A nearby advance corporate staffer observes the welcome for Duckett, JPMorgans chief executive for consumer banking and one of the banks fast-rising young executives. into a campuswide event. The move. I chose Fannie Mae because I grew up in the company, she says. Thasunda Duckett shares how to minimize shame around money and start having honest conversations about how to save. I have to believe there will be better days ahead of us than the environment that we live in today, she says. The Fortune 500 has been without a Black woman CEO since Ursula Burns left Xerox in 2016.. One of Wall Street's highest-profile . It aligns with my purpose in life to inspire others. Representing financial heavyweights, medical pioneers, and dynamic storytellers, the newest additions to the 2021 Forbes List of the World's Most Powerful Women are already formidable forces in their own right. [3], Duckett founded and chairs The Otis and Rosie Brown Foundation to continue the legacy of her parents. ABC News reported . At the conversation events, which kicked off in June at JPMorgans Harlem branch, Duckett encourages black women to take the Currency Conversations pledge to save money, reduce debt, set a financial goal and, most important, spread the pledge to friends and family in the African-American community. Her dad, Otis Brown, worked for Xerox in New Jersey as a truck driver. The Harlem event captured the attention of influencers, including reality TV star Angela Simmons (right). In May 2021, Duckett became only the third Black female CEO of a Fortune 500 company when she was named top executive of TIAA. From 2004 to 2013, Ms. Duckett held multiple management and consumer lending roles with JPMorgan Chase. Her 10-year son was called the N-word by a white classmate, reminding her of the racism her dad suffered as a child. Duckett grew up in Texas and lives in Connecticut with her family. Amanda White March 28, 2023. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. And black women face more hurdles to financial success than any other group in the. ( I truly appreciate everyone) Thank you to everyone that supported BPACS-DFW volunteer effort! She is a real talent., Independent and authoritative analysis and perspective for the banking industry. There is so much fear, especially in the black community when it comes to banks and other industries, she says. Her father lost his job, and the family relocated from New Jersey to Texas . Thasunda Duckett is now in the house! Smith says in his clipped British accent. She has also held management roles in affordable lending, home lending and mortgage banking. If her struggles growing up opened her eyes to the reality of poverty, her days in the associate rotations programs at Fannie gave her the foundation for understanding solutions. The 30 clubs in MLB should push the use of mobile ordering and getting fans to batting practice instead of pushing out the cutoff for beer sales as games get shorter. All Rights Reserved. Thasunda Brown Duckett joined TIAA in 2021 as President and Executive Officer and is estimated to be receiving an annual salary of $20 million. Within three years, JPMorgan shuffled its retail business by spinning out wealth management and investment services to a new unit under former consumer banking CEO Barry Sommers. "I said, 'I know this company and I like the people, and I'll have a better shot here,'" she told the Times. Accord to CNN, there have only been 19 Black CEOs of . FORTUNE may receive compensation for some links to products and services on this website. I, too, can someday do whatever it is that I aspire, she toldEssence. TIAA, a Fortune 100 financial services company, has . As she reflects back on her career journey, the 47-year-old says she thinks a lot about her parents and how their relationship with money led her to where she is today. She came to TIAA from JPMorgan Chase, where she had served as CEO of Chase Consumer Banking and oversaw a network with more than $600 billion in deposits and 50,000 employees. The initiative is marshaling resources to promote apprenticeships and post-graduation roles at Chase for black students education opportunities, as well as professional development programs for younger African-American executives recruited through the banks established Advancing Black Leaders program. When Duckett interviewed for an internship with Fannies Dallas office as an undergraduate, she quickly made an impression. Art Dyson, the iconic hairstylist who developed thermal blow-drying after leaving the military, Chicken stock for bubble butts, this is the dangerous road plied by Congolese women [Video]. "I have so . I totally drank the Kool-Aid; The mission is our business, the business is our mission I can still recite it, she says. Duckett was born in Rochester, New York. Duckett and Michelle Ebanks, the chief executive of Essence Communications, share a hug at a June event designed to promote JPMorgan's Currency Conversations project. As one of the. . . "I loved it," she told The New York Times in 2019, "and I started to realize that I was going to work in the mortgage business.". She also is ranked 10th on Fortune's . Smith, who first met Duckett in the mortgage bank sales force, says she just has a passion, an intellect, and intellectual curiosity that caught my attention. Powered and implemented by Interactive Data Managed Solutions. She is alarmed by a statistic that she regularly cites in interviews. Thasunda Brown Duckett speaks onstage during the 2018 Essence Festival presented by Coca-Cola at Ernest N. Morial Convention Center on July 7, 2018 in New Orleans, Louisiana. Its California Certificate of Authority number is 3092. Duckett is married with 4 children. Her life changed when she enrolled in a program called Inroads that focuses on getting minorities into a business. When Duckett steps into her new role on May 1, she will become the second Black woman to currently lead a Fortune 500 firm, accompanying Walgreens new CEO Rosalind Brewer on the list. The catch? Read theTIAA-CREF Individual & Institutional Services, LLC, Statement of Financial ConditionOpens pdf. They asked her if she would consider joining Chase in a burgeoning area for the bank: an affordable lending/emerging market business in New Jersey. (The other three are Rosalind Brewer, current CEO of Walgreens Boots Alliance; former Xerox CEO Ursula Burns; and Mary Winston . Duckett draws inspiration from trailblazers before her, who first entered corporate America and creating a path for her.I like to say I am my ancestors wildest dreams, she said. After four years as a senior vice president in Jersey, she shifted to a regional post overseeing the banks home lending division. Duckett spearheaded Chases National Savings campaign, complete with new tools, products, and thought leadership to promote financial health for all consumers. Wichita State on Saturday fired head mens basketball coach Isaac Brown after three seasons. Thasunda Brown Duckett (born July 22, 1973) is an American businesswoman who serves as the president and chief executive officer (CEO) of TIAA. She packed up and moved East. Ducketts duties will be expanded from Chief Executive Officer of Chase Consumer Banking, a division of JP Morgan, to include her Operating duties. Duckett aims to be an influencer, especially among young black women who do not see many females of color in business leadership roles. Thasunda Brown Duckett is President and Chief Executive Officer of TIAA, a leading provider of secure retirements and outcome-focused investment solutions for millions of people and thousands of institutions. A Division of NBC Universal. This week, we're sharing a previous interview with one of my mentors, Thasunda Brown . Duckett later moved to Los Angeles, where she took on greater roles in account management and fee-guarantee negotiations with banks and investors. Duckett has received a wide array of accolades from financial media, including Fortune, Forbes, Barrons, American Banker, Money and MarketWatch. The oldest executive at Nike, Inc. is Philip H. Knight, 83, who is the Co-Founder & Chairman Emeritus. And the second-highest-ranking executive at one of the worlds largest banks called Brown to thank him for putting his daughter on the path that led her to Chase. She also served as a committee leader for the bank's Women on the Move initiative that works to provide financial education to women, as well as career and business opportunities. After serving as the CEO of Chase Consumer Banking for over four years, it was recently announced that. So I said, How about I call your dad? he said. "I often think about the day my father asked me to help him plan his retirement, and I had to tell him, 'Dad, your pension is not enough,'" she said in a statement. Will The Cleveland Browns Defensive Overhaul Make A Difference In 2023? As one of the senior black finance executive, Duckett is working to improve financial health and literacy for the 23 million households served by her organization. Each is solely responsible for its own financial condition and contractual obligations. Can Artificial Intelligence Ever Achieve Societal-Level Digital Trust? In 2021, Thasunda Brown Duckett was named the president and CEO of TIAA, a retirement and financial services company for academic, research, medical and governmental workers. Duckett, 47, will become chief executive and president of TIAA on May 1, succeeding Roger Ferguson Jr. -- who had previously announced his plans to retire -- the New York-based firm said in a. The information is out there, but most people dont think its for me., After college Duckett joined Fannie Mae, even though higher-paying offers were coming her way. Thasunda Brown Duckett is President/CEO at Teachers Insurance & Annuity Association of America. The billionaire 65-year-old leader of JPMorgan the longest-serving CEO at a big Wall Street bank received 1.5 million stock appreciation rights from the firm on Tuesday. TIAA-CREF Life Insurance Company is domiciled in New York, NY, with its principal place of business in New York, NY. Thasunda Duckett, then an executive at JPMorgan Chase & Co., speaks during an investment conference in Dana Point, Calif., on Oct. 2, 2018. I chose Fannie Mae because I grew up in the company, she says. Education was a priority in her family, therefore, the struggles of her family did not impede her education and her two brothers. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. She makes regular media and television appearances for the bank. Insiders trading at Nike Over the last 19 years, insiders at Nike have traded over $3,545,556,127 worth of Nike stock and bought 36,887 units worth $3,016,316 . Duckett showed early leadership credentials while at Houston. CEO, Chase Auto Finance. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [5]. It was not because you are not capable of building wealth.. She started work at JP Morgan in 2004 and has risen through the ranks to become the CEO of Chase Consumer Banking. As local TV news cameras begin rolling, Gordon Smith, the chief operating officer, takes the floor to explain why theyve come. Mrs. Thasunda Brown-Duckett will discuss her pathway to becoming an advocate for diversity and inclusion and her experiences as one of only two Black female CEOs in the U.S. leading a Fortune 500 company. I think thats a moment, there was this vulnerability of doubt, of Are you sure you want me? she says. Thasunda Brown Duckett is the CEO of Chase Consumer Banking. The most active insiders traders include Philip H Knight, John J Donahoe, and Timothy D Cook . Browse the library of TED talks and speakers. A sudden job loss forced the family into a cross-country relocation to North Texas where they started over. Thasunda Duckett Greenwich native Thasunda Brown Duckett , CEO of Chase Auto Finance, has been named among 100 Leading Women in the North American Auto Industry by Automotive News . As a young girl, Thasunda Brown Duckett experienced economic uncertainty firsthand. Ideas worth spreading. When I think about who influences me, and I talk about this publicly, it is the janitors and the cooks and the secretaries who look like me who first entered corporate America that over time allowed me to exist. I bet she gets more applause than any of them, the staffer says. B.B.A., Finance and Marketing, University of Houston, M.B.A., Baylor University - Hankamer School of Business. Thats the one thing that resonates to me., Ducketts respect for those who blazed a trail before her extends to the social campaign foundation she founded in 2013, naming it in her parents honor. We know there are structural reasons for this, Duckett says. After graduating from college, Duckett says she received multiple job offers, but decided to go with Fannie Mae, even though it was the lowest. Equal Housing Lender. The average net worth for single African-American women is $200 while the average for single white women exceeds $15,000. NEW YORK, Feb. 25, 2021 /PRNewswire/ -- TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, named. I recognize it wasnt that long ago I could not exist in corporate America or in many parts of the fabric of our country. She is the executive sponsor of JPMorgan Chases Advancing Black Pathways program, aimed at helping Black Americans achieve economic success through wealth, education and careers. She leads a company whose mission is defined by financial inclusion and opportunity - goals and values she has upheld throughout her . "When you know what it's like to look in the refrigerator and just see baking soda, or know what it's like to have your lights turned off, personal finance is important," says Duckett. Ducketts career success has given her family (which includes stay-at-home husband Richard) the financial wherewithal she could only dream of in her own childhood. As of May 1, Thasunda Brown Duckett (MBA '01) now calls the shots for one of the nation's largest providers of secure retirements and outcome-focused investment solutions. From 2013 to 2016, Ms. Duckett served as the Chief Executive Officer of Chase Auto Finance. All Rights Reserved. The most active insiders traders include Philip H Knight, John J Donahoe, and Timothy D Cook. JPMorgan's 400-branch expansion through 2024 allocates 30% of the branches for low-income communities. All rights reserved. I had to tell my dad, Your pension is not enough. . Before assuming her current role in 2016, she was the CEO of Chase Auto Finance. Another top priority: continuing the work on financial inclusion that she pioneered as an exec at JPMorgan through efforts to reduce racial and gender gaps in lifetime savings. Prior to her current role, Duckett, who has a bachelor's degree from the University of Houston and an MBA from the Hankamer School of Business atBaylor University, was the CEO of Chase Auto Finance, SVP for emerging markets and affordable lending, and SVP in home lending. Duckett is focused on filling the gaps for populations where poverty is pervasive and local needs jobs, investment and education are critically inadequate. Once again, this week on Professional Troublemaker, we're going back into our archives and re-sharing some of our interviews with epic professional troublemakers. She went to the University of Houston, four hours south of Arlington, earning a degree in finance and marketing which led to the start of her career in finance, at Fannie Mae in 1996. There were days when there was only baking soda in the refrigerator. Ms. Duckett is chair of the Otis and Rosie Brown Foundation and a member of the Board of Directors of the Childrens Learning Center of Fairfax County. Musical artist and actor Saweetie has teamed up with her grandmother Roxane Harper to establish the Icy Baby Foundation, a nonprofit that teaches financial literacy to Black and Brown youth. We can be at the highest levels of corporate America, and so I hope that young people of all backgrounds, little Black and brown girls and boys, will be able to see someone who looks like me, someone who has this unbelievable passion for saying I too, can ascend. From an early age, Thasunda Brown Duckett's father taught her to shoot for the moon because even if she missed, she would be amongst the stars. TIAA Bank's client service is available 7 days a week, so you can rest assured that well be around when you need us. She will also discuss financial literacy and . This is not a nice-to-have. This isnt always easy or even sometimes welcomed by residents. At corporate events, such as branch openings or her prized financial literacy campaign (Currency Conversations) she helped roll out this year with Essence, Duckett is a main attraction. Duckett oversees more than $800 billion of deposits and investment, 25 million US households, 50,000 employees and 4,900 branches. She was the first female student regent. automatically this yearand prior years, Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017, Opens in new window, need to login to access the page, Check the background of this firm on FINRAs BrokerCheck, FINRA Manual and other related FINRA information, Do not sell/share my personal information, Confidentiality for victims of domestic violence, TIAA-CREF Individual & Institutional Services, LLC, Statement of Financial Condition. The 2023 CIO Sentiment Survey, a collaboration between Top1000funds.com and CaseyQuirk, finds asset owners focusing on agility as they observe dramatic market changes not seen in a generation. Thasunda Duckett is 47, she's been the Independent Director of Nike since 2019. Alumna of the Year. That includes Anacostia, a largely low-income, African-American community in Washington, D.C. Thasunda Duckett. TED Talks. Its California Certificate of Authority number is 6992. She shares her story often in public settings, hoping to spark conversations on change she wants to see in her industry and to encourage successes in the communities that need more opportunity and investment. She founded the Otis and Rosie Brown Foundation in honor of her parents to recognize and reward people who use ordinary means to empower and uplift their community in extraordinary ways. As TIAA's CEO, Duckett leads a company whose mission is defined by financial inclusion. Duckett admitted they didnt. Now as TIAA's new CEO, the executive says, "I am extraordinarily grateful for the opportunity to lead a company that has helped millions of people retire with 'enough' to live in dignity and excited about the opportunity to help TIAA chart its next 100 years. Paul Morigi | Getty Images Entertainment | Getty Images, JPM consumer banking CEO: We must make capital accessible to everyone, Meet 6 trailblazers in the NFL, Coast Guard, Hollywood and more, How to stop doubting yourself at work, according to Admiral Linda Fagan, 5 powerful women share their best-kept secrets to success, 26-year-old lives on $27K in Seattle: I'm 'grateful that I'm making that much', Meet Sandra Douglass Morgan, the only Black female president in the NFL. February 26, 2021 / 3:54 PM / CBS/AP. After college she joined the government-sponsored enterprise, even though higher-paying offers were coming her way. Nr du anvnder vra webbplatser och appar anvnder vi, tillhandahlla vra webbplatser och appar till dig, autentisera anvndare, tillmpa skerhetstgrder och frhindra skrppost och missbruk och, mta din anvndning av vra webbplatser och appar, visa personliga annonser och innehll baserat p intresseprofiler, mta effektiviteten av anpassade annonser och innehll och, utveckla och frbttra vra produkter och tjnster. The average net worth for single African-American women is $200 while the average for single white women exceeds $15,000. Duckett is one of JPMorgan Chases most visible and accessible executives. Currently, she is just one of two Black women running a Fortune 500 company and the fourth ever to do so. Thasunda Brown Duckett Courtesy of TIAA Title President and CEO Affiliation TIAA Country U.S. A year and a half after taking over TIAAwith its nearly $1.2 trillion in assets under. Dallas and Fort Worth with New City Connect Uniforms. Duckett, who made history at JPMorgan Chase last summer as the first Black woman to be named to the bank's operating committee, leads a banking network with more than $600 billion in deposits, 4,900 branches and over 40,000 employees.. As head of the bank's consumer banking division, Duckett has overseen the bank's $20 billion effort to add 400 new branches in 20 new markets over five years. ", Check out:Walgreens new CEO Roz Brewer on bias in the C-suite: When youre a Black woman, you get mistaken a lot, Don't miss:The best credit cards for building credit of 2021, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. New York, NY. The branch expansions have turned 2019 into one of the most consequential of Ducketts three-year tenure as the leader of JPMorgans retail bank services. Duckett's dad, she says, worked at a Xerox warehouse in New Jersey before losing his job and moving the family to Texas. 36K Followers, 1,358 Following, 1,270 Posts - See Instagram photos and videos from Thasunda Brown Duckett (@thasunda) Perhaps coincidentally, this one happens to be a key player behind the retail growth push he is detailing. Its not only on the financial statement: Are you a value-add to the community or just try to make as much money as you can?. I felt like, you know what, I can bet on myself. Earlier in her career, she was a Director of Emerging Markets at Fannie Mae. Ordinary people can be extraordinary.. 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There are 19 older and 3 younger executives at Nike. She wants her own children, whom she raises with stay-at-home husband Richard (center), to travel around the globe before they graduate from high school. "I often think about the day my father asked me to help him plan his retirement, and I had to tell him, 'Dad, your pension is not enough,'" shesaid in a statement announcing her new role at TIAA. The median wealth of single black Americans is $200 to $300, versus $15,000 to $28,000 for single white Americans. Smiths talk is the cue for the entrance of another top executive into the branch. She and JPMorgan Chase are encouraging African-American women to take a savings and investment pledge as part of a financial empowerment program. Terms & Conditions. She discovered he had spent years without establishing and adequately contributing to a 401(k) plan, because he wasnt aware he was eligible. Duckett, known by her friends and colleagues as T, is one of JP Morgan Chase's visible and accessible executives. In addition to being familiar with the company's culture, Duckett explained she also knew Fannie Mae would provide her with opportunities that aligned with her career goals. "East, West and Southern Africa account for a staggering 66% (US$832 billion) of a global mobile money market valued at US$1.26 trillion. All Rights Reserved. In her role, she served as executive sponsor of JPMorgan Chase's Advancing Black Pathways program, an initiative focused on helping Black Americans close historical achievement gaps in wealth, education and career opportunities. In this View From The Top interview, Thasunda Brown Duckett, president and CEO of TIAA, recalls her childhood experience moving from New York to Texas in a car packed with everything her parents and two siblings owned and why she knew from a young age that she had the power to make progress. When the company was closed, her family relocated to Texas where her mom, Rosie, found a job as a teacher. ", Don't miss:The best credit cards for building credit of 2021, Thasunda Brown Duckett on new CEO role at TIAA: I have so much gratitude for the shoulders I stand on, Walgreens' new CEO Roz Brewer on bias in the C-suite: 'When you're a Black woman, you get mistaken a lot', Ambition is not the problem: Women want the top jobsthey just dont get them, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. High Vis Singer Graham Sayle Is Making Peace With Himself, Gas Prices Drop For Seven Straight Days: Heres Where Its CheapestAnd Where Its Still Rising, Late To The Draft Party, The Cleveland Browns Go Big, One Month In, MLB Viewership And Attendance Are Up. A new coordinator and several new players have been added to a defense that needed a rebuild. Perhaps one sign of how things have changed was three years ago, with a gesture Smith made after Duckett was promoted to retail CEO. Fireside Chat with TIAA CEO Thasunda Brown-Duckett. TED Recommends. Duckett was born in Rochester, New York. In her role at Fannie Mae, she helped lead affordable housing initiatives for people of color. Thasunda Brown Duckett officially took the helm as the new CEO of TIAA on Saturday, becoming the fourth Black woman ever to head a Fortune 500 company. TIAA on Thursday named JPMorgan Chase Thasunda Brown Duckett as chief executive officer, making her the first woman to head the financial-services firm, which oversees $1.3 trillion. Brown Duckett took the role of TIAA CEO this spring. Side Navigation. It wasnt until she happened to deliver a market presentation at a 2004 conference in New York that she was approached by JPMorgan executives in attendance. In late February, TIAA a leading financial services provider that ranks among the 100 largest corporations in America named one of Baylor's own as its president and CEO. A primary aim for the new nationwide Currency Conversations program is to promote greater financial acumen and knowledge for communities of color for young black women in particular. Andrea Blackstone June 6, 2021 27234. Duckett thinks JPMorgan can successfully bridge into these new markets, which represent a $700 billion deposit-growth opportunity, because of the connections the Chase brand has already made. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Fannie Mae was her entry into the corporate world and she never looked back. Thasunda Brown Duckett is President and Chief Executive Officer of TIAA, a leading provider of secure retirements and outcome-focused investment solutions for millions of people and thousands of institutions. She knows the experience, and consequences, of financial unawareness. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The Chapel Hill site is the 28th branch opening in an ambitious plan to start nearly 400 JPMorgan bank centers in new markets across the country, expected to be completed by 2024. Duckett is the first female CEO of TIAA, a leading . All Rights Reserved. Paras Griffin | Getty Images Entertainment | Getty Images. JPMorgans strategy is to build upon its retail connections with customers in cards, mortgages and wealth management in the Carolinas and other areas where JPMorgan branches have long been absent. Which doesnt mean we always get it right.. On average, Nike executives and independent directors trade stock every 6 days with the average trade being worth of $7,064,006. In our first D.C. branches, where we started, we saw customers drive and youre not going to believe this but I promise you its true over 200 miles to open up an account, she said. By Thasunda Brown Duckett Dec 1, 2022 Experience President & CEO TIAA May 2021 - Present2 years President and CEO of TIAA, a Fortune 100 provider of secure retirements and outcome-focused. She has penciled in special plans and goals for her four children, including two she and her husband adopted. As the Independent Director of Nike, the total compensation of Thasunda Duckett at Nike is $229,719. Thasunda Brown Duckett was named president and CEO by TIAA-CREF, effective May 1, a news release said Thursday.. Ms. Duckett currently is the CEO of Chase Consumer Banking, a division of J.P . Visit the redesigned Investment Finder to browse pre-defined categories and compare with advanced filtering. Please consult your tax or legal advisor to address your specific circumstances.