Barbara J. Desoer
President, Bank of America Mortgage,
Home Equity & Insurance Services
Bank of America, Calabasas office
Appointed May 2008
Age: 57
Education: Bachelor’s in mathematics, Mount Holyoke College; M.B.A., University of California, Berkeley
Previous Position: Chief technology and operations officer, Bank of America, 3 years
Current Duties: I lead a home loans business that accounts for more than 20 percent of the U.S. mortgage origination market. I also manage the bank’s home equity business and oversee an insurance services organization that is the world’s largest provider of loan protection products. My team includes the capabilities Bank of America obtained with its acquisition of Countrywide on July 1, 2008.
Goal: Be America’s No. 1 most admired and most trusted home lender and servicer by offering solutions to our customers that enable them to achieve and sustain home ownership.
Challenges: It required a cross-country move, working under intense media and government scrutiny, and regenerating an ailing industry. But I said yes on the spot because I saw an incredible opportunity to make a difference for our customers, for our company and even for the larger economy. I’ve learned through the years that saying yes even when the obstacles seem many is the surest path to success.
What’s Wrong With Banking Now: If recent history has taught us anything, it’s the need to remember some basic childhood lessons: Follow your instincts, not the crowd. And if it sounds too good to be true, it probably is.
What’s Right: Historically low interest rates are creating opportunities for our customers to purchase a new home or to save money on the home they already own.
I Decided to Be a Banker Because: After I graduated from college in 1974, I did insurance underwriting for two years. I enjoyed underwriting but wanted to have more contact with the client; it was frustrating always having to filter my questions through the agents.
Best Career Decision: Staying at Bank of America when it was acquired by NationsBank. I’ve worked on a number of mergers since that time, and it’s easy to let the fear of what might happen paralyze you from doing your job. But I kept an open mind and gave the merger a chance.
If I Were Not a Banker I Would Be: I majored in math in college and wanted to be an actuary. At the time, I was really shy. My dream job was sitting in a cubicle running models. Thank goodness that’s not the path I took.
Best Advice: Ask for feedback and you may have to ask very specifically for negative feedback. I was in my job for seven years before I got my first piece of honest feedback.
What I Do for Fun: Spend time with my family; travel; exercise.
