Voice of Experience: Priscilla Almodovar, Managing Director and Head of Community Development Banking, JP Morgan Chase

By Michelle Hendelman

Sometimes the most successful and rewarding career paths are anything but linear. Priscilla Almodovar, Managing Director and Head of Community Development Banking for JPMorgan Chase can certainly attest to this. “My career path is a unique intersection between deal making as a lawyer, government, and now banking,” she said.

“My experience in different sectors gives me an appreciation of who the stakeholders are in each area and how to be inclusive of the various points of view. As a manager, I can tap all of these different experiences to do my job,” added Almodovar.

Almodovar practiced law for fourteen years before moving into public service. She took a two month leave from her position as corporate finance partner at White & Case, LLP in order to pursue an opportunity in public service. However, this short two month leave turned into a five year leave as Almodovar served as the President and CEO of New York State’s housing finance agencies.

“My proudest professional achievement to date is running a public finance agency for the state of New York. For the first time, my ‘client’ was the public and the opportunity to do finance in government and serve the public was an incredible experience for me,” said Almodovar. She encouraged everyone to pursue the opportunities available in public service and at non-profits as she feels very strongly that these areas can provide some of the most rewarding professional and personal experiences.

Currently, Almodovar sees the different business and regulatory environment today as an opportunity to help her organization respond to these changes while continuing to grow business and keep morale high. For Almodovar, this means figuring out how to invest in or lend to new and high-impact real estate projects in low income communities. “You have to acknowledge that the environment has changed and adapt your business to respond to that change,” she explained. “This is the number one challenge I face right now.”

Words of Wisdom

“Don’t take yourself so seriously,” said Almodovar. This is something she wished she realized much earlier in her career and advises others to recognize.

Another piece of wisdom Almodovar picked up later in her career was to, “never let the perfect be the enemy of the good.” She explained that it is important to get things done yet sometimes the quest for perfection can become more of an obstacle than a vehicle for productivity. Flexibility is key, she added, and in order to be a good leader you have to make decisions while acknowledging that decisions can evolve over time. “You have to be nimble,” Almodovar stated.

According to Almodovar, one of the most important skills you can cultivate is learning how to be a good listener. She noted, “Being a good listener makes you a better colleague, a better manager, and more effective all around. I wish I understood this earlier in my career, but it is something I work on every single day.”

Advice for Professional Women

While Almodovar agrees that there have been large strides for women in finance, she does assert that there is still a need for even more women in the industry. “One of the challenges for women is that we still need validators to advocate for us as we get promoted. It is great if men take on these roles, but we definitely need more women sitting around the table when decisions are being made about other women,” she said.

“It’s not even a male versus female issue when it comes to getting more women on board,” she added, “but rather when there are more women at the table there are different points of view. That is all around good for business, customers, and the workforce.”

According to Almodovar, it is okay to be passionate about your work and display that ambition in everything you do. “If you don’t have passion for what you do, your work just becomes a job and it will be more difficult to succeed,” she explained.

One trait that Almodovar stressed is important for all women to possess is the desire to constantly learn and grow. “Learning never stops,” she added, “Always ask questions, read everything you can, and be curious.”

Treating your colleagues kindly and with respect is key to your own career advancement, said Almodovar. “Being nice is not a bad thing,” she said. “Some women are afraid to be nice because it sounds weak, but being nice means that you are appreciative and that you value what your colleagues all over the organization do.”

“One thing I would tell my peers in the industry is that we need to stick up more for each other,” said Almodovar, “and recommend each other more. I am grateful that I came to Chase at a senior level because I was recruited by a senior woman who suggested that I would be a good candidate.”

Furthermore, Almodovar encouraged all senior women to show appreciation to everyone who helps them do their job. “As I have advanced in my career, I have learned that a simple ‘thank you’ goes a long way,” she explained.

Initiatives for Women at JP Morgan Chase

One of the most recent efforts launched by JPMorgan Chase is called Women on the Move which brings together senior women leaders and women throughout the company to talk about the state of women at the firm. The program, which Almodovar participates in along with other senior women leaders, is set up as a roadshow so that women at offices all over the country have the opportunity to take part in these discussions.

“We literally took a bus and went out to various cities and met with women within the entire organization. The response was fantastic. All these senior women had a fireside chat with no men in the room and felt comfortable asking about all sorts of topics including work-life balance, mobility, and the industry in general,” said Almodovar.

The program experienced so much success in the United States, there are plans to extend the Women on the Move initiative to Asia in the future.

“Our women’s resource group, WIN –Women’s Interactive Network –has over 12,000 members,” noted Almodovar. She added, “WIN will bring in speakers who talk about professional development, as well as host events like film viewings where the filmmaker is a guest.”

Outside the Office

When Almodovar is not at the office, she enjoys spending her free time with her husband and two children. Although they live in the city, Almodovar and her family leave the city on the weekends and love to explore the outdoors together through activities like hiking.

She also enjoys reading in her spare time, especially the books her children are assigned for school. Almodovar recently finished reading The Lord of the Flies. “It was a heavy read!” said Almodovar.