Karen Peetz has tough advice for bankers struggling to adapt to the harsher regulatory environment.\u00a0 “People really need to get it through their thick heads that it is here to stay. You have to adjust your operating model and get on with it, versus fighting, fighting, fighting.”<\/p>\n
That’s vintage Peetz, who has honed the art of managing-and leading- through times of change.\u00a0 After the 2008 financial crisis, she played a key role in helping the government execute its Troubled Asset Relief Program. Then she guided her alma mater, Pennsylvania State University, through a devastating period, taking over as chairman of the board of trustees during the Jerry Sandusky sex abuse scandal. And now Peetz is helping reform the controversial tri-party repo market.<\/p>\n
Peetz was promoted to president of BNY Mellon, overseeing global client management and regional management for Europe, the Middle East and Africa, Asia and Latin America. She also has responsibility for human resources and BNY Mellon’s treasury services business, two areas in which she has particular expertise, having been personally involved in both over the course of her career.<\/p>\n
Peetz, who has been in banking for three decades and at BNY Mellon for the past 15 years, was the company’s first female vice chairman and has sat on its executive committee since July 2007.<\/p>\n
Peetz, who led BNY Mellon’s financial markets and treasury services group before her promotion in January, says big problems require new thinking and a good-sized serving of humble pie.<\/p>\n
“It really took our industry a long time to realize that the game had changed,” Peetz says. “We need humility as leaders, because we haven’t done everything right. Many of our actions precipitated the financial crisis, collectively, and we have to take responsibility.”<\/p>\n
“Culture is at the core of the industry’s future,” Peetz says. “When I think of how I was trained … that’s what we do: risk management. But we, as an industry, got away from training people properly as they come in the door. If you don’t build that culture of risk, this is the kind of thing that happens.”<\/p>\n
To that end, BNY Mellon is creating a virtual university with six separate areas of learning, from sales and client service to risk and compliance to professional development. Peetz says the idea for the university-dubbed BKU, the firm’s ticker symbol-came from Chairman and CEO Gerald Hassell, who asked her to spearhead it.<\/p>\n
Karen Peetz has tough advice for bankers struggling to adapt to the harsher regulatory environment.\u00a0 “People really need to get it through their thick heads that it is here to stay. You have to adjust your operating model and get … Continue reading ![\"Karen](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2014\/09\/Karen-Peetz-300x221.jpg\")
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