Top 25 Women in US Banking

In a year when writedowns, bankruptcies and uncertainties have plagued financial markets, U.S. Banker, published by SourceMedia, has showcased a collection of underreported success stories in its sixth annual ranking of The 25 Most Powerful Women in Banking (The 25 MPWIB). This year's ranking details how the most influential female executives in the financial services industry have kept their business units' revenue increasing and their profit goals on course in the face of significant financial and economic headwinds.

The ranking, featured in U.S. Banker's October issue and online at www.US-Banker.com, recognizes the professional achievements, personal tenacity and influence of top-performing financial services executives.

"With the pillars of Wall Street crumbling around them, these remarkable women steadily delivered outstanding results for their institutions while making meaningful contributions to their communities," said Holly Sraeel, editorial director of U.S. Banker at SourceMedia and president of The 25 MPWIB. "They navigated a complex economic environment and took on increasing responsibilities to drive results and implement best practices within their respective organizations."

Heidi Miller, JPMorgan Chase's CEO of Treasury and Securities Services, again topped The 25 MPWIB ranking for posting extraordinary financial results in 2008.

Barbara Desoer, Bank of America's president of Mortgage, Home Equity and Insurance Services, ranks second in this year's list. She is followed by Wells Fargo's Carrie Tolstedt, senior EVP of Community Banking; U.S. Bancorp's Pamela Joseph, vice chair of Payment Services; and Citigroup's Sallie Krawcheck, CEO, Citi Global Wealth Management, respectively.

U.S. Banker's October issue also profiles The 25 Women to Watch, a ranking that honors women whose leadership continues to shape the financial services industry. This year's top five, in order, include TD Bank Financial Group's Colleen Johnston, group head of Finance and CFO; Cascade Financial's Carol Nelson, president and CEO; Wells Fargo's Avid Modjtabai, EVP and CIO; Citigroup's Elyse Weiner, managing director, global head of Liquidity and Investments, GTS; and Citigroup's Maura Markus, EVP and head of International Consumer Banking.

For the second year, U.S. Banker ranked The Top 25 Nonbank Women in Finance, recognizing the top performers in the securities, asset management, insurance, private equity and exchange businesses. Topping this year's ranking is Nicole S. Arnaboldi, vice chairman of Alternative Investments, Credit Suisse; Clara Furse, CEO, London Stock Exchange; Stacy Bash-Polley, partner and managing director and co-head of Fixed Income Sales in the Americas, Goldman Sachs; Abigail Johnson, president of Personal and Workplace Investing, Fidelity; and Clare R. Scherrer, partner and managing director, Goldman Sachs.
Finally, the magazine also recognized the "Top 3 Banking Teams," naming U.S. Bancorp, Zions National Bank and Citigroup as the top three, respectively. U.S. Bancorp, headquartered in Minneapolis, has landed the top spot for three years since the designation debuted in 2005.

In addition to recognizing the accomplishments of these distinguished women, it also is important to note that this has been a year of firsts for The 25 MPWIB. This is the first time an honoree, Heidi Miller, has topped the list twice, and in consecutive years. This year is the first time a sibling of a former honoree has made the ranking, as this year's number eight on The 25 MPWIB, Diane D'Erasmo, is the sister of 2005 honoree Maryann Bruce, a Wachovia alumnus. Finally, this year's list features an unprecedented number of foreign honorees and new faces. Nine out of the 25 honorees on The 25 MPWIB rankings are new to the list, as are 10 honorees on The 25 Women to Watch and 11 honorees on The Top 25 Nonbank Women in Finance.