Ana Paula Vescovi of Santander: The technique that cultivates dialogue and empathy

“We live in a world filled with challenges; we need to understand that our actions have an impact, and we must strive to make this impact positive.”

Ana Paula Vescovi

During the final ten days of May 2018, a truckers’ strike paralyzed Brazil. Truckers protesting rising fuel costs blocked major highways used to transport the vast majority of essential goods. Ana Paula Vescovi, originally from the state of Espírito Santo, had just taken a position as the head of the Treasury Department (part of now defunct Ministry of Finance of Brazil) and began the difficult process of trying to end the strike. This was a key learning moment for her as an economist as she faced the dilemma of what was technically right and what was politically necessary. “We needed to have a diesel subsidy at that time,” she recalls. “It had to be temporary, because the price of a commodity fluctuates and so do exchange rates — but that was a critical moment, and we had to be fiscally responsible about it.” The solution: reduce tax benefits temporarily to support the subsidy. “The lesson was: have a discussion and show the importance of coming to an agreement according to what that particular situation requires,” she says.

According to Ana Paula, the truckers’ strike taught her the importance of respecting the political process and democratic means of seeking solutions — “these processes are actually far more efficient than some technical professionals realize.” In such moments, “we learn to develop empathy for the other person, to better understand their concerns and to reach good terms,” she says.

She has worked with several outstanding professionals, “a universe of friends,” who were a source of inspiration for taking a more empathetic path. Paulo Hartung, an economist, former mayor of Vitória and former governor of Espírito Santo, was one of the first. “I learned two very important things from him. First was communication: we economists are more reserved when it comes to speaking. He suggested I use less technical language so that I could communicate better. I have done so for the rest of my career,” she says. The second was to have a natural social concern: “be more aware of the impact of what you do, what you say and how you act, as well as the example you give.”

Positive Impact

This is the legacy she wants to leave, not only to those working with her, but also to her kids. “We live in a world filled with challenges; we need to understand that our actions have an impact, and we must strive to make this impact positive,” she says. For Ana Paula, the concept of the economy is much broader than knowing what’s written in textbooks — it must truly reflect reality. “It’s also understanding that every opinion, every relationship you have with a customer or with the public matters.”

This sense of responsibility made her think long and hard before accepting the position of head of the Treasury Department (the first woman to hold this position) in June 2016 in the midst of a severe economic crisis and the impeachment process of President Dilma Rousseff, “I had many experiences in my career, from following the implementation of the ‘Plano Real’ (a set of measures taken to stabilize the Brazilian economy), which kept hyperinflation under control in the mid-1990s, and the microeconomic reform agenda that followed, to introducing public policy assessments for the state of Espírito Santo’s government. If I had to highlight one of the challenges of my career, it would be when I started at the National Treasury,” she states.

Ana Paula defines her career as that of “a professional under development,” despite her impressive résumé. During mealtimes as a child, she would ask her father, a college professor in Colatina, Espírito Santo, questions about the news. “This childlike curiosity persists to this day; I am always looking for new ground,” she says. Thus, she is open to rethinking and reviewing positions and to keep delving into an issue. In short, to have a constantly evolving career.

In 2019, her thirst for diverse experiences led her to the private sector. Today she is the head of macroeconomics at Banco Santander (Brazil). “One of the greatest motivations for me to be here is that this is one of the most challenging industries in the world today,” she affirms. “Whether it is technology or the services that come in the wake of technology or the competition with new companies arising due to these changes.” Her mission is to more deeply understand where the bank is going and to make a path through these new processes.

Inspiration and Governance

The world is experiencing transformations that are not just the result of technology. Society has changed and this affects leadership — in both private companies and in the public sector. “I see this in my industry and my business sector,” she says. “Business leaders are already different.” Companies today are part of a community, a society. This is the difference. “It’s no longer enough to only talk to your customers. You have to talk to people in a broader way and always with the goal of making a positive impact, because that’s what brings sustainability.”

Then comes the importance of governance. “Leaders have an increasingly broader set of responsibilities. Being a capable and well-informed CEO is no longer enough; you need to be sensitive to political and social issues, to know how to speak within an institution and to your community and to envision this very rapid technological change that has both arrived and is coming.”

Ana Paula is extremely optimistic about the progress of governance. “I was once and still am a corporate board member. This progress is solid,” she says. “Organizations are one step ahead of states and nations. But this very polarized wave will pass and we will have an aggregation as a society. We will establish diversity in company management, as well as concern for the next generations. To me, diversity is this: you work for those who don’t exist yet.”

She believes that, going forward, leaders will be products of their environment. They will be discovered rather than forged. “Those who take into account the collective good will have many more opportunities to stand out as leaders,” she asserts. “The message is: follow your instincts, be faithful to your beliefs and values. Throughout our career, we are tested many times on our beliefs and values.”

In the same way, political leaders should be inspiring. “Not by giving society what it wants but by including people in the quest for a better reality and guiding them to and on a different path than what they see.” This mission has always existed in a certain way. “But inspiring someone today is a very complex task,” she says.

Women in Leadership

In this evolving economic and political world, the economist says she is very interested in observing and learning from women in leadership. “I started paying more attention. I look at global leaders such as German Chancellor Angela Merkel in the establishment of the European Union and, during the pandemic, New Zealand Prime Minister, Jacinda Ardern, who has excelled in fighting COVID-19; and also the president of the European Central Bank and managing director of the International Monetary Fund (IMF; 2011–19), Christine Lagarde. I read their publications and interviews and I follow their trajectory.”

Ana Paula also follows Bill Gates, Microsoft’s co-founder and philanthropist, on social networks. She reads articles written by important columnists, journalists and professionals.

During a professional quarantine period before joining the private sector (a legal obligation for those who have held high positions in the government), Ana Paula enjoyed books such as Atlas Shrugged by Ayn Rand and How Democracies Die by Steven Levitsky and Daniel Ziblatt. Now she is more interested in technical articles. She recharges her energy by traveling with family, watching TV (The Crown, a historical drama about the reign of Queen Elizabeth II) and enjoying a good bottle of wine with her husband.

Always willing to try new things, Ana Paula got a puppy last year. “What a character! Having a dog certainly teaches a different kind of dedication and authenticity,” she reflects. Her family always wanted to have a pet and she now thinks: “Today, I think we’ve been missing out, we should have gotten a dog sooner.” Cooking is another skill she is working on.

Disclaimer: The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Bloomberg.

Bloomberg invited the GETTERS of the financial market in Latin America to share their insightful stories about their careers, their success stories and the challenges they had to face while not only witnessing the development of this fast-paced environment, but actively contributing to its evolution by creating new tools, sharing best practices and inspiring change.