Tag Archive for: General Counsel

Voice of Experience: Anita Romero, General Counsel, Global Consumer, Citibank

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Anita RomeroBy Cathie Ericson

It is who you know. That’s what Anita Romero figured out over the course of her career, and wishes that she had known earlier. “When you’re first starting out, you’re so focused on doing excellent work that you don’t realize the many benefits of seeking advice from peers in your network,” she says. “People learn over time, but had I known that up front it would have really helped.”

From Government to Finance

Romero started her career at the New York City Economic Development Corporation (EDC), which is the City of New York’s primary economic development vehicle. During her tenure with the EDC, her goal was to help keep business in the city, including the redevelopment of Disney’s New Amsterdam Theater and other magnets in Times Square.

After 12 years she went to work for the Traveler’s Group which merged with Citicorp, creating what is today known as Citi.

Since her career up to that point had been in government, she didn’t have direct product experience at a financial services firm, so she completed a rotation through different legal areas of this financial services company. She said that although the experience felt a bit like being a first-year associate again, it was valuable in helping her stretch outside of her comfort zone – advice she offers to other professionals.

“Many attorneys are very focused on a career path that only goes up, as opposed to horizontally, but sometimes doing something complementary can really help you develop, whether you are new to a job or are more seasoned in your career.”

After a year of rotation, she chose a permanent home in corporate law, principally doing securities work as well as mergers and acquisitions, an active area since the company was in a buying mode.

Subsequently, Romero worked as Deputy General Counsel of Citi’s international business segment, in which she had to face one of her first challenges, the 2002 Argentine crisis, which involved lots of “firefighting” as she says. She then returned to the corporate law department to oversee corporate legal functions that support the company as a whole, including human resources, employment law and M&A. Now, she serves as General Counsel for the global consumer business and Citibank NA, the largest subsidiary of Citigroup.

The team that she’s built at Citi is the professional achievement she’s most proud of. “We are committed to having a high-quality and diverse team,” she says. As the Legal Management Committee sponsor of the company’s Talent Development program, she actually spearheads that function for the legal department as a whole.

Technology As an Industry Game Changer

As technology evolves, so will the industry. “Startups are seeking to disrupt what we’ve been doing as banks in the digital experience, and while some do it well, they are operating under a different regulatory environment,” she says, noting that fintech entities aren’t required to be licensed the same way that banks are. “The world has changed for banks in terms of regulatory expectations, and so we are constantly analyzing and adapting to the new model.”

Romero says that Citi is whole heartedly focused on radical digitization, always seeking ways to reduce friction for customers and improve their banking experience.

Promoting Hispanic Culture through Mentoring Others

Citi supports a number of employee networks, including Citi Women, a corporate-wide diversity effort for attracting, developing, advancing and retaining female talent at all levels within Citi.

Since one of her passions is to give back to the community where she lives, Romero, who is of Puerto Rican and Cuban descent, is the sponsor of the Hispanic Heritage Network for the New York tristate area.

“It’s a terrific organization that is trying to connect network members to each other. Our members appreciate the opportunities for both networking and career development.”

They have sponsored initiatives, such as Café con Leche, where participants have the opportunity to talk with senior professionals within the organization. “They can use them as a sounding board on their career, in an intimate environment where it is comfortable to discuss their career path or other specific situations,” she points out.

“It’s all about developing and advancing our people and realizing that we can harness our different backgrounds and heritages to promote workplace success.”

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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: Pamela Yeo, General Counsel and Senior Vice President, AIG PC Asia Pacific

Pamela YeoWelcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!

“Be open in your career,” advised Pamela Yeo, General Counsel and Senior Vice President, AIG Property Casualty Asia Pacific. “When you realize that everyone around you can teach you something new, and you become receptive to knowledge sharing and connecting, this can have a big impact on your advancement.”

This is one thing that Yeo wishes she had recognized earlier in her career. She urges young professionals to put themselves out there by taking the initiative to establish important connections.

Career Path

Before she became General Counsel for the Asia Pacific Region at AIG , Yeo had a long and successful career working as a lawyer in the private law sector in Singapore where she climbed the ranks from associate to partner and focused mainly on insurance litigation. Yeo transitioned into corporate counsel work after 12 years of private practice. “My work in private practice was very rewarding,” said Yeo, “but when I became aware of the opportunity available at AIG, I knew it was the right fit for me at that point in my career.”

Now, Yeo plays an instrumental role in developing the legal team in the Asia Pacific region for AIG. “We have one of the most talented teams in Asia,” said Yeo, “covering 17 jurisdictions across the continent and having counsel located in most countries.” Helping to build this team of fifty lawyers has been a major source of pride for Yeo, who is looking forward to the next chapters of growth and development for the group.

“As we continue to grow, it means that leadership opportunities and stretch assignments will be created for my team, which makes me very satisfied,” said Yeo.

According to Yeo, the emerging markets hold a lot of opportunity going forward as the industry will begin to respond to regulatory and economic developments, especially in the area of consumer protection. “It is an exciting time in the industry right now and as a company, we can identify opportunities and lead change in the future,” said Yeo.

Developing her team is something that Yeo takes very seriously. She has recently encouraged team members to participate in AIG’s pro bono program as a way to give back to the community and even develop new skills. “It is easy to get caught up in the rat race,” said Yeo, “but it is vital to take a step back and give your time and expertise to people who need it.”

Women in Business

Yeo considers herself to be lucky because she never felt any obstacles in her career advancement as a result of her gender. “I always gave my best effort,” explained Yeo, “and my talents and skills combined with my strong work ethic allowed me to progress consistently in my career on the back of tremendous opportunities presented by AIG.”

According to Yeo, AIG’s commitment to diversity has played a big role in her positive experience. She participated in the firm’s Women’s Executive Leadership Initiative which provides training, coaching, and sponsorship opportunities for executives with senior leadership potential. Yeo explained, “The program encourages 360 degree feedback through which you learn about what you are doing well in addition to the areas where you might need to improve.”

She continued, “Women benefit immensely from this type of honest feedback.”

Outside of the formal programs and the Women’s Chapter of the AIG Employee Resource Group focused on women’s career development and networking, Yeo emphasized the importance of having a supportive network of colleagues –both male and female – with whom you work every day. “Both of my bosses are male and have given me a tremendous amount of support and encouragement throughout the course of my career,” said Yeo, who said that her sponsor is also male.

“The senior management at AIG has a vested interest in the company’s diversity efforts,” Yeo noted. “They really have an active role and the amount of support they provide to all groups is truly impressive.”

Advice for Professional Women

According to Yeo, networking remains one of the most powerful career advancement tools. However, she indicated that as much as you receive from your network you should give back in the way of making yourself available to others who might need advice, guidance, or assistance.

“The Global Legal, Compliance, Regulatory and Government Affairs office, for example, has launched an Office Hours initiative where you can reach out to colleagues if you have a question or need advice,” explained Yeo, who makes an effort to volunteer to speak to participants.

Yeo also encourages young professionals to seek out as many different experiences as possible, especially working in an industry as broad as insurance. “Speak to people, get their input, and gain exposure to all of the different business areas and paths available to you,” she added.

In Her Spare Time
It is important to make time for yourself, said Yeo, who likes to attend church on the weekends as a way to clear her head and restore clarity. “This gives me peace of mind,” Yeo added. She also enjoys traveling and reading when she is not at the office.

By Michelle Hendelman

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