JPMorgan, looking to demonstrate its commitment to gender diversity, allowed public finance investor and issuer clients to attend its 2014 Public Finance Women's Forum last Thursday, instead of limiting it to its own employees.
The bank's decision to open the meeting added depth to the discussions that honed in on both current public finance topics and gender issues, according to people who attended. Paul Palmeri, Head of Public Finance, JP Morgan, said financial advisors and legal counsel from across the country also came to the event.
Palmeri said the success of the last women in public finance conference the bank had in 2010, which he called a "differentiating event," prompted the decision to broaden the audience.
"[M]any clients [who attended the 2010 conference] experienced first-hand J.P. Morgan's commitment to diversity," he said. "Continuing that theme, the 2014 event provided a great opportunity for our clients and colleagues to discuss thought-provoking views on market and industry issues generally, as well as hear about more personal issues from leaders in many roles across the industry."
Kimberly Allen, head of not-for-profit healthcare investment banking at JP Morgan and one of the speakers on the Forum's "Leadership and Innovation: A Conversation with Senior Leaders," said in an interview that the sessions covered specific issuer challenges, and some career experience challenges over the course of the conference.
She called the issuer challenges discussion was a "highlight," largely because the personalities of the leaders involved.
"This conference was very interactive and was a good balance between issuer clients and investor clients," Marilyn Ceci, head of green bonds at JP Morgan who spoke on the same panel as Allen, said in an interview.
"I think [at the panel I spoke on] we were trying to be very open and honest about what inspired us and what we looked for in how we led and how we liked to be led," Kathryn McGarvey, head of firmwide liquidity risk oversight at JP Morgan and another speaker on the Leadership and Innovation" panel, said in an interview. "We also discussed setbacks in our careers and how we faced them, and how you overcome setback and adversity both from the general point of view and being a woman. We talked candidly that setbacks happen and are going to happen. You can either choose to let them get at you and really stall you from any progression or you could take a moment, learn from them and then move on. Don't let it stop you from success. We all feel like failures sometimes, whether personally or at work. And you have to just take a day or two, and get back to work."
She said women are probably their own worst judges, and it's likely not everyone agrees with their self-criticism.
Ceci said she discussed her experience moving to a different sector of the firm to work on green bonds, which she has been involved with since 2010.
"When you move from one area of a firm to something completely different you really have to chart new ground," she said. "One thing you clearly have to do is learn your material and put your head down and focus. What you bring is new, fresh eyes and you come with a wealth of experience. Many skills are very transferable, tenacity is one."
She said in her personal opinion in 2015 the biggest growth in green bonds will be in the municipal bond sector.
"[It] is where I've really seen growth in the number of transactions," she said. "We've seen a pickup in municipals."
