For the first time, the majority of Heads of Technology at America’s largest banks are members of their firm’s Operating Committee, a trend that has risen dramatically in recent times as banks place more importance on technology than ever before. 

Use the sub-heading buttons on the infographic below to filter and explore how technology is represented at the various companies. Click on a logo to view the company’s status and links to their Operating Committee pages.

  • JPMorgan Chase & Co.

    On her promotion to Global CIO in 2017, Lori Beer was also appointed to JPMorgan Chase’s Operating Committee. Previous CIOs at JPMorgan were up to two levels removed from Operating Committee membership

  • Bank of America

    Chief Operations & Technology Officer Cathy Bessant is a member of Bank of America’s Executive Leadership Committee

  • Citigroup

    Citigroup’s Head of Enterprise Operations & Technology, Mike Whitaker, is a member of the Operating Committee

  • Wells Fargo

    In 2018 Wells Fargo announced it had created a new role titled Head of Technology which would lead development, infrastructure and security (previously run as separate functions) and would sit on the firm’s Operating Committee. Saul van Beurden was appointed to this role in 2019

  • Goldman Sachs

    Co-CIOs George Lee and Marco Argenti are not members of Goldman’s Operating Committee

  • Morgan Stanley

    Head of Technology Rob Rooney is a member of Morgan Stanley’s Operating Committee. Rooney is a former business head and an operating committee member since 2013, however previous Heads of Technology were not Operating Committee members

  • US Bancorp

    Vice Chairman, Technology & Operations Services Jeffry von Gillern is a member of US Bank’s Operating Committee

  • TD Bank NA

    TD Bank’s CIO, Janice Withers, sits on the firm’s Operating Committee

  • PNC Financial Services

    Head of Technology & Innovation, Steve Van Wyk, sits on the firm’s Operating Committee

  • Capital One

    Capital One’s CIO, Rob Alexander, is a member of the firm’s Operating Committee

  • The Bank of New York Mellon

    BNY Mellon’s CIO, Bridget Engle, is a member of the firm’s Operating Committee

  • TIAA

    Rahul Merchant, Head of Client Services and Technology is a member of TIAA’s Operating Committee

  • HSBC Bank USA

    HSBC Bank USA’s CIO, Ann Madea, is not a member of the US Operating Committee. Global CIO Darryl West is not a member of the firmwide Operating Committee

  • Charles Schwab Corporation

    Charles Schwab is unique in having two technologists on its Operating Committee – CIO Dennis Howard and CTO Tim Heier are both members

  • State Street Corporation

    State Street CIO Antoine Shagoury sits on the firm’s Operating Committee

  • BB&T

    BB&T’s CIO Barbara Duck is a member of the firm’s Operating Committee

  • SunTrust Banks

    CIO Scott Case is a member of SunTrust’s Management Team, as were his predecessors Anil Cheriyan and Tim Sullivan

  • American Express

    CIO Marc Gordon is a member of American Express’ Operating Committee

  • Ally Financial

    The CIO role is a member of Ally’s Operating Committee. Michael Baresich held this role until his retirement in September 2019 and a search is currently underway for his replacement

  • State Farm

    State Farm’s CIO Mark Oakley is not a member of the Operating Committee. There is no representation of Technology or Operations / Shared Services on the Operating Committee

  • MUFG Union Bank

    Chief Information & Operations Officer Chris Higgins is a member of MUFG’s Operating Committee

  • USAA

    Recently appointed CIO Mike Brady is a not a member of USAA’s Operating Committee

  • Citizens Financial Group

    CIO Michael Ruttledge is a member of Citizens Bank’s Executive Committee

  • BMO Harris Bank

    US Chief Technology & Operations Officer and Global Head, Product Operations, Kin Liprot is a member of BMO Harris’ Operating Committee

  • Fifth Third Bank

    CIO Jude Schramm is a member of Fifth Third’s Operating Committee. Schramm is Fifth Third’s first pure technology leader to be an Operating Committee member as the firm previously had a Head of Ops & Tech model in place

  • KeyCorp

    CIO and Head of Operations Amy Brady is a member of Keycorp’s Operating Committee

  • M&T Bank

    Chief Technology & Operations Officer Michelle Trolli is a member of M&T Bank’s Operating Committee

  • Northern Trust

    CIO Tom South is a member of Northern Trust’s Operating Committee

  • Regions Bank

    CIO Amala Duggirala is not a member of Regions Bank’s Operating Committee

  • Santander Bank

    US CIO Dan Griffiths is not a member of Santander’s Operating Committee

A recent study by global executive search firm Leathwaite showed that 16 of the top 30 US financial institutions by assets have given their Head of Technology a seat on the Operating Committee, indicating that they are one of the most senior leaders in the firm.

There has been an acceleration in this trend in recent years, with 4 of the 16 appointments happening since 2017.

Operating Committees at banks typically consist of the 10-15 most senior executives including the CEO, heads of business lines, CFO and corporate leaders such as CHRO and General Counsel.  Traditionally the Head of Technology or Chief Information Officer was one or even two levels removed from Operating Committee membership.

However, since 2017, JPMorgan Chase, Wells Fargo, Morgan Stanley and Fifth Third have all elevated their Heads of Technology, both in terms of reporting line and Operating Committee membership. This means that for the first time more than half of America’s largest banks see technology as a critical component to the business strategy at the highest level, as well as the day-to-day business operations.

Simon Mayo, a Consultant in Leathwaite’s Technology practice commented “technology is now widely viewed as a company’s biggest asset and greatest liability, so it isn’t surprising that the person who leads technology is now being recognized as a key leader within their firm. Heads of Technology roles increasingly have product management, digital transformation and M&A responsibilities as well as traditional technology management.” 

Of the remaining 14 banks, 8 have a combined Technology, Operations or Shared Services head who is an Operating Committee member. Only 6 organizations in the top 30 have no representation.

As technology grows in importance, both as a commercial differentiator and an operational risk, the trend of elevating technology leaders within financial sector companies of all sizes is expected to continue.

Simon Mayo

Simon Mayo is a Consultant in the Americas Technology Officers Practice based in New York. A search professional with 10 years’ global experience, he delivers executive search and executive interim projects for Technology leadership across North America. His client coverage includes global, national and regional banks, insurers, hedge funds and asset and wealth managers. His track record and functional expertise encompasses CIO/CTOs, Heads of Application Development, Engineering and Infrastructure, CISOs, Chief Data Officers and Heads of Digital.

Simon joined Leathwaite in 2012, spending two years in London before relocating to the US in 2014. In New York, he set up and led Leathwaite’s Americas Executive Interim business, placing senior technologists into short-term roles in the financial sector.

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