Voice of Experience: Janine Shelffo, Managing Director, Co-Head Technology, Media & Telecom Group, Americas, UBS Investment Bank

Janine Shelffo“When I started my career, I didn’t appreciate the extent to which different is good in our business,” says UBS’s Janine Shelffo. “Thinking differently and approaching problems from different angles is critical in coming up with great ideas for clients. Being authentic is more important than fitting the stereotype of an investment banker and is a stronger foundation for building long-lasting client relationships. As I look back on my career, I believe that being a little different became one of my biggest strengths.”
Shelffo, who describes her career path as “surprisingly linear,” recently celebrated her 26th anniversary of working on Wall Street. After graduating from Georgetown, she started as an investment banking analyst in mergers and acquisitions, then focused on high-yield and distressed investments before earning her MBA from Columbia Business School. She returned to investment banking at DLJ, where she joined the sector coverage team focused on tech, media and telecom and has subsequently maintained that focus for almost 20 years, working for Credit Suisse and Lehman Brothers prior to joining UBS seven years ago. Shelffo currently co-heads the firm’s Technology, Media and Telecom investment banking effort for the Americas.

When asked to describe the professional achievement she is most proud of, Shelffo laughs and points to her resilience, having survived two bankruptcies and three sale transactions of her employers during her investment banking career. “You have to learn to replant, reposition and roll with the punches, and commit to earning the respect of new colleagues along the way,” she says. “Hopefully the volatility of the financial services industry won’t be quite as dramatic going forward, but the fact remains that the ability to adapt and reinvent yourself is a key skill set in our dynamic industry.”

Unprecedented TMT Industry Shifts

Right now Shelffo is immersed in the significant impacts of disruptive technology across the sectors she covers.This includes significant changes in consumer content consumption, communication and purchasing habits, including mobile adoption that has been faster than predicted. As a result, the economic models in the industry are changing dramatically as advertising dollars shift away from historical categories with incredible speed, content bundles unbundle, consumer appetite for subscriptions is tested, and the line between content and commerce blurs. In addition, the sheer amount of data and information available on customers and their purchasing and consumption habits has increased exponentially.

Not only are her clients trying to adjust their businesses to prosper in the changing landscape, many of them are also suddenly facing new competitors as some of the historical distinctions between technology, media and telecom companies fade. Shelffo says all this disruption is incredibly intellectually stimulating, and adds that the best part of her job is waking up every day confident that she will learn something new.

Overcoming Stereotypes

As co-chair of the Diversity Council for UBS Investment Bank in the Americas, Shelffo feels good about the cultural transition that has taken place during her years in investment banking. “I believe the business case for greater diversity and inclusion in our business has been proven and that the large Wall Street firms are intensely focused on it,” she says. Yet negative stereotypes of a male-dominated investment banking environment persist, and she admits to being frustrated when some young women on college campuses shun the industry without thoroughly investigating it. In fact, she says UBS and other banks have started reaching out to women on campus earlier, specifically to get to them before they form false impressions and make up their minds that the industry is not for them. To that end, Shelffo took matters into her own hands and conducted a speaking tour on college campuses last year entitled “Navigating Wall Street in Heels.” She also created a webcast on “Women on Wall Street” for the bank’s inaugural sophomore program that was distributed through social media and is available on UBS’s website.

What she does see as a potential impediment to increased diversity is a lack of senior female role models. This makes it harder for women to see themselves as the primary client interface and can undermine the self-confidence necessary to bring their whole selves to work as they move along the career path. “Being a trusted advisor to clients actually requires a lot of skills that are more stereotypically female, such as gently building consensus, fostering collaboration, active listening and navigating emotionally charged situations. Our role is often to help other people look smart and, for better or worse, that’s something that women generally do well.” In addition, Shelffo points out the significant increase in gender diversity among clients in her coverage sector and notes, “Our female clients are delighted to see gender diversity on our side of the table too.”

Supporting Women

Shelffo urges younger women to resist what she sees as a growing trend to try to plan their whole lives before leaving college. “These days I find that many young women are calculating how the job will accommodate a family and evaluating the merits of finding a career path that’s less demanding before they’ve even started out,” she says. “If I’d had that mindset, I might have talked myself out of investment banking and never discovered what an amazing career it can be. In truth, it would have been entirely speculation since I had no idea then what it would be like to be a mother or how supportive my future husband would be of my career.” She advises young women to focus on how to maximize their learning and build a strong foundation to create career optionality, rather than trying to be clairvoyant about how their lives could unfold a decade or two down the road in a particular job.

These days, Shelffo views diversity among new hires on Wall Street as less of an issue than retention of women over the long term. “Our incoming class was 40% female last year and I feel very good about that,” she says, “but data shows that across Wall Street there is an acceleration in female attrition starting at the director or vice president level,” which is typically the point when women are stepping up to be a primary client interface and are also often simultaneously starting their families. Transitioning from subject matter expert to new business originator can be very intimidating for women and men, and it often happens at the same time they are dealing with meaningful transition in their home lives.

She sees some women opting out at that juncture because of the pressure they put on themselves. “We hire women who are Type A and used to being the best of the best.When you’re balancing a family with a banking track, you are often out of your comfort zone on all fronts and it becomes harder to feel like you’re doing an A+ job in everything,” she says, adding that many conclude they’d rather find a less-demanding career path to get back to feeling “best” in all areas of their lives.She points out that raising preschool-aged kids, while working in a demanding occupation, is a really challenging life stage for both men and women, and that it is difficult to maintain perspective and appreciate that it’s a relatively short period in the arc of a long career. Shelffo commends financial services firms for doing what they can to support young families and applauds UBS’s recent increase in paid primary and secondary caregiver leaves by 33% and 50%, respectively, in the United States.[C1]

Shelffo says her diversity council is intensely focused on the issues of female retention at this mid-level and is launching multiple initiatives aimed at that population. For example, Advance, a year-long UBS program for Directors that was launched in 2015, combines networking between women to encourage peer support, individualized coaching to increase skills and confidence and a sponsorship program that encourages senior executives across the bank to champion these women. “We have incredible rising female talent in our investment bank and these women are poised to become the next generation of amazing role models, so we want to support them in every way we can,” she says.

She is sympathetic to the challenges the managers of these women face in their efforts to be supportive. “They want to make sure that their promising women know that there are opportunities to downshift if they want or need to, but don’t want to be patronizing or suggest that their ambition levels have suddenly changed because they are starting families,” Shelffo says, acknowledging that it’s a difficult balance to strike and that managers are understandably worried about saying the wrong thing. Her diversity council is also launching a Fostering Diversity & Inclusion training program for senior managers in the investment bank to provide them with the right support and tools to feel better equipped for those conversations.

Finding the Right Balance to Thrive

“A career on Wall Street is a marathon not a sprint. It’s critical to recharge in order to foster creativity and original thinking,” Shelffo says. She claims that her best ideas for clients rarely come to her while she’s in the office and that clients don’t enjoy spending time with people who do nothing but work. Shelffo says that while she and her generation might not have thought twice about devoting every waking minute of their lives to their jobs when they were starting out, she commends today’s graduates for generally having more well-rounded definitions of success, which are more sustainable over the long term. New UBS initiatives like “Wickedly Smart Working” solicit and implement the best crowdsourced ideas from junior bankers to reshape current work practices in order to encourage employees to be successful in every dimension of their lives. [C2]

Shelffo is passionate about extracurricular activities which quiet the mind, and credits painting, yoga and meditation with being important to sustaining her own personal balance.A part-time student at the Woodstock School of Art, she now enjoys taking weekend painting workshops with her 13-year-old daughter, whom she proudly describes as an amazing artist.She is also a trustee of the Kripalu Center in the Berkshires, the largest yoga and meditation retreat center in the country, and executive sponsor of the first UBS mindfulness program pilot in development for later this year.

“There is no one-size-fits-all blueprint for balance in a demanding career path,” she says.“It is a deeply personal thing.It’s an issue for men just as it is for women, and it’s not just about family time.You must have the self-awareness to figure out what you need for renewal and the self-confidence to create space for it.”

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Voice of experience: Ana Malvestio, tax partner, diversity and inclusion leader, PWC Brazil

Ana MalvestioI have learned that technical expertise is essential. But clients assume all advisors have it. So it merely gets you into the game. What helps you to win the game is your capacity to collaborate with others,” says Ana Malvestio, tax partner and diversity and inclusion leader for PWC Brazil.

Malvestio started with PWC as a secretary while still in law school. She gleaned an important on the job education typing letters that partners sent to clients. She soon asked if she could start as a trainee. She was shocked when her boss turned her down. He said it would be too challenging for a woman because it involved lots of travel and it would be difficult to manage with eventual family responsibilities.

She persisted in her quest for an opportunity. Subsequently she became a trainee and the first woman in the tax department of her São Paulo state office. She has proved more than capable of balancing career and family demands: she has since been married and had two daughters, now ages 13 and six. And as the partner in charge of PwC Brazil’s Agribusiness industry specialty, her role is hugely significant. Brazil is the second largest global supplier of food and agricultural products. So Agribusiness is one of the most important sectors of the economy. It accounts for 20% of GDP and 43% of all Brazilian exports.

Ana is justly proud: “It’s motivating to serve an industry that feeds the world: in future, Brazil will contribute 40% of food consumed by the world’s population.”

Infusing diversity into the workplace

Partnering with an Agribusiness Association in Brazil, Malvestio conducted a survey to identify the role of women in the sector: “it’s still very much a male dominated business which spurs me on to drive change,” she adds.

Malvestio faced scrutiny from clients at first: sometimes she had to take a male consultant to meetings because clients wouldn’t interact with her. “It’s changed a lot,” she says, but she is determined to do more. Much more.

Her proudest professional achievement? “That’s easy,” she says, “I get so much satisfaction from contributing to the careers of my team and the success of women in the office”. She’s thrilled that another partner and director in her office began as her trainee and she’s now promoting another woman to director position. “Women in my position must make it easier for the next generation. That will be our legacy”.

She continues to encounter the stereotype she first worked against. Women don’t receive the same opportunities as men because others assume they will be compromised in their careers by families. “Careers are equally as important for women as they are for men: I wouldn’t be a complete person if I stayed at home. You need to find what makes you happy. For many women that’s the feeling that you are contributing to something, to have your own achievements. Your family are the most important people in your life. But they are not everything, and I am a better mother for having a career which gives me satisfaction.”

Malvestio supports the UN “HeforShe” initiative as a way to reposition perceptions of women and achieve greater equality. “If we keep the debate only among women, we will not change the conversation. Men have to be involved and together we can improve things for everyone. It’s not just a woman’s problem.”

In her diversity and inclusion role, she has been instrumental in launching a flexibility policy for mothers. She insists employee reviews are based on results, not hours worked. She also inaugurated a diversity and inclusion committee involving partners and key talent managers, pushing diversity firmly up the agenda. Nothing gets in her way.

A passion for travelling and music

A music lover, Malvestio adores live concerts-everything, she says, from the local orchestra to global rock bands. She has travelled extensively across Europe and the United States and always incorporates adventure into her travel for PwC. “When I have an opportunity to travel for a meeting, I will search out the best theatres, art galleries, restaurants and landmarks so I can immerse myself deeply in the country or city I am visiting. Every holiday we are on the road, and my daughters love it just as much as me.”

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Voice of Experience: Susanne V. Clark, General Counsel, Senior Managing Director; Centerbridge Partners, L.P.

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Susanne V. Clark“Be brave. Take smart risks. Recognize that you belong at the table.” For Susanne Clark of Centerbridge Partners, those are three key elements for women who aspire to success in the professional world.

Clark has lived the philosophy of “smart risks,” with a career path that has involved a series of decisions to step outside of her comfort zone, each of which added a new layer of experience.

She began her career as a capital markets lawyer at Shearman & Sterling and after a few years joined Goldman Sachs in its Investment Banking Division, which expanded her responsibilities and skills to the broad range of investment banking services. She later joined a team working for Goldman’s public parent company, which extended her responsibilities and had the benefit of allowing her to see the business through an even broader lens, interacting with all of Goldman’s divisions including sales and trading, prime brokerage, research and asset management.

She became increasingly curious about asset management from Goldman’s dealings with fund clients, took a leap and reached beyond her historical skill set to join Amaranth Group, her first experience working directly for an investment adviser. From there, she took her first general counsel role at Basso Capital Management, which she found was a perfect place to learn how to hold her own as a general counsel. From there, she joined Centerbridge Partners, a private investment firm that manages capital for the world’s most prominent pensions, endowments and foundations, where she is a Senior Managing Director and the firm’s chief legal officer. In each case, she let the excitement of a new challenge overtake the fear of failure.

At Centerbridge, she has designed and developed its Legal & Compliance department, which she credits as the professional achievement she is most proud of so far, having built the department from the ground up, but with ample credit to her team for their role in the department’s success. “We have a diverse team of professionals who are dedicated to each other and their work. It is a pleasure to step back and observe how capable they are,” Clark said.

Confidence Counts

Clark knows that it’s good to be humble, but cautions women not to confuse humility with unhelpful and unnecessary self-deprecation. She says that early in her career, she wrote in a self-evaluation that she needed to “gain confidence in her new role.” Although her intent was just to set personal goals, that comment found its way into the next year’s review – “Be more confident.” Clark recalls. “Seeking to convey that I was eager to learn, I unwittingly created a false impression that I was unsure of myself. It was a good lesson to have learned early on.”

An Ideal Industry for Women

Clark finds there is an inaccurate presumption that the asset management industry is a man’s world. “In fact, investment firms are a great place for women because there is no glass ceiling. In general most asset management firms are meritocracies where success is defined and driven by one’s work product and results,” she says. “It’s a dynamic industry that offers great career mobility for motivated professionals who do excellent work.”

Making an Impact

She has been following recent studies on board composition, which show that better decision making occurs on boards of directors that include women. And she has started to see more and more women in the GC seat within the fund industry. “It excites me to see these high-impact women at complex firms who are doing a great job for their firms.”

During her early years in large organizations, she participated in and benefitted from programs that focused on career development. At other firms, she finds the approach may be more organic, but equally powerful provided that the organization is focused on the growth of its professionals, as is the case at Centerbridge. Whether large or small, she believes that firms benefit from good managers who prioritize the career development of others.

Outside of the firm, Clark participates in various mentoring platforms and professional peer groups – including a few for C-suite women – where she has “made many long-standing friendships.” She notes that “These groups provide a context for exchanging professional insights, sharing pitfalls and triumphs, establishing connections and collecting wisdom that covers the full career arc.” Among Clark’s favorite mentoring moments was the fast-paced award-winning Minute Mentoring® program, which she describes as speed dating for career success.

Clark’s philanthropic activities are largely focused on education, including sitting on the board of an independent school in Connecticut. She also participates in a foundation that focuses on education. Though it’s not limited to girls, the group benefits girls as well as boys by helping them develop their confidence and a wide range of life skills.

By Cathie Ericson

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Voice of Experience: Joan M. Dillon, Senior Equity Analyst, Voya Investment Management

Joan M. Dillon“The only barrier to success in the financial industry is if you aren’t willing to work hard,” says Joan M. Dillon, an equity analyst at Voya Investment Management. “Hard work will always pay off, but the puzzling part is that you don’t know when it will pay off. It might not be at your current company or division, but it will happen eventually.”

Dillon has been a healthcare equity analyst for the past 24 years, 17 investing on the buy-side. It was a path she pursued partly based on an interesting college course on investing and portfolio management. A friend mentioned that Dillon was “really good at doing homework,” a skill honed through many hours logged in the library. “This concept resonated with me, and I decided that I should pursue a career in which you never stop learning; where focus and dedication matter; and where complicated projects are the norm – that’s a financial analyst,” Dillon says.

Prior to joining Voya, she was a senior analyst assigned to the health care and consumer staples sectors at Equinox Capital Management.She also served as health care analyst with Dreyfus Corporation, JPMorgan and CS First Boston.In the Wall Street Journal’sAll Star Analyst Survey for 1997, Dillon received the top award as “Best Stock Picker in Health Care Services”.

Her interest in the field is buoyed through the research she does on pharmaceutical and biotech companies, where she learns about new therapies in drug development, makes financial models on the earnings opportunity and calculates the stock’s potential value.She cites several new therapies targeting cancer and Alzheimer’s disease that are in late stage clinical trials and could be on the market helping patients over the next two to three years. “When people find out that you analyze health care companies, they often tell you about the medicines they take and ask you if there’s something new or better coming. So I can be pretty popular at a BBQ,” she says with a laugh.

Advice for Moving Up

Dillon knows the value of keeping your eyes open for opportunities, whether it’s asking your manager for more responsibility or a promotion, spending time working on a team you haven’t worked with before or raising your hand for new projects. She advocates settingprofessional goals every year and viewing your career in annual increments. Sometimes achieving the goal can mean you have to take a class after work or get an advanced degree, as she did, earning her MBA while working full time at an investment bank. Or, it might mean you have to join a new firm to work with different people and gain new experiences.

She also underscores the importance of taking the time to deliver your best work. No matter what the assignment, Dillon recommends over-preparing and practicing, especially when you are presenting to a group, and she always advises people to view their work with a critical eye. “Your work is you. Triple check it because it should always be the best it can be.”

That advice applies at every stage, but Dillon says that especially when you are new, you should be extra cognizant of the impression you are creating. “You’re the person who has a lot to learn so you should always be early to meetings – whether you’re walking in or dialing in. That shows interest, initiative and that you care,” she says. “And those are some traits that help lead to success…no matter what your level.”

By Cathie Ericson

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Voice of Experience: Amanda Hindlian, Managing Director, Goldman Sachs

Amanda Hindlian“The best careers sit at the intersection of what you’re passionate about and what you’re naturally good at – fortunately, those two things tend to go hand in hand.” That’s advice that Goldman Sachs Managing Director Amanda Hindlian has for those thinking about where to start their careers.

“I also wish that at the outset of major career transitions I’d had the hindsight to enjoy the ride a little more – but then hindsight is always 20/20,” she says. “You might feel uncomfortable any time you make a significant change in your career, but try to enjoy that phase because it’s when you’re growing, where you’re adding to your skills and building new relationships.”

Hindlian began her career as a semiconductor equity analyst in the Global Investment Research (GIR) Division at Goldman Sachs where over the course of six years she assumed incremental coverage responsibility. She then accepted an opportunity to work as chief of staff for the global head of Research, and for several years she worked in different capacities with him and other senior divisional leaders, including as chief operating officer of GIR and senior director of the Global Markets Institute.

In mid-2015, Hindlian joined the Executive Office, working with the president and chief operating officer of the firm to develop and implement key strategic initiatives. Later in the year she assumed broader responsibilities in the Executive Office, working with the chairman and chief executive officer of the firm and overseeing the Client Strategy Group, as well as serving as secretary to the Management Committee.

Hindlian is proud of the relationships she’s developed over the years both inside and outside the firm. “The partnerships I’ve formed and mentoring I’ve received from colleagues has been crucial to my success. It’s difficult to describe the accumulation of knowledge that comes from interacting with and being surrounded by so many incredibly smart and talented people.”

Immersed in Content and People

One project Hindlian is working on now that she particularly enjoys is developing content for executives that facilitates their interactions with clients, regulators, the media or policy makers. “I love thinking about what is top of mind in the world and assessing how we can be helpful to our clients by providing them with our institutional insights on major issues.”

She interacts with different divisions within the firm to identify their specific goals and also meets with clients to understand what’s important to them. She then supplements her advice with research to strengthen that perspective.

Another project Hindlian recently undertook was organizing a dinner for more than 20 ministers of finance and central bankers to discuss what they could do to stimulate global economic growth. Hindlian participated in the two-and-a-half hour family style dinner, where participants discussed key issues from political and economic perspectives.

She is also immersed in people-related initiatives and strongly supports the firm’s efforts to hire, retain and promote the best and most diverse people. “I believe our people are our number one asset and we must remain focused on diversity so that our people reflect the world in which we and our clients live.” Hindlian has found value in being involved in the firm’s Women’s Network over the years and is an advocate for programs and initiatives that support an inclusive work environment.

Mastering the Balancing Act

While Hindlian acknowledges that everyone faces challenges balancing work and their personal life, she notes the unique challenges shared by most working moms – particularly surrounding the notion that there aren’t enough hours in the week. She cites a conversation she had with a group of accomplished women at a recent Next Generation Most Powerful Women event hosted by Fortune: “We each had our own journey, but the one commonality we had was that it’s really hard to balance it all on a daily basis. You have to hope that even if you can’t achieve balance every day that you can find it when you look back over a longer stretch of time, and if you don’t feel that way it’s time to reassess. Parenting and working can be challenging, but for me it’s been such an incredibly rewarding combination.”

A Different View of Mentoring and Networking

Hindlian finds that mentoring should happen organically and believes it’s easier to form a mentoring relationship once you have worked with someone on a project or shared a goal, vision or challenge. Otherwise, she says, the mentor doesn’t have any context to provide advice and advocacy. “You will naturally provide the foundation for mentoring relationships if you are a team player and do good work.”

A Yearning To Travel

Before she had a child, Hindlian says she would travel often, hopping on a plane with her husband for a short trip without hesitation. Now, with a 21-month-old she is enjoying her time with him closer to home, although she can’t wait until he’s old enough to join in their family adventures.

By Cathie Ericson

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Voice of Experience: Olwyn Alexander, Partner, Investment Management, PwC Ireland

Olwyn Alexander“As you move through your career, you realize the importance of networks and relationships,” says Dublin based Olwyn Alexander, who leads PwC’s EMEA Alternative Investments group. “It becomes easier and more natural as you get more specialized in your industry, but it would be such a career boost if as a younger recruit, you could make it a priority to meet new people and invest in those relationships.”

After earning her Bachelor of Commerce and Master’s in Accounting at University College Dublin, Alexander began her international career at PwC with a quick start. “On a Wednesday they asked if I’d be interested in leaving for Dallas for six months on the upcoming Saturday,” she recalls, knowing that it would provide unparalleled experience.

She subsequently worked out of Boston during a particularly busy season; returned to Dublin; and went to New York City with her fiancé for a planned 18-month engagement that became four years.

While there, she specialized in hedge funds and private equity, a role that set foundations for her future. She enjoyed the challenging work, as well as the opportunity to collaborate with great peers and partners and oversee many projects in the Caribbean, where they would work hard and then scuba dive on a Saturday.

When she returned to PwC Ireland, she realized that her experience was very valuable: The United States was ahead of Europe at the time in this industry, so what was her standard experience was ground breaking back in Europe. Since the industry was just emerging in the U.K., much of her role was developing and marketing the practice, which paved the way for her to become a partner in 2004.

Investing in Her Career To Keep Up With Change

Other moves she made have strengthened her expertise in the area. She earned her Chartered Financial Analyst designation in 2003 which she found to be an important investment in her career because it bolstered her credentials for target clients, such as hedge fund managers. She also became involved in an international trade association for alternative assets and co-authored a global guide to hedge fund valuation in 2005, prior to the crisis that was revised and reissued in 2012. She also sat on a working group on valuation for The International Organization of Securities Commissions (IOSCO) as an expert post crisis.

Being asked to be part of an expert working group for IOSCO and her election to the Alternative Investment Management Association’s Global Board were thrilling professional achievements for Alexander, as has been her work winning new clients and expanding the business. As an example, she cites a client where they were just able to secure substantial new projects as a result of the strong relationship and good work they’ve delivered since 2005. “It’s very rewarding when that’s acknowledged,” she says.

Looking forward she knows the industry will continue to have exciting developments, with asset management moving center stage amid increased efforts to get private money into investments. While the United States is a more developed market in this area, in Europe and Asia funding remains heavily weighted toward banks as the traditional source of funding but with new, tighter controls on bank lending, asset management is playing a larger funding role as an alternative way to raise money. “It’s very exciting to see the changes in our industry with lots of deals around property and private equity. Rather than just investments in stocks and bonds, we are seeing investments in real projects and businesses where we can see the capital go to work.”

In addition, she is excited to see the growth in digital and fintech investments that are being developed at an unbelievable pace of change.

Succeeding Among Limited Diversity

She says that the industry is still heavily male-dominated, so it’s important for women to rise above it and not allow that to be intimidating. One area where she sees that young women need to be mindful when working among men is not to second guess themselves. “If there’s a big job, men will say, ‘This is why I should have it,’ while women will worry if they can do it. You have to have confidence in your own abilities so you don’t preclude yourself from something that could be interesting and challenging.”

Alexander cites the need to raise awareness around the “He for She” initiative, which opens the discussion and encourages people to consider their own personal bias and whether they are being fair with opportunities. But she sees that gender diversity is just one area that needs support. “We have to consider gender, culture, nationality and age because everyone brings different perspectives,” she says, adding that the speed of development means that it’s more important than ever to know what younger people are thinking and doing.

Family Makes the Difference

Alexander tries to make the most of her personal time with her two daughters, ages 7 and 4 and her “amazingly supportive husband who reassures me in those doubting moments.” For her own relaxation, she’s an avid horse-woman and regularly competes in dressage and show jumping events. “It’s important to have a commitment to something non-work related to ensure you enforce your own work-life balance.

By Cathie Ericson

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Voice Of Experience: Carol Johnson, Senior Vice President, Global Consumer Technology, Citi

Getting Comfortable With Discomfort
 
Carol Johnson, CitiWomen can have a tendency to stay in their comfort zone for too long, says Carol Johnson, Senior Vice President, Global Consumer Technology, at Citi. “Along the way I was fortunate to have people who encouraged me to explore new roles, which was pivotal to my success. It’s tempting to stay where you know your role well, but you can have more impact on a higher plain by leveraging what you know and bringing it to a new platform.” In fact, Johnson says that one of the keys to success is to take the next step in your career before you think you’re ready, which requires adapting to operating in an uncomfortable zone at any stage of your career.
 
And those moves outside her comfort zone are precisely what’s helped Johnson ascend the ladder.Her first position as a computer programmer piqued her interest in the field, spurring her to continue her academic pursuits at night in computer engineering. That led to an IT role at a regional bank, where she held various positions from developer to systems analyst, and eventually worked into a technical team manager role. When the bank was acquired and went through organizational changes, she chose to view it as an opportunity, rather than a setback. “That role had set me up for career success: I had learned new technology, increased my professional network and had advanced into a role as a manager,” she says.
 
Moving Up Through the Ranks
 
A management stint at another bank followed, and then she was contacted by an individual  from a leadership network she was part of, who had moved to Citi and offered her a new challenge there as a program manager to help replatform Citi’s credit processing on the consumer side. The challenge of reengineering the system rounded out many of Johnson’s skills, and led to another similar opportunity but on a much larger scale: replatforming the customer service desktop system for North America Cards.
 
This new role led to the professional achievement she is most proud of so far – playing a leadership role contributing to the system from code to deployment. “I am very proud that the system is still used all over the world and gave me the opportunity to shine in a stretch role.”
 
Her next move was back as an individual contributor as chief of staff, where she was able to expand her network with other leaders and into various other lines of business. This valuable experience led to another program management role, followed by a senior development leadership role. “Every day I’m challenged,” she says, working on transformative projects where no one has a concrete answer. “You partner with people inside and outside the organization to gain knowledge and best practices.”
 
At present, one area of particular interest for her is incorporating aspects of behavioral science into operating models, which before were rooted in process, software development and life cycles and now have evolved to include team dynamics as well as more robust information that helps to understand customers and their buying trends. “Today, product development is customer feedback-driven. You watch Twitter to see which features they like, and adapt to take that into account,” Johnson says. “It’s so different from the past, where we laid out defined requirements and drove development to get there.” She sees this model translate to team organization as well, where you can see the benefits of people working together rather than in siloes.
 
 
Network and Pivot to Move Up
 
Reflecting on her career, Johnson says she wishes she had worked earlier to expand her network to colleagues in more senior roles. “It wasn’t until late in my career that it was demystified – senior-level professionals seem to know everything, but when you get to know them, you recognize that they are puzzled by things as well. They just have developed techniques to help them with making decisions and involving subject matter experts where appropriate.”
 
She has seen that by extending your network outside your immediate management stream or area of expertise, you gain access to a wider range of people from whom you’ll receive mentoring and sponsorship, which helps you feel more at home when you take those risks.
 

One of these networking opportunities has come to Johnson through her membership in Citi’s Women’s Network. “This program has helped me expand my network of women leaders at all levels of the organization and learn that they too were challenged by what I’ve faced. Hearing their stories can be so helpful.”

 

In addition, she is active in the Women in Technology initiative that Citi launched in 2013 to encourage more girls in junior high and high schools to consider the many opportunities that exist in the tech field. “I have a passion for this as I wish there had been something similar when I was that age.”
 
Recharging Outside Work
 
Though Johnson says she didn’t consider herself an athlete in high school, she took up running five years ago and finished her first marathon three years ago. “It’s not only a wonderful release, but it has helped me see that although I’m not an expert, I can conquer it.”
 
With a diverse and rich friend and family network, she feels grounded and reinvigorated by spending time with them. “I encourage young women to not compartmentalize their lives but look at their family as partners in their career. They are invested in your success as well, and you can find a lot of support and insight you didn’t even know was there.”
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Voice of Experience: Hilary Packer, Managing Director, Goldman Sachs

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Hilary PackerHilary Packer has found that many women believe they need a five- or 10-year career plan, but she is proof that there’s another way: her career has worked out well even though she didn’t plan each step along the way. “You have to know yourself and whether you want to stay with what you’re doing or try something new.”

After studying computer science at the University of Michigan, Packer earned her graduate degree and then began her career in financial services – celebrating 20 years in the field and 10 years at Goldman Sachs this August.

Though she spent her 10 years prior to Goldman Sachs at three different firms, it was primarily with the same team which moved firms as a unit. During those years she specialized in front office trading systems for equities and built excellent relationships with her two previous managers. “We are friends to this day, and they were great for my career, offering me amazing opportunities. But I realized they were championing me for less technical client-facing roles because I work well in that high-pressure, fast-paced environment, and at the time I wanted to alter my path and manage a development team.”

She decided to send her resume to Goldman Sachs for that type of job, and realized it was the perfect fit.

“I loved being on the trading floor in the thick of it,” she says of her first positions at Goldman Sachs, working with trading systems and equities technology. She spent the next seven years in different roles within equities technology, including swaps trading, electronic trading, client-facing work and order management.

Packer says she then put her hand up to try something different than equities technology and was told she would be great at asset management technology – she took the plunge and found the buy-side to be a fascinating change.

Forging A New Path through Technology

After learning that role, she was ready for something radically different, and that’s when she moved into her current role in social and collaboration technology, building platforms that are both traditional and innovative.

“It’s an exciting opportunity to be really connected with what’s going on in the world of social media and how we can apply it internally.”

For example, she has worked on an internal blogging platform that just celebrated its two-year anniversary, and she was proud to take a moment to see how many people had been connected through it and how many posts had been shared. “It really has elevated the power of the crowd within Goldman Sachs; we have so much knowledge to share that makes people more productive and efficient. This makes it easier to focus on the value add that Goldman offers, rather than spending time finding information.”

Packer says that at its roots, Goldman is a tech company so it’s exciting to see the rate of change going on and help people learn the best way to apply the innovations. Packer helps oversee hackathons, which Goldman Sachs holds both internally and on campuses as a recruitment tool. “It attracts people who love programming, and the exciting part is that you don’t know where the people who take part will come from — they might be English majors who built an app on their phone.”

In fact, she encourages those who might be interested in entering the field to just take the plunge. “Don’t be afraid, because technology is as much art as it is science. Some women get scared off by the concept of it, but it’s so rewarding. When people say, ‘That must be really hard,’ I look at what they’re doing, whether they’re a teacher or lawyer or something else and think, ‘Well, that’s also hard.’ It’s all about taking the time to learn, and then you can do anything.”

Women Supporting Women

Packer hasn’t felt she has experienced barriers because she’s a woman, but she would add that at certain points in her career she wished there were more women in the field.

During her masters of software engineering program at Carnegie Mellon, for example, she was the only woman among the 15 full-time participants. “Prior to joining Goldman, I had never had a woman manager.At Goldman, I’ve had a tremendous opportunity to work with smart, technical women at all levels.While the number of women in the field is getting better, there is work to be done.”

That’s why she works to help women connect by creating communities of women in technology across the company. She found that while she might be one of only a few women in her specific group, three rows away there may be more women in another team, so she has worked to help create those bigger communities.

And, it’s why one of the achievements she’s most proud of is her role as co-head of the Women in Tech network in the Americas. “I feel really grateful, and it is such an honor to be asked to lead it,” she says, adding that she’s always benefited from women who have acted as role models, mentors and sponsors.

“Along the way there have been a number of colleagues who really did amazing things for me, helping me and putting my name in the hat for opportunities. They did it because it was the right thing to do, and now I’m in the positon to do the same for other women.”

Giving Back Through Women in Technology

One aspect of the Women in Technology (WIT) network Packer enjoys the most is its partnerships with external organizations.Through the Anita Borg Institute, they are one of the sponsors of a conference called Grace Hopper Celebration for Women in Computing, expected to attract 12,000 attendees.

They also work with Girls Who Code: Goldman just completed its third year of sponsoring the Summer Immersion Program, where 40 high school girls were in the office for seven weeks learning to code. “We looked at their final projects at the graduation and talked to them about career paths. They are smart and energetic, and I have no doubt that I’ll be working for them really soon,” Packer says.

A third program she champions is called Geek Speak, where they focus on helping women present on technical topics in a credible, thoughtful way. “Public speaking is hard in the first place, but hitting the right level of technical detail adds another challenge,” she says. The group focuses on a select group of women, by offering them mentors and providing coaching. Members prepare a presentation to give before a friendly group of senior leaders who then give them real-time feedback.

She says of the women she’s met through her career that they have built an amazing support network. “When we spend time together, I always walk away feeling it was time well spent – that I gained a different perspective or solved a problem.”

The Travel Bug

Outside of work, Packer spends every spare moment she can traveling. “People are always asking where I’m going next,” she says. Traveling also allows her to mix in her other hobby, photography. Among the places she’s been on her trips that have spanned six continents are a cruise to Greece, three safaris, Botswana and the Great Wall of China. Her favorite places to visit? “Those with no cell service,” Packer says with a laugh.

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Voice of Experience: Heidi Stam, Managing Director and General Counsel, Vanguard Group

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Heidi Stam“Choose something that you love because if you love what you do, work hard and learn as much as you can, everything else will come.”

Directly out of law school Heidi Stam took the law firm route as was suggested, working for a large firm and then a boutique firm. She realized litigation didn’t resonate so she switched to deal work, which she describes as the antithesis of litigation. “I loved helping two parties build a solution together,” she says.

After having her first child, though, she started debating her options and found out that the SEC was looking for lawyers. With her experience in corporate deal work, she believed it could be a good fit until she learned they were offering a position in the investment management division. Unfamiliar with that vein, she turned it down – and was surprised when two days later one of the interviewers called her and expressed their disappointment that she had passed. They offered a chance for her to come back and talk to attorneys and get a feel for the work; so instead of a day of interviews, she had two attorneys at her disposal to learn more about the role, which she eventually accepted.

“It was the best thing I’ve ever done,” she said, ultimately spending 10 years in five different positions at the SEC, which eventually led to her role at Vanguard. “You never know what will present itself to you, and being open minded and flexible can help your career.”

A Company on the “Vanguard”

When Vanguard’s CEO contacted her, she said she was particularly interested because of her high regard for the company: In her role at the SEC she had had the opportunity to see all the investment management firms and mutual fund companies in the country.

“I knew Vanguard was a special company with top-notch leadership and terrific values; it was a risk worth taking to leave Washington and join them.” She joined as head of securities regulation in 1997, and became general counsel in 2005, joining the senior executive team.

The firm has been expanding internationally and so the legal and compliance function has been growing simultaneously. Part of her role will be to build that function for the next decade, which involves working globally in different cultures and countries and through different legal systems and compliance regulations.

“We’ve embraced the challenge because we’re excited about the opportunity. Seeing the team collaborate on this work makes for a rich and exciting experience,” she said.

Other industry developments that she will help oversee include the growth of Vanguard Personal Advisor Services in which Vanguard is offering a hybrid model of a professional advisor paired with an online experience that they believe offers a superior approach at a very low cost. The service recently launched after two years of preparation and Stam believes that it’s a model that will work for investors at all stages of life. “Our mission is to offer the best chance for investment success and we think this program will deliver that. “

For Stam, the achievement she is most proud of is her ability to teach others as she grows her team. “When I look back on my career, what’s most satisfying is the ability to have touched all those people along the way. Hopefully they feel they learned something, or I put them in a better position to lead or otherwise progress.”

That achievement underscores her philosophy that a great team dynamic produces superior results. “Understanding your role within a team and what you can do to help create a strong team environment is very important as you move through your career.”

Increasing Women in Leadership Positions

Stam says that her industry seems to attract a higher representation of men than women and that creates its own challenge: women should not be daunted by the current numbers. To that end, she says she is privileged to be one of the founding members of Vanguard’s Women’s Initiative for Leadership Success (WILS), which was started seven years ago.

The WILS organization is designed to support the women at Vanguard and create an environment that fosters development and encourages women in their leadership abilities.

So far she says there has been great success, with more than 4,000 members and an increase in internal promotions as more women pursue senior leadership roles. “We’ve helped women at Vanguard see what they can do, and now we’re focusing s on external hires.”

As Stam points out, the funnel doesn’t have a high representation of women, but the company is committed to patient hiring because they know the benefits that women in senior roles offer.

Although the firm has an equal overall representation of women and men, she said that their goal is to make sure there is similar diversity in senior leadership roles. “It’s been a personal pleasure to see the number of women role models increase,” she said.

On the home front, Stam has a “wonderful husband,” and four adult children.

“The last one was a two-fer” she says, indicating her 21-year-old twin girls, as well as a son who is 26 and a daughter, 28. “I wouldn’t change a single thing.”

By Cathie Ericson

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Voice of Experience: Reena Agrawal Sahni, Partner, Shearman & Sterling LLP

Reena Agrawal Sahni“I don’t like to give advice because I believe that we each find our own path in life, but I do try to lead by example,” says Reena Agrawal Sahni, a partner at Shearman & Sterling and head of the firm’s US Bank Regulatory practice. “And that is important to me because I have learned from watching the examples set by others.”

As early as her first job after law school, clerking for Judge Jon O. Newman of the U.S. Court of Appeals for the Second Circuit, Sahni found such a mentor and exemplar. “Working with someone of that caliber who was excellent at everything he did, but did it with ease, grace and good humor, gave me a model for how I wanted to conduct myself professionally,” she recalls.
After the clerkship, Sahni spent several years in private practice, gaining experience in a variety of corporate practices, such as bankruptcy, capital markets, M&A, internal investigations, and bank regulatory issues, and in the latter found a niche that was especially fascinating. “I found that the bank regulatory practice was the perfect mix of transactional, academic, and advisory work. It never gets boring because it is so client focused. It is all about the clients’ needs regardless of where that takes you,” she says.

Sahni then spent two years at the U.S. Securities and Exchange Commission in New York, where she led investigations into securities fraud. She says moving from private practice to the government was especially gratifying, where again she was fortunate to benefit from the example of hard work in the service of the public interest set by her colleagues at the agency.

Expertise in Demand

That experience was cut short when the financial crisis hit in 2008. The financial regulatory landscape changed dramatically, and with her bank regulatory expertise much in demand, she returned to firm work, focusing on Dodd-Frank-related developments.
In August 2014, she joined Shearman & Sterling as a partner in the Financial Institutions Advisory & Financial Regulatory practice. Much of her work is with foreign clients who are dealing with U.S. regulations, an aspect of the work that she finds endlessly interesting. “We are really helping clients solve problems and accomplish their business objectives in a heightened regulatory environment,” she explains. “The industry as a whole has been undergoing a seismic shift in regulation and supervision, and it is an exciting time to be practicing in this area. Significant policy questions about what the regulatory framework should look like are still being debated. I feel fortunate to be a part of that debate.”

Reflections on Women in the Legal Field

Reflecting on her career, Sahni says that she wishes she had appreciated how much value she was bringing to clients by working hard and being creative, even in her early years. “As a junior associate, there can be a tendency to underestimate your contributions, especially when you’re working with so many experienced people,” she says. She encourages others to realize their worth and the significant value they bring to the table.
Sahni advises women entering the industry to seek outpeople who they admire and on whom they’d like to pattern their careers. “Be bold and learn from their experiences,” she says. “They’ll be willing to talk to young lawyers about how they progressed, and even though everyone figures out on their own what works for them, you can learn a lot by inquiring about the paths others have taken.”

She herself has learned a lot from the women she considers her mentors and peers, noting, “I’m constantly inspired by the way that the women I meet manage their careers.”
Though relatively new to Shearman & Sterling, she has been impressed with the level of commitment that the firm has to women and diversity in general. She’s currently involved with the women partners’ group, where they share best practices for how to connect with clients in different ways.

Having a one-year-old and a five-year-old at home doesn’t leave Sahni much time for hobbies, but she tries to balance her passion for her work with time with her family. “I was concerned on our last family vacation when our five-year-old wanted to stay up late writing my work emails for me,” she says, laughing. “But I was proud of the example my husband and I are trying to set for her and her sister to work hard and accomplish your goals.”

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