Tag Archive for: Managing Director

Voice of Experience: Debra Stabile, Managing Director and the Chief Risk Officer for Citi Retail Services

Debra Stabile

By Cathie Ericson

Don’t be afraid to take risks, especially when you’re young, says Citibank’s Debra Stabile.

“The world is changing so fast that being willing to try new things, even those outside of your comfort zone, is the key to continuing to move forward,” she says, recommending that you stay curious and always open to challenging yourself.

“It is easy to access materials that can help you self-educate on any topics you want to explore, but people also love to talk about their own areas of passion so connect with others whenever you can,” she says.

That, along with being open to candid feedback, can help propel your career. “Asking for feedback is vital – ask at the right time, and seek input from your peers as well as your boss.” For example, she suggests inquiring if there was anything you could have done better in an important meeting. “If they really care about you, they are going to give you constructive feedback to help identify blind spots,” she says. And then, she adds, accept the comments without rationalization and learn from them to always be improving your career.

Building Teams and Solving Problems Keeps Her Engaged

A willingness to try new things underscores a career path that Stabile calls “interesting and fulfilling,” encompassing fields from consulting to government and finance. Each role presented new challenges and insights; she appreciated her experience in consulting firms for the birds-eye view it gave her into a wide variety of companies, and her early experience with the City of New York made her a better citizen as she realized that you really can make a difference even in a city as big as New York. For the past 20 years she has been in financial services, 13 of them at Citi.

Despite all her professional success, she says the achievement she’s most proud of so far is the teams she’s built and the people she’s worked with. “When you look back at what matters, it’s not only about making a difference in your job, but also about enjoying the people you work with every day. I’ve been very fortunate to build and nurture successful teams and launched many of them to bigger roles and seniority in their respective organizations,” she says. In certain fields, she notes, such as being a teacher or doctor, you know you’ve made a difference, but it might not be as obvious in a corporation until you realize the impact you have. “You don’t impact just your employee, but also their families, and if they can come to work and feel respected and successful, you can feel that you’re contributing in a larger role.”

With a background in math and economics, Stabile loves problem solving so she finds it an amazing time to be in the industry, where analytics and quantitative methods have become even more foundational to everything they do in risk management. She says the environment today is a quantum leap from where they’ve been before, with the access to a more granular and diverse set of data — a plethora of information about consumers that enable them to make better decisions in real-time.

Stabile and her team at Citi Retail Services leverage these data sources to develop advanced analytic models and other capabilities to more effectively identify, assess and manage risk for their retail partners and customers.

Women Supporting Women

As more women enter the industry, Stabile hopes that the focus on STEM fields will continue to help make women today more comfortable and eager to take advantage of this vibrant career path. “It’s critical at all levels for women to support each other and share opportunities when they see them – to be inclusive,” she says. “Women are becoming much more proactive in recognizing we need to pull each generation up.”

Stabile has benefited from the Citi Women’s Leadership Development program which is attended by middle and upper management and provides coaching by external career development experts as well as internal senior executives. She has also been fortunate to be part of a supportive women’s network outside of Citi — the MIT Sloan Women of New York. A board member since its inception, she has helped organize a number of women’s events, including the first MIT Sloan Global Women’s Conference which was held in New York last October.

With three daughters, two of whom are engineers and one an economist, there is no doubt Stabile is doing her part to help build the female pipeline. The family loves to travel, especially to areas that have a historical or cultural bent.

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Voice of Experience: Rajashree Datta, Managing Director, Goldman Sachs

Rajashree DattaBy Cathie Ericson

“Focus on the basics, the building blocks and the details when you are starting out because when it comes time for you to be heard, you will have a depth of knowledge to draw upon that will position you well,” recommends Goldman Sachs’ Rajashree Datta.

Achieving Success and Helping Others Do the Same

Datta joined Goldman Sachs after graduating from Amherst College in 2000. Her first position was in the Investment Banking Division, and in 2003 she moved to the Treasury Department. After gaining almost 14 years of experience in the Treasury Department, she recently transferred to the Risk Division, where she now serves as global head of Liquidity Risk. In this role, she is responsible for Goldman Sachs’ liquidity risk management and ensuring appropriate risk levels are established across the firm.

“One of the reasons I have stayed in the firm is that every year I have had the opportunity to do something new: could be a new area of focus, could be a new project, or could be working in a new division. Moving to the Risk Division just continues this theme of embracing new challenges and continuing to grow,” says Datta.

Reflecting upon her previous experiences at the firm, Datta cites the peak of the 2008 financial crisis as a crucial moment: “I learned a great deal in the liquidity space during the financial crisis.” In addition, she notes that this experience crystallized for her the importance of how senior managers engage with their teams during high-intensity periods. “I saw firsthand how senior individuals’ abilities to remain calm improved the clarity of thought and quality of execution of the whole organization,” she says.

She noted that this experience shaped her interactions with her team: “It’s so important to think through how you will manage and behave in a crisis or stressful situation, particularly because junior people will typically follow the actions of senior leaders.”

In addition to serving as a leader for her team, Datta has long served as a mentor to others, and takes great pride in their success. “It has been so impactful to see people on my team be named managing director, because you hope that you contributed a little bit to their success.”

Driving a Career Through Giving and Listening to Advice

Datta notes that over a long career you’ll be faced with both professional and personal challenges, and she recommends that the best way to conquer such issues is to find mentors and peers who can provide guidance.

“I relied on mentors’ and peers’ advice when I began to prepare for my maternity leave,” says Datta. “Being the recipient of others’ perspectives – who reminded me that they have done it before in varying circumstances and with varying strategies – assured me that I would be able to successfully take my maternity leave and return to the firm.” Datta went on to note, “The thoughtfulness of my colleagues during my leave and the support I received after I came back cemented for me how much the firm cared about my ability to seamlessly reenter the workplace.”

Detailed feedback from mentors has also been extremely useful, Datta notes. “You should listen to both positive and constructive feedback, which is a key pillar to developing your skillset. Solicit feedback, participate in tough conversations, and action on constructive comments,” she recommends.

One of the programs within Goldman Sachs that was particularly influential for Datta is the Women’s Career Strategies Initiative, designed for individuals at the associate level. When she participated, she was concerned about her ability to balance family and work. “The program was tailored for my level – allowing me to network with others across the firm – and helped me identify strategies that would help me to be better positioned in my career going forward.”

As a woman in business, she has found that there aren’t barriers so much as challenges, particularly with regard to managing work and home. “It’s an issue that can only be solved individually since there isn’t a master solution that works for everyone,” she says, adding that individuals must evaluate each day, focus on their priorities and what they can realistically accomplish, and ask for help as needed. She notes, “It’s ok to say sometimes that you do not have the capacity to take on an extra project.”

Datta tries to prioritize time with her son, noting: “I try to carve out certain times or events that I don’t compromise on easily. Some days are easier than others but I typically do okay over the course of a week.”

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Voice of Experience: Paula Moreira, Managing Director, Goldman Sachs

Paula MoreiraWhen Goldman Sachs’ Paula Moreira explains the framework that helps her succeed, she references a pyramid, with honesty and humility as key components of the base.

The body and top of the pyramid are driven by effort and personal mission, respectively. Those traits, combined with her drive, have fueled Moreira’s career.

A Career Spanning Regions

Moreira’s interest in finance is rooted in lessons her parents ingrained in her early on. “They taught me how important it is to work hard and dream big to attain financial independence,” Moreira says.

That’s one reason a career in finance had always appealed to her, as she knew that industry would give her ample opportunity to achieve those goals. She studied industrial engineering to develop her technical expertise, and then began her finance career at a French bank. She soon moved to Credit Suisse, which gave her the opportunity to work in New York. “I had always dreamed about working in that important financial center,” she says of her initial move from Brazil to New York.

While in the US, she pursued an MBA at Harvard Business School to complement her technical background with stronger management and leadership abilities. After completing her MBA in 2002, she began working on Goldman Sachs’ Latin American sales desk. Moreira was so excited to get to work that she cut short a vacation and began taking Spanish classes to sharpen her language skills.

She moved back to Sao Paulo in 2010 and has been there since, leading a team focused on serving Brazilian banks, asset managers, hedge funds, pension funds and insurance companies. Moreira has found the most rewarding aspect of her career to be building a successful team who is connected, committed to helping one another and working toward the same objective. Moreira is also fulfilled by providing her clients with superior support and ensuring they achieve their goals.

Identifying Transformative Trends

Currently, Moreira is particularly excited about growth dynamics in Brazil, as the country emerges from a difficult recession. She notes that as part of the cyclical rebound in the country, rates have been cut by more than a half, causing dynamic changes in the market. Moreira explains that significant investments previously allocated to money market funds are now being funneled to alternative asset classes like hedge funds – one of her biggest client bases – as well as investments in structured products and equity. “There is a significant opportunity to capture these trends in a country that is experiencing a big cyclical rebound,” she notes.

Moreira has also been interested in the impact of technology on the trading business, particularly the rise in electronic execution among credit, rates and commodities clients, a trend that has already been incorporated into foreign exchange trading. “It’s important that I connect my clients to our global platforms,” and notes, “I love my job because I’m constantly learning from my clients as well as other GS colleagues.”

Helping Advance Diversity

Last year, Moreira joined the Brazil Management Committee. This is in addition to her responsibilities as co-chair of the Brazil Diversity Committee, and she also previously served as co-head of the Brazil Women’s Network. During her tenure as co-chair of the Women’s Network, she learned firsthand how the network connects individuals and helps attract, develop and retain women. She also greatly enjoyed her role organizing content-rich events for members that were focused on topical issues in the workplace, such as the “confidence gap” many women face.

She has particularly enjoyed recruiting others to pursue careers in financial services by dispelling the perception that it’s hard to be a woman in finance. “It’s important to be present at schools and show people that they can reconcile work with personal lives and having a family,” she says. She hopes that her efforts will help plant the seeds for a more diverse workforce down the road.

“Because of cultural bias, many women lack confidence, and it’s vital to break these barriers and make sure women realize there are no obstacles in what they can achieve,” Moreira says. “I really hope that parents would ask their daughters to complete the same tasks that they ask of their sons in order to instill confidence and ambition in their daughters.”

Asking for Help – and Helping Others

Moreira knows that no one can do it alone, and she has learned to recognize the importance of asking for help and, in turn, helping others. “We often don’t ask for help, even though people feel rewarded when they have the chance to be the helper.” This realization has helped her to be more upfront about asking for support in both her personal and professional life.

She tries to make room in her personal framework for equal focus on family, work, and health, and often tries to organize weekend activities that bring family, friends and exercise together. She is proud of the wonderful family she has built with her husband, three daughters and two stepsons, and hopes she can inspire others.

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Voice of Experience: SoVonna Day-Goins, Managing Director at Credit Suisse

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SoVanna Day-Goins

By Cathie Ericson

Find your voice, and know when and how to use it, says SoVonna Day-Goins.

“Sometimes we tend to put our heads down and do the work, but it’s important to look around and notice who’s being successful and why. You have to make your specific aspirations known early and follow through, not only to survive the system, but also to thrive in what can be a very competitive environment.”

Earlier in her career, Day-Goins says she took to heart the idea that working hard and being prepared would lead to success, but over the years she has seen that is not enough. “Thoughtfulness, humility and authenticity are the ever-lasting qualities that transcend your professional and personal life,” she points out.

When talking to newer professionals, she offers simple advice: “Be the person that you want someone to be to you.” In fact, she credits her children with some truths she has realized over the years. “Be someone who teaches with patience. Give feedback with a constructive tone. Treat others with respect. Consistently set the bar pretty high, and instill the belief in people they can achieve anything with the right tools,” she says. “It’s very rewarding when you empower others and help them be their own best advocates.”

Finding Success in the Hard-Charging Industry

While many investment banking careers follow a similar, linear path, Day-Goins’ was bolstered by a relatively non-traditional start in sales and marketing, which she credits for her ability to be creative with her approach to clients’ needs. “Every day is a learning experience, which to me is what differentiates a career from a mere job.”

Currently leading the firm’s efforts on the investment grade bridge financing front, she considers this professional achievement the one she’s most proud of so far, given it started as a “moonlighting job.” She was able to turn this venture into a new business opportunity over the past several years and has found it rewarding to shepherd the effort to become an important complement to the firm’s M&A practice.

Viewing M&A financing from this perspective, she has observed a recent trend toward sizable and scalable acquisitions. “The deals we are seeing are stretching everyone’s imagination about the art of the possible, and the terms at which investors will still have an appetite,” she says. “This requires a lot of discipline around structuring and pricing to make sure they clear the market, but for the right transaction, the market is wide open, which is very exciting.”

Spending Time Helping to Build The Careers of Others

While she appreciates the important role she plays in contributing to the business, she relishes even more her efforts on the talent management front. People of color are underrepresented across banking, but especially at the senior level, she notes, which is why she is particularly excited to be one of the champions of several new initiatives to help identify and promote black professionals into leadership positions. These initiatives will include advocacy, sponsorship and succession planning.

Her passion for helping others succeed started early: In 2001 when she was relatively new at Credit Suisse, she founded one of the firm’s first black professional networks. She appreciates the opportunity that all affinity networks offer to support a sense of empowerment and provide an overall inclusive and safe environment to deal with diversity issues.

Day-Goins was also a part of a joint venture between Human Resources and Global Markets Business where they collected best practices used by both teams, and provided recommendations on many issues including diversity. The benefits were reciprocal, as the group was able to provide rare insight via a glimpse into how employees are thinking about the business, as they offered feedback to the senior management team.

While women in all industries face issues that can often be described as a “cap” on opportunities or a glass ceiling, she says that emerging research points to a separate issue faced by women of color — a “concrete ceiling,” which can seem even more impenetrable than shattering the glass.

She has found that the racial gap and increased unconscious bias can be more profound among black professionals, given the lack of fellow black role models, as well as the “sheer societal intolerance for making mistakes that allow us to learn.”

The only way to combat these issues is to acknowledge they exist and that the hurdles are different for different populations. “We have to be open to having the dialogue that can help us change and ultimately lead to better opportunities for all women,” she says. Indeed, she sees this as a time when women leaders from differing backgrounds need to support one another and provide a platform to discuss the issues and work together to succeed despite the barriers.

On that note, she often reminds her peers not to forget to reach back by figuring out how you can pull people along with you as you rise in your career. “Observe what is going on with others behind and alongside you, and be an advocate and champion when they are facing unique challenges – while they might be different from yours, empathize and be supportive in helping them come along.”

She herself felt that support though participation in programs targeted to high-potential women, giving her and her cohort visibility and access to the executive board.

Outside Interests Both a Challenge and a Necessity

In an industry not known for “9 to 5” hours, Day-Goins knows she must make time for other pursuits.

Recently she has immersed herself in non-profit board service involving children’s issues, which she has found to be a new passion. “Volunteer work provides the opportunity to change my pace and offers a different perspective and a renewed sense of purpose,” she says.

But the most important thing to her is her family — two daughters, ages 21 and 15, and her husband. “Home is everything,” she says.

Over the years, she has learned to take full advantage of down time to spend as much as she can with family and friends. “Whether at home, at the beach or on other travels, we relax and eat well and recharge,” she says, adding that she highly recommends that anyone who picks a demanding career take time to relax for their mental and physical well-being.

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Voice of Experience: Carly Scales, Managing Director, Goldman Sachs, Technology Division

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Carly ScalesBy Cathie Ericson

“Throughout your career, finding your true north and being comfortable in your own skin is really important,” says Goldman Sachs’ Carly Scales.

“Having authenticity and being able to bring your full self to the office is an important component to ensure you can do your best work and contribute to your team at the highest level,” she recommends.

One common stumbling block for women? Trying to be all things to all people, all the time. “You have to focus on what’s important to you at any given moment. For me, that’s a constant challenge given my demanding job and multiple pressures on my time and energy, but just being self-aware can make a big difference,” she says.

Her Career As A Testament to Mobility

Scales joined the firm in the Operations Division and spent nearly 13 years in different departments, moving organically to take on new challenges as she progressed in her career. She briefly left Goldman Sachs to work at another firm, but returned after a few years. “I really missed Goldman Sachs’ culture and the focus on our people, whether that be through mentorship and sponsorship, training programs or providing growth opportunities,” Scales says.

Since returning to Goldman Sachs in 2015, she has had the opportunity to work on several key initiatives, including GS Bank USA, which has allowed her to increase her knowledge of different pockets of the firm. In the last three years, she has held roles in the Operations Division, Consumer & Commercial Banking Division, Finance Division, and recently moved into the Technology Division.

“I think my mobility speaks to the opportunities you receive at Goldman Sachs if you raise your hand and accept new challenges. Just say ‘Yes’ and see where it leads,” she recommends, adding that often agreeing to this type of change can be a leap of faith. “People would tap me on the shoulder because I had a ‘can-do’ reputation, and I advise professionals to be willing to take similar risks. There are many avenues for individuals to receive the support they need to be successful when taking on a new role.”

A Focus on Mentoring

While being named managing director was an extremely proud and important moment in Scales’ professional career – a validation that the culmination of her contributions to date had been recognized – she nevertheless feels that mentoring and coaching others has brought her the most satisfaction.

“I think that’s how you build a lasting legacy: I’m very proud when people who work for me or those whom I mentor and coach continue to excel and thrive,” Scales says, acknowledging that while this requires a significant spend of time and energy, it’s completely worth it. “At the end of the day, people may forget the specifics of what you’ve done from year to year (there’s always more work!), but the person who felt supported and guided will always remember your role.”

In fact, she is adamant that her peers will benefit from paying it forward and lifting other women up as often as possible. But, she notes that you don’t always have to look “down” to lift others up.

“Look to the left and right and help out those who are junior to you, but then consider your peers as well. There are powerful partnerships and support structures that can be forged there, and it can happen at any level – whether you are an analyst or a managing director.”

In addition to working alongside her own team, Scales is co-head of the firmwide Women’s Network, where she’s had the opportunity to interact with women across Goldman Sachs to provide engaging programming and networking opportunities to colleagues across the firm.

Advocating for Yourself Reaps Rewards

At Goldman Sachs, Scales has seen that flawless execution and teamwork is fundamental to success. However, she cautions that at a certain point in your career, it becomes important to reflect and analyze your path and determine your long-term goals. Scales recommends that it is critical – at times – to take control of your career path.

Scales learned this from firsthand experience, and notes that when she left the firm in 2010, she hadn’t had a candid conversation with anyone about her goals, nor had she leveraged her internal network, which made her “feel a bit lost.” Reflecting upon this period, Scales wishes she had realized the importance of having such conversations. Now, when she mentors other women, she takes care to impress upon them that it is imperative they learn to advocate for themselves.

“Women in particular sometimes struggle with this, but if we look at our lives outside of work, we are advocating for others all the time – whether it’s our children, spouses, friends, parents, etc. – and we need to realize those skills should translate to the workplace, too.”

In addition, she says that women must never accept that certain characteristics can be perceived in a negative way when displayed by a woman.

While she doesn’t believe it’s done intentionally, she has found, for example, that the concept of “being assertive” tends to have a negative connotation and women are often labeled as being “aggressive.”

“Both men and women need to continue to break that myth and call it out when they hear others use similar terms,” she says.

Living a Life on Many Levels

Scales prioritizes being a mom and a wife, and finds that having her son five years ago made her better at her job, as it provided perspective during those “bad” days, but also helped her become more efficient and focused at work.

These days, you’ll find Scales spending her time outside of work doing activities that five-year old boys love, from basketball to soccer to tae kwon do. However, when she does get a free minute to herself, she enjoys cooking and entertaining – finding that dinner with family and friends is always good for her soul – as well as doing Pilates or enjoying a good book.

Her secret to fitting it all in? Realizing that you have to let go of the idea that you can do everything all at once, and you can do it perfectly. “An impossible standard will leave you drained and likely feeling like a bit of a failure,” she says.

Instead, she knows that there are tradeoffs and you have to make choices consciously. “Today I missed a workout and had cereal for dinner, but work was very productive, and my kid is happy so I’ll call it a good day,” she says. “No one is perfect 100 percent of the time, so try to remember to be kind to yourself while you’re conquering the world.”

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Voice of Experience: Allison Nathan | Managing Director, Goldman Sachs

Allison NathanBy Cathie Ericson

Over the years, Goldman Sachs’ Allison Nathan has learned that although you have to be dedicated and proficient in most areas, you don’t have to excel in everything. “You have to focus on your strengths and interests and think creatively about finding opportunities to leverage them,” she says.

Reflecting upon her experience joining the research division, Nathan notes that she was one of the only people on her team that did not have a PhD in economics. However, she soon realized she had other strengths that would differentiate her and allow her to contribute to the group. Connecting the dots across research views proved to be one of them.

“It’s no coincidence that people tend to enjoy doing what they do well,” Nathan says. That knowledge led her to create an entirely new research product that has become a standalone brand.

Parlaying Her Knowledge into a New Product

Nathan joined Goldman Sachs as a first-year analyst in 1998, after earning an MA from the Johns Hopkins School of Advanced International Studies and a BA from Duke University.

Goldman Sachs had long been an aspirational firm for her, so she jumped at an opportunity to join. Since she had always had an interest in geopolitics as well as economics, she joined the commodities research team, which she found to be a great fit for those interests.

After working her way up in commodities research over 14 years, including being named a managing director, she launched a research product called “Top of Mind,” a publication that leverages both internal content from Goldman Sachs research analysts and external content from influential experts. In each issue, she and her team develop content that focuses on a specific market-moving theme, ranging from Fed balance sheet policy to trade wars to bitcoin.

“It was very rewarding to start out on a traditional path and then have the ability to create a unique opportunity that really leveraged my strengths,” she says. “I felt strongly this type of product was something we were missing, and while it was initially difficult convincing some audiences that there would be traction, the series has been consistently well-received for over five years now.”

Indeed, its success has allowed Nathan to expand Top of Mind into a thought leadership “brand,” and she is currently working on a fifth conference that is part of the publication’s evolution. Top of Mind forums are held periodically to bring the publication’s ethos of discussion and debate to life within a conference setting that features roundtable discussions with individuals from Goldman Sachs’ research division. The team also now produces a podcast series. “Offering content in different mediums has been an exciting aspect of the brand’s development,” she says.

Helping Others Build Successful Careers

Nathan has been a beneficiary of the women’s networks she has leveraged throughout her time at the firm. Recently, she has been active in Goldman Sachs’ Women’s Career Strategies Initiative (WCSI), which targets high-performing women associates to provide educational and networking opportunities. Through this program, Nathan has had the privilege of mentoring three women who have all recently been promoted.

She notes that mentoring is a powerful tool, and you should leverage your experience to mentor people who work directly for you as much as those with whom you have an arms-length relationship.

Sometimes it can be easier to work with those who aren’t direct reports, as you can be honest and know it won’t affect a day-to-day relationship, but it’s also important to invest in the women on your team, says Nathan. She also finds that while senior women tend to mentor other women, she encourages them to remember it’s also important to mentor men. “You have as much experience and knowledge and as much to offer junior people as the man sitting next to you,” she says.

While she finds that most women tend to anticipate a struggle with work/life balance, her main message is that you can have it all. “I have two kids and a husband who also works full-time. The key is that if you are good at what you do, you’ll find there are opportunities for people to give you the autonomy you need to achieve that balance.”

Much of her time outside the office is spent with her children, ages 7 and 9, but as they become older and more self-sufficient, she now has additional time to focus on other interests. To that end, she has joined the board of DreamYard, a Bronx-based non-profit that works with children to build pathways to opportunity through the arts. She says of this new experience: “I am excited to increase my involvement in DreamYard and help provide more opportunities for these talented students and their families in the Bronx community.”

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Voice of Experience: Suzzanne Yao, Managing Director and Associate General Counsel, Goldman Sachs

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suzzanne yaoBy Cathie Ericson

Many people talk about the importance of being a good mentor, but Goldman Sachs’ Suzzanne Yao knows you also have to be a good mentee: “You have to be open to sharing your goals, asking for honest feedback and listening to those who are providing constructive advice. Tough love is just as important as words of encouragement, and you have to be willing to give consideration to the advice of those who have gone through what you’re going through,” she says.

Yao understands that some junior employees may shy away from soliciting such constructive criticism because it’s natural to seek out a pat on the back. “In some ways you’re afraid of hearing what you can improve on, but looking back I can see that the progress I’ve made has been the result of candid feedback from my mentors.”

She recommends that young women consider a mentor who will give “homework assignments” and help them proactively identify career goals.

An Exciting Time To Be An ERISA Lawyer

Yao started her career in private practice at a major New York law firm, specializing in employee benefits and ERISA (Employee Retirement Income Security Act of 1974), a federal statute that covers every aspect of employee benefits, from how to set up an employee benefit plan to how to manage its assets and pay out benefits.

After four years, she jumped at the opportunity to work at Goldman Sachs after having positive experiences advising the firm while working as a law firm associate. As an ERISA attorney at Goldman, Yao works with both internal and external stakeholders, whether it’s supporting the team that covers Goldman’s benefit plans, helping clients understand the services Goldman provides to benefit plan investors or advising on the rules that govern plan investments.

Currently, she’s focused on new regulatory initiatives in the space, including potentially evolving fiduciary rules that could fundamentally change the way products and services are provided to retirement savers.

“It’s an exciting time to be an ERISA lawyer,” she says, highlighting the interesting intersection of law and politics. “It’s rare to have the opportunity to work on something so large and important to the industry and to people saving for retirement. While most people agree on the importance of Americans saving and investing for retirement, the conversations about the fiduciary rules show how incredibly complex it is to facilitate that goal, particularly since decisions about these rules could affect people across the spectrum.”

Don’t Be Your Own Worst Critic

Yao cautions against women feeling they have to fundamentally change aspects of their personality to succeed in their careers. She says that while being self-aware is important and making adjustments to your presentation or communication styles can be very helpful, fundamentally altering your personality isn’t necessary or healthy.

She also advises against judging yourself too harshly. “We tend to be our own worst critic and sometimes we need to give ourselves a break,” she says. “Realize that even if you didn’t have a week that went as you would have hoped, the following week is your opportunity to start with a clean slate.”

Serving As a Mentor To Others

Yao has been involved in the Firmwide Asian Professionals Network for several years and currently serves as co-head of the Network. She has also served on the mentoring sub-committee of the firm’s Legal, Compliance, Internal Audit and Executive Office Women’s Network and says she met many of her mentors through these affinity networks.

“There is a good deal of overlap on issues women and Asian professionals face in terms of countering stereotypes and maximizing leadership opportunities. Over the years I’ve been able to take my experiences in the Women’s Network and apply them to the Asian Professionals Network, and vice versa,” she says.

Yao also enjoys spending time with those just beginning their career as part of the Sponsors for Educational Opportunity program, which helps underrepresented students maximize opportunities for career success. As an alumna of the program, she considers it a way to pay it forward after interning at a law firm through the program prior to starting law school. Reflecting upon the experience, Yao recognizes that this initial exposure to the legal world gave her a huge boost of confidence as she entered law school, and connected her with mentors who supported her while she was earning her law degree. “Advising junior people involved in the program gives me energy and serves as a reminder of what it’s like to be just starting out.”

Yao notes that it takes resilience and focus to achieve a long-term career and continue to feel engaged and curious after hitting the 10-year mark with the same company. “Looking back at my career thus far is rewarding because I can see all the great relationships I made along the way and how much I’ve learned and matured as a professional. People invest in you and it’s important to recognize that and do the same for others.”

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Voice of Experience: Stephanie Ivy Sanford, Managing Director, Investment Management Division, Goldman Sachs

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stephanie ivy sanfordBy Cathie Ericson

“One of the most important things I realized when I began my career is how crucial it is to strike the right balance of being a team player and being accommodating, but also knowing how and when to push back,” says Goldman Sachs’ Stephanie Ivy Sanford.

“The firm values diversity of opinion, and you have to take calculated risks, whether it’s standing up for yourself or respectfully presenting a different strategy as you strive to make the work product better.”

Cultivating a 20-Year Career at Goldman Sachs

According to Stephanie, she “fell into finance” when her curiosity was piqued by classes she took while pursuing a master’s degree in public policy at Harvard University. She soon discovered that municipal banking might be an interesting path and began her career at what was then Fitch Investors Service through the support of a friend and mentor.

While a wonderful training ground, Stephanie was searching for a new opportunity to propel her career forward and reached out to a fellow Wesleyan alum working at Goldman Sachs. She joined the firm in 1997 and is looking forward to celebrating her 20th anniversary this year.

After two years in Goldman Sachs’ Fixed Income, Currency and Commodities Division, she became curious about other opportunities, and recognized that asset management was both a growing area and a good match for her skill sets and relationship-oriented personality. She joined Goldman Sachs Asset Management (GSAM) in 2000 and eventually assumed a role in a new group created for the middle market, covering west coast institutional clients. In 2006, she transferred from New York to Los Angeles, and currently manages a team of five covering GSAM’s west coast public fund client business, along with some strategic legacy corporate and endowment clients. She was promoted to Managing Director in 2012.

Lest anyone assume that the path is easy, Stephanie is quick to point out that everyone, even the most successful, have bumps along the way. “Starting out with no experience in finance, I couldn’t imagine being promoted to VP let alone MD. But by taking the risk to move out west and live in my client territory, and with the guidance of my mentors in new roles, I have been able to survive and thrive at Goldman Sachs for almost 20 years,” she said.

Currently, Stephanie is focused on signing a “goal” client — one they’ve been in discussions with for some time, and she is excited about the progress they are making. “It’s a very challenging situation we are determined to complete successfully, as it would be incredibly meaningful for GSAM to work with this client.”

Keeping Up in a Changing Industry

Stephanie finds that the industry today is very fee-focused, which ultimately affects her business. “It’s interesting to see where we compete with other managers who are looking at passively managed strategies versus our active management,” she says. “It’s important for us to have a voice and a view in the increasing conversations around alternative investments and equities, since they are affecting how we do business, and the increasing client demand for customization.”

Stephanie adds that she has the privilege of working on several industry boards, which allow her to gain additional insight into stakeholders’ views of trends shaping the sector. In turn, this helps her understand how Goldman Sachs can adapt to address industry changes, ensuring that the firm can best serve clients.

The Role of Advocacy in Women’s Careers

Stephanie has noticed that in general, women are less inclined to raise their hand and ask for an assignment if they don’t feel they are perfectly equipped for every aspect of it. In contrast, men often jump at taking on new responsibilities, even if they are not fully prepared for such a role. Stephanie stresses that women need to speak out in the same manner if they want to be considered for new positions.

She has also learned how important advocacy is in advancing your career; she acknowledges it can be more difficult in a male-dominated industry for women to establish the same type of relationships that men can develop with ease over dinner or on the golf course.

Stephanie recognizes therefore that it’s crucial to keep an open mind about who your mentors or sponsors might be and realize they don’t have to “look like you.” She references one mentor who became a close friend despite political and ethnic differences; their relationship provided insight into how she was perceived at the firm, which ultimately helped her career.

Finally, Stephanie shares one important lesson learned along the way – ask for help when you need it. She believes this is integral to the firm’s culture, and is behavior that is encouraged and rewarded. She recalls one instance where she was given so much responsibility and senior client interaction as an Associate, that she felt overwhelmed, When she finally asked for assistance, her manager said, “We were waiting for you to speak up – we only give you what we think you can handle,” a lesson that has stuck with her.

Seeking and Giving Feedback Are Both Crucial

An integral aspect of your career is requesting feedback and integrating that feedback into your daily processes, advises Stephanie. “This is a quality you find in the people who thrive and are given new opportunities,” she notes, adding that in the workplace, men and women approach feedback differently.

“Men are more prone to give feedback to other men, partially because they may be more worried that you might be offended to receive feedback as a woman or person of color,” said Stephanie. “You have to let them know you value their input. Say, ‘You can hit me on the chin; I want it. I can take it because it makes me better.’” She notes you should then circle back and identify the changes you instituted to reflect their input.

Additionally, Stephanie calls on seasoned professionals to provide feedback to junior people, whether related to their work product or conduct in the workplace. “It’s also not just feedback they directly receive, but junior employees should also realize how nonverbal cues can contribute to the opinions that people form of them.”

She notes that she learned many of these unspoken lessons through the Goldman Sachs Firmwide Women’s and Black Network, which also provided additional opportunities to work with senior women across the firm. Stephanie cites developing a close, personal mentorship relationship with a female partner who later became her boss and helped her strive for bigger roles. “She really helped me understand how the firm works and how each role leads to a new opportunity when you think about your career.”

Stephanie is eager to pay it forward; she was gratified when she was recently asked, as one of the most senior woman in her region, to host Q&A sessions in the firm’s Los Angeles office for junior people.

Family and Philanthropy Fill Her “Off” Hours

Active in a number of philanthropic organizations, Stephanie serves on the board of Kids in Sports, which provides sport activities for underprivileged children; she’s also mentored students from Crenshaw High School; and is a former trustee of her alma mater, Wesleyan University. In addition, Stephanie is a founding member of the National Association of Securities Professionals’ southern California chapter, which serves women and minorities in the industry by providing networking opportunities and ensuring that minority firms receive visibility across the sector. She has also been involved with her church, serving on the hospitality committee and participating in a girls mentoring program.

Finally, she is passionate about spending time, skiing and exploring new places with her husband and 18-month-old daughter.

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Voice of Experience: Rana Yared, Managing Director, Goldman Sachs

rana-yaredBy Cathie Ericson

“Stand out by owning your own details,” says Rana Yared of Goldman Sachs, offering advice she learned as an analyst. “Commit to knowing the specifics of every assignment and how they relate to the bigger picture. That’s how you establish you reputation as a thinker, not just a doer,” she says, noting that this advice has helped propel her career.

After earning a BS from the Wharton School at the University of Pennsylvania, a BA in International Relations from the University of Pennsylvania and an MSc from the London School of Economics, Yared believed her next step would be to earn a PhD. However, she says, “a function of luck, great mentorship, and letting opportunity come to me rather than having a pre-set plan,” propelled her on an alternate path.

Never before having considered a career in finance, Yared joined Goldman Sachs as an analyst in 2006. She moved up the ranks, eventually becoming a Managing Director in 2013, and today she leads both the New York and London-based Principal Strategic Investments (PSI) teams in the Securities Division, which are responsible for market structure strategy and the firm’s financial technology assets. In this capacity, she represents Goldman Sachs on the boards of several companies that PSI has invested in.

“I’m excited about the team’s role in reimagining how we serve our clients as we improve both the workflow and the quality of information that we can share in this time of digital transformation,” she says. Goldman Sachs is at the forefront of harnessing financial services innovation, and the transformation within the firm has been exciting. “There’s been a fundamental change in our business model and how we approach capital and liquidity,” she says. “It’s been fascinating to think of ways to optimize these varied opportunities.”

Yared is not only proud of the work the team has done for the Goldman Sachs franchise, but also that she has become a leader for the next generation. One career milestone she cited was being asked to speak at the First Year Securities Analyst Orientation. “I always remembered the female partner who spoke at my orientation upon joining the firm, and the impact her comments and advice made on me. It’s an honor to be trusted with making a first impression on our newest joiners,” she explains.

She also reflected on the moment she was able to tell her parents she was promoted to Managing Director. “As the child of immigrants, I was proud to share with them my accomplishments.”

Work Hard, Play Well

One of the lessons Yared has learned over the years is to have more fun. “When I first joined the firm in New York, I enjoyed the work but didn’t take the time to fall in love with the city,” she says, noting that it was initially challenging to manage her work-life balance. When she moved to London with the firm in 2008, she placed an emphasis on maintaining a balance between work and her outside activities. Now that she has returned to New York, Yared has remained committed to establishing ties to her neighborhood and exploring the city.

Another mentor provided a different success formula that has stuck with her: Q x A = E. “This means that the quality of one’s communication times its acceptance equals its effectiveness. In other words, the way that your message is delivered and heard is as important as your content,” she says.

Improving on all the advice she has received is a constant work in progress, but there’s another area that takes no second thought: “If there’s a day that your conscience is tested, that’s the day to walk away,” she says with conviction. “If something is making it challenging for you to sleep easy, you’re in the wrong place.”

Active in Programs Inside and Outside the Firm

Yared highlights that Goldman Sachs’ Women’s Career Strategy Initiative, a program tailored for associates, helped her refine key attributes, such as messaging and presentation skills. She recognizes that the bar of excellence can be higher for women to meet in the workplace. “It’s a tricky balance on how you should portray yourself, but it has become easier to navigate as my career progresses,” she says. She strongly supports the Female Trader Initiative, where female analysts and interns who have strong quantitative skills are provided mentorship.

A devotee of philanthropic causes, particularly those related to public education, Yared is a member of the Penn Fund Executive Board at the University of Pennsylvania and sits on the advisory board of Wabash College’s Democracy and Discourse program. “I was especially proud to have been asked to join the advisory board of this school, which has a long history of educating first-generation college students,” she says.

In her spare time, Yared loves traveling, cooking and photography.

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Voice of Experience: Meltem Cagan, Managing Director – Country Team Head for Turkey, UBS

By Cathie Ericson

Meltem Cagan made an assumption that many women do when they’re starting their careers. “I always thought delivering the results was the most important component, but now I see that relationships and how you position yourself politically are hugely important, particularly in financial institutions,” she says.

Very numbers driven, she underestimated the critical nature of perception, which created some unfair situations in her view. “If you concentrate on delivering results, that’s important, but there’s this other component I wasn’t aware of at first that factors equally,” she says. “As a logical and straightforward person, I realize I was naïve to not understand this as a significant element in the industry, and I am eager to share that knowledge with others.”

A Career Destined for the Top

Cagan’s career has had a clear theme: Start at the bottom and climb the ladder. That was the case when she started as a trader in Turkey: During her 10-year tenure, she ended up running the trading floor for a medium-sized bank. Then she decided to move to wealth management, which took her to London with Citi where she started as a private banker and built her business before being asked to head Citi’s private banking business.

After her Citi stint, she joined Morgan Stanley to fulfill her desire to work for an investment bank; three-and-a-half years later she was approached by UBS, fortuitous timing since at the time Morgan Stanley was planning to sell its business. She happily accepted UBS’ offer to join the biggest wealth manager in the Turkish market, where she has been for almost three years.

“My career has taken me through all types of banking, and due to my team’s success, I have always been offered increasing responsibility. That’s what drives me,” she says.

She appreciates the current flexibility she has and the opportunities she’s had to work in Turkey and London, where she is a managing director. “It was a difficult ascent as a woman and I am proud of my career path,” she says.

Over the past three years, she has been focused on growing the business and is excited to see how they can take it to the next level. “Rather than growing 10 percent, I’m wondering how we can double it,” she says, noting that it’s not just about growing the business but enhancing their reputation. “We would never grow the business at the expense of our reputation. The challenge is to successfully do both together.”

With that goal in mind, Cagan also acknowledges the industry is going through a difficult period in terms of growth. Still not fully recovered from the 2008 crisis, many countries are experiencing anemic growth, which keeps interest rates low and injects a great deal of volatility into banking, creating a low- or no-growth environment. In addition, in many markets there is much inefficiency and regulation, which can conspire to create a difficult environment to deliver results. “We have to deal with cost pressure and margin pressure, but we will be successful,” she says.

Barriers for Women are Largely Self Imposed

“Most women, including myself, are perfectionists. We expect too much of ourselves and can be harsh and critical. But this mindset puts you in a situation where you don’t highlight what you are good at and that can translate into a weak position,” she says.

The remedy is to change your focus from what you don’t have, to a “glass-half-full” perspective. Ultimately this will change how you present yourself and help you go into situations like negotiations with a stronger positon.

“Some people are good at marketing themselves and others find it degrading,” she says. “There’s the perspective that you do a good job; the numbers show it; people acknowledge it and you don’t find the inclination to market it, but that can work against you.”

That’s why she advises young women to work on honing self-esteem and confidence, which can be aided when you start as a subject matter expert with a specialization. “While you are increasing your general knowledge, you will increase your confidence. It goes together as a package.”

As women climb the ladder, she encourages them to stay results-oriented, noting that many women work hard and produce lots of activity but not necessarily the outcomes they need. She suggests finding an efficient way to get results, while being mindful of the importance of being supportive of one another and curbing rivalry.

“We can get into competition later when there’s more of us,” she says wryly. “Part of self- confidence is building others up.”

Cagan builds her own knowledge by being active in “A Women’s Network,” which is focused on top women in wealth management. She appreciates its networking environment and forums with trainings on topics such as personal brand, management skills and more.

An Eye Toward Philanthropy and Family

With a family spread between Turkey, the United States and the U.K., Cagan devotes much of her spare time to travel.

“I am naturally a curious person so the diversity of culture enriches me,” she says, not just with her family but with their friends and extended circles.

In addition, she is an active philanthropist and finds it particularly meaningful to support the education of girls in her country, a cause that is dear to her heart. She also is working to become an advocate for incoming refugees, especially girls, offering financial as well as one-on-one help.

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