a terrific opportunity,” said Monaco, “because it would have been extremely difficult to qualify for one of the bank training programs for credit or investment banking without a degree in finance.”

“Although I aspired to a career in international relations, the opportunities I was fortunate to be presented with led me to financial services. It didn’t take long for me to realize I had found the right fit – a fast paced industry that is constantly changing, driven by evolving client needs, changing technology and markets.”

Less than two years later, she moved from operations management into project management. Banker’s Trust then sponsored her for the executive MBA in finance at New York University. At 30, within a year of earning her degree, Monaco assumed responsibility for the entire product group and became one of the youngest female managing director at Banker’s Trust. “It was a very big step up,” said Monaco. “I went from being the product manager in one product line to managing all the products.”

When Deutsche Bank purchased Banker’s Trust in 1999, Monaco was asked to stay on to help with the merger integration but was soon recruited by the head of transaction services at Chase to run their global trade finance business, electronic banking and global financial institutions.

At Chase, Monaco built a team from scratch, all the while learning to manage the technology discipline, something she’d never done before. “We were supposed to be delivering a major Internet application but, after meeting with the technology team, I quickly realized that there was no way they were going to be able to deliver what was expected. I retained the former CIO from Banker’s Trust to consult for 6 weeks and we were able to turn the whole project around. He was ultimately hired to be CIO at Chase.”

Monaco stayed and grew with the organization—which had become JPMorgan Chase soon after her arrival—for six years. The list of her positions and responsibilities runs long: head of core cash management, which included all payables, receivables and commercial cards. Her last position was developing a foreign exchange joint venture to support the bank’s global payments, trade and securities-related FX transactions.

Less than four months into the joint venture position, following the serendipitous airport meeting, she was offered the opportunity to join Citi. Two and a half years later, the results of Monaco’s handiwork are evident. “Although it has been two tough years in the industry, it has been two great years growing the group and creating North America as a region. This year we are the fastest growing region and are the most successful team financially.”

Commit to Excellence: Advice for Professional Women

Her management philosophy is simple. “You don’t need to be an expert in every job; you just need to identify and attract the right talent and have the right people in the right jobs and manage them.”

Not surprisingly, when it comes to career advice, Monaco believes professional development is about embracing change. “Taking this risk was one of the best moves in my career. Prior to joining Citi, I had a vertical career in the cash management and trade business. I became a subject matter expert at a very young age and I was able to use that as a foundation to move into senior roles very quickly. But, to grow personally and professionally, it is critical to step outside your comfort zone and take on a position that expands your skill set every few years.”

Although she didn’t think about pursuing a career in financial services, she believes the industry has a lot to offer women. “There is a lot more variety in the positions and types of jobs in banking than people would imagine. College students majoring in business often tend to think only of being a ‘trader’ or an investment banker however there are a broad range of different positions available which can give greater flexibility to exploring one’s interest and developing skills, particularly for young women.”

Monaco was also very fortunate to have had very good mentors – all of whom were her bosses – who took the time and the interest to provide counsel and guidance along the way.

When it comes to words of wisdom, Monaco said the following Vince Lombardi quote, which she had inscribed in lucite for her team, has been particularly meaningful: ‘The quality of a person’s life is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavor.’ “This quote speaks to everyone,” said Monaco, “no matter what role you are playing in a large organization. Your ability to get up every day and pursue excellence as it relates to the job at hand is what makes your life worthwhile and what makes any organization successful.”