Bank of America Executive Tops List of Most Powerful Women in Banking
Cathy Bessant, chief operations and technology officer at Bank of America, a NEC member, was named the Most Powerful Woman in Banking in 2017 by American Banker.
As head of operations and technology at Bank of America, Bessant oversees a team of almost 100,000 employees and contractors. She has worked for Bank of America for the last few decades and is an expert in information security, an area in which the bank is expected to spend $600 million in 2017. In recent years, many banks have begun heavily investing in artificial intelligence (AI), but Bessant is concerned that the move to AI risks compromising ethical boundaries. Throughout her career, Bessant has been one of the few women in her field – at the six largest banks in the county, women comprise only about 20 percent of executive committees, touting a one percent increase over the past five years.
“Success in protecting a company, I think, is quite dependent on having the best technology and the best talent. And so we invest heavily to do both,” Bessant recently said of Bank of America.