We speak to Sonali Theisen, Managing Director – Head of FICC E-Trading & Market Structure at Bank of America
“Credibility is earned by being authentic to your goals, realistic about your skills, and informed in your opinions.”
Career
Current
- Managing Director, Head of Fixed Income E-Trading & Market Structure at Bank of America
Previous
- Managing Director, Head of Market Structure and Data Science in Global Credit and Securitized Markets at Citi
- Head of Credit E-Trading at Barclays Capital
- CDS Business Manager at Bloomberg
- CDS Sales at Bear Stearns
- CDS Trading at Goldman Sachs
Affiliations
- Appointment to SEC Fixed Income Market Structure Advisory Committee (FIMSAC), 2018-2021
- Bank of America’s representative on the Fed Alternative Reference Rate Committee (ARRC), 2019-present
- Chair of Secondary Markets Practice Committee for International Capital Markets Association (ICMA), 2016-2019
Education
- Harvard University cum laude AB in Economics and Citation in Spanish; Division I Water Polo
Personal
Growing up a minority
I grew up the daughter of Indian immigrants in a white New Jersey suburb. I played competitive sports from a young age, and often trained with the boys. So in a sense being in the minority was foundational to my identity, but it didn’t hold me back from achieving my goals. I believe it made me scrappier. When I started as a CDS trader in 2000, being different didn’t scare me or feel foreign. The trading floor intrigued me; I liked the fast pace and sharp people.
My inspiration
Science and math are in my blood. My late father was a nuclear engineer, and is my strongest inspiration. He and my mother came to this country at a young age alone—with just two suitcases, $300 and a tireless work ethic. My dad valued the gratification of hard work over personal pleasures. He was thorough and candid, and stressed the importance of both intellectual and emotional intelligence. Though he woke up at 4:30 every morning to build nuclear plants far away from home, he never missed an important event of mine. He climbed his way up the corporate ladder rung by rung. With meticulous planning, my parents fulfilled their American dream—sending both kids to Harvard with no financial aid.
Balancing family and career
Having children changed my entire approach to work. It made me dig deep to define my goals and decide how to optimize results. I became organized overnight. In the office I threw myself into delivering high caliber work, and then raced home to cuddle my son. Late offices hours were mostly traded in for more time on remote devices.
As a career-minded mom, I’m constantly scoring myself on two metrics: whether I’m delivering efficiently on my professional goals, and whether I’m fully present for my children each day. I’m driven foremost by making my children proud of me. Fortunately, they understand work is an integral part of my identity and are my biggest cheerleaders. At the dinner table, they support my career the same way I support their academic and athletic pursuits. My husband is also in finance and understands the demands, and we pick up each other’s slack. It takes all of us trying our best each day to make it work.
Outlook
Building your skillset
I believe it’s wise to identify what drives you, then pursue a logical intersection of a career path with your skills. What bigger problem do you want to solve? Living through the heyday of CDS trading and the financial crisis that followed, I discovered my passion for defining new trading strategies amid rapid innovation and regulatory changes. Over a decade later with a broader remit, I still love steering the electronification of Fixed Income markets toward responsible outcomes.
Along the way I discovered a penchant for building structure from the unstructured, and learned that I gravitate toward initiatives which broaden my horizons. I have the pleasure in my role of working closely with traders, investors, fintech leaders, quants, technologists, regulators, and lawyers. Recently, thanks to a leadership assignment that takes me across the franchise, I’ve also had the phenomenal opportunity to learn more about the banking side of our business. I’m a hands-on learner, and tend to jump in with a lot of energy. However, as I’ve gotten older I’ve learned to zoom out first for a wide-lens view to orient myself on synergies or landmines. This helps me be more strategic and structure the best solutions.
Having an impact
It’s essential to elevate the next generation of talent. We have an incredible Women’s Leadership Committee at Bank of America, which I’m proud to support in multiple capacities. We do a great job exposing our female talent from all levels to our own leadership and externally. I also aim to help out in more informal ways. I make myself available to those I encounter in the many horizontal initiatives I work on. I’ll send a note to the manager of someone who was impressive, and endorse them for bigger roles. I hope such steps in support of high performers from all backgrounds can accelerate their career progression. I’ve been fortunate to have mentors do the same for me.
Mantras for life
I have three, and they’re always on my mind. The first is: “Success is never owned, it’s rented, and the rent is due every day.” It keeps me focused. I go for a long run in Central Park every Saturday morning, and my family jokes that I don’t particularly enjoy it. When I come back home, my kids high-five me and say, “You paid the rent, Mom!” Another is from Maya Angelou: “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” What a simple truth to rely upon. And the last is a quote by Ruth Bader Ginsburg: “Women belong in all places where decisions are being made.” I advocate for this through action—not just for women, but for comprehensive representation generally.
Horizon
Women in finance
There are certainly still areas in finance with low female representation, like trading, where I’ve forged my career. And while it’s a challenge, I think building sustained critical mass is becoming a true imperative for Wall Street. I’d like to think that firms right now are motivated by a confluence of factors to solve this once and for all.
I encourage female talent to use their voices and be strategic in career planning. Seek opportunities to informally network with leaders, both inside and outside your organization. Lobby for stretch assignments. Don’t remain too long in situations where you may like the work but don’t see a career path. Ask the important questions in a constructive way – I’ve experienced firsthand that leaders respond well to these actions and are eager to be part of the solution.
Diversity on Wall Street
I’m grateful to work with some sparkplug women whom I identify with and who support me. I haven’t had this at every point in my career, and it’s a game-changer. I want people of all diverse backgrounds on Wall Street to have these type of networks to support them professionally and personally. It’s invaluable during challenging times.
With respect to diversity, I sense the financial industry is shifting from a check-the-box mindset to an outcome-oriented mindset. Great firms like Bank of America are creating accountability through data such as retention rates and promotion pace, representation by business function etc. Great firms are listening, celebrating diversity, and having real conversations about social issues. Our leadership team hosts a series of powerfully candid “Courageous Conversations” which make it abundantly clear these are top priorities. I hope the entire industry continues to lean into this shift.
My legacy
Throughout my career, I hope to make a lasting contribution toward two goals: robust electronic Fixed Income markets built on solid foundation and principles, and a culture of meritocracy and equal opportunity on Wall Street.
As I think about the role of technology in reshaping so many industries, I want to ensure we’re building agile frameworks that adapt nimbly to ever-changing markets. Capital markets can’t afford to get this wrong as the world becomes more digital. I’ve devoted my career to pursuing responsible growth and innovation in Fixed Income for this reason.
On the personal front, it’s essential my daughter know that she can bring traditionally female traits to any career and be successful. I want my children to see me make a positive impact, and I want them to challenge themselves to do the same.