Talking Points: Robert Peters Washington state president, Bank of America


Bob Peters took over the Washington operations of Bank of America in 2009, just as the bank faced a subprime mortgage crisis tied to its acquisition of troubled Countrywide Financial. Now, Peters is leading a drive to get the bank, which built its dominant local presence through the acquisition of Seafirst Bank in 1983, to take better care of its customers.

EARLY LIFE: I was born and raised near Oakland, California. I grew up admiring Jacques Cousteau and came to the University of Washington in 1979 with a plan to study marine biology. I was on a swimming scholarship and made the Olympic development team that year. I also looked at the University of California, Santa Barbara, but when I saw people carrying surfboards on campus, I thought that was too much of a risk. There would be too many distractions.

FAMILY: My great-grandfather emigrated from Denmark and worked for Bank of America for 35 years starting in 1908. He passed away at 90. As a child, my job when I visited him in Fresno was to go into his closet in the morning, grab his wooden leg, put a sock on the stump, put him on the wheelchair and wheel him out to a card table where he would play pinochle with friends. They were all former customers whom he had worked with through the Great Depression.

CAREER: I realized that marine biology was going to be a hard lifestyle from a family perspective, so I got my undergraduate degree in international studies. In 1985, I joined Seafirst Bank in the mailroom. A year later, I moved into the commercial banking business. Starting at the bottom of the company, I learned the importance of having respect for everyone at the company.

CHALLENGES: When I became president in 2009, those were difficult years for the whole community. I remember that my great-grandfather used to say: “You can’t help everyone, but you help as many people as you possibly can.” The impact [of the recession] on our consumer business was significant, as people lost their jobs and weren’t able to pay their mortgages. Bank of America is doing a lot to help. We’ve modified over 2,400 loans here in Washington.  

LEADERSHIP: In difficult times, people want to have confidence in the organization they are working for. That means clarity and vision, a commitment to do the right thing and to live by values people will be proud of. You also need the conviction to push forward.

ECONOMY: When I look at the business community today, I see corporations that have very strong balance sheets that have the capacity to invest and withstand a recession, but don’t act because they lack the confidence that demand will be there. There is a concern about where tax rates will be and what the spending in Washington, D.C., will be. If there was certainty, there would be movement regardless of what the certainty was.

MARKET SHARE: We have more than a 21 percent share of deposits in Washington state. Our next largest competitor [Wells Fargo Bank] is 11 percent. We are being aggressive on loans today. The first three quarters of 2012, we were at $215 million in new loan origination to small businesses, up about 33 percent from the previous year. We’ve hired about 30 small-business bankers this year and now have a total of 43 in the state working with customers with half a million to five million dollars in revenue. That’s where job creation is going to be greatest and most critical to the economy. We believe there is a good opportunity there, given the pullback there has been from other providers in that segment over the last several years.

GROWTH AREAS: There are three industry clusters that will drive most of the growth in Washington: aerospace, technology and health care. Some of our biggest companies are there, including Boeing and Microsoft and all their suppliers.  

We can help individuals whether they work on a factory floor or run the company and whether their needs are local or global.  We have people in 40 countries who offer all the support you need to operate abroad. We can help milk processing companies hedge their exposure to milk prices. We help hedge natural gas. We can help mitigate interest rate exposure. With respect to consumers, we are committed to offering clarity. We want to make sure that the average person understands what
he or she is getting from us as a financial
services company.  

TECHNOLOGY: We recently moved our [computer] system to our national platform. That allows customers in Washington state to have access to all of the bank’s products and services. We want to make sure our clients can do their banking when and where and how they want.  You can deposit a check or transfer money all from your mobile device. You don’t need to go to a banking center.

EDUCATION: Impacting young people is one of the best investments you can make in life. So I’ve tried to limit my outside endeavors to what we can do to help education. Early in my career, I had a formal mentor who helped me and later, I had many informal mentors. At the Seattle Chamber [he is co-chair of the chamber’s education task force], we want to mobilize our 2,200 company members and their 700,000 employees to be mentors to middle school and high school kids. We want them to be role models—to take kids to the tunnel project and show them why geometry might be relevant for a job they might get. We can help the students create a vision for themselves and a passion for what jobs there might be in the future and why it’s important for them to stay in school.

IMPROVING SEATTLE SCHOOLS: Whether you are a for-profit business, the public sector or the school system, you have to hold people accountable and responsible for improvement. But there are a lot of inputs. It is not easy to determine if a teacher, a principal or a school is necessarily failing. You have to have competent people who understand their roles and responsibilities. And they have to be held accountable.

Have no Fear [and other helpful suggestions from successful women.]

Have no Fear [and other helpful suggestions from successful women.]

How these enterprising women defied the odds and achieved success.
Adriane Brown is comfortable being uncomfortable. Roxie Schescke gains more by letting go. Megan Meade doesn’t believe asking for help is a shortcoming.
These women have used those life lessons in their trajectories to the top of a competitive business world in which women have been characterized as being “everywhere and nowhere.” It’s a male-dominated environment that to this day still preserves a glaring gender gap, widespread discrimination and a lack of diversity.
Brown, Schescke and Meade belong to a growing sisterhood of successful businesswomen who combine creativity and courage to lead fast-growing, multimillion-dollar companies. They are confident, fearless women who ignore the naysayers; ambitious, resourceful women who refuse to take no for an answer; imaginative, innovative women who view the world through a different lens; tenacious, independent women who turn conflicts and rejections into opportunities.
These women break down barriers and define what it means to be leaders in business — and in their communities. They pave the way to the future by mentoring other women and girls.
What most distinguishes them from their male counterparts is a different outlook, an inclusive company culture and a naturally collaborative style. “We are less competitive in our DNA,” says Jeanne Knutzen, founder, owner and CEO of Pace Staffing Network in Bellevue. “Don’t get me wrong. We are very competitive, but we have the mindset of ‘win, win,’ not ‘we win and somebody else loses.’ I’m more competitive for my customers. When they are winning, I’m winning.”
Knutzen started her recruiting, staffing and managed services company in 1975 when double standards were blatantly out in the open. She and her husband had identical balance sheets when they sought bank loans for their separate businesses. He was given carte blanche and she got a few hundred dollars that had to be paid back in 90 days. Today, her company brings in $15 million to $35 million a year. 
Paula Begoun, whose Seattle skin-care-products company Paula’s Choice has earned her the reputation as the Cosmetics Cop, says she found success through a combination of honesty, integrity, hard work and fun. “Work needs to be 50 percent work and 50 percent fun,” she says. “If that gets out of balance, something is wrong with your company’s culture.”
Knutzen and begoun are in fine company, even if they remain a distinct minority. Right now, women business owners account for about a quarter of the country’s Gross Domestic Product. But women are starting businesses at one and a half times the national average — about 1,288 a day — according to a 2015 State of Women-Owned Businesses report commissioned by American Express.
Last year, there were nearly 9.5 million woman-owned firms in the United States — 36 percent of all businesses in the country — and they generated about $1.5 trillion in revenues and employed 8 million people, according to the report. Between 1997 and 2015, when the number of businesses nationwide increased by 51 percent, the report says the number of woman-owned firms increased by 74 percent.
“We are seeing greater interest in the entrepreneurial ambitions of women, and these key factors are collaborating to open doors, increase access, and empower and enable women to succeed,” says Carla Harris, chair of the National Women’s Business Council in a 2015 report on women’s entrepreneurship. Harris predicts the number of woman-owned and woman-led businesses will more than double during the next five years.
That’s not to say it’s an easy road. Schescke, the owner of Indian Eyes in Pasco, endured years of prejudice and discrimination after leaving her Lakota reservation to live in an all-white community with a foster family in Nebraska, and later as a minority businesswoman working in the male-dominated construction-services industry.
Today, her “cradle-to-grave” logistics and facility support company is a prime contractor to the U.S. Department of Energy and holds a top government security clearance. Her firm was called in to provide “life-support services” when Pope Francis visited the United States last year and she was “boots down” as one of the first responders to the cleanup after Hurricane Katrina in 2005. “We were right in the middle of it — snake pits and all,” she says of the project, which lasted six years.
Schescke relies on her Lakota values and attributes much of her success to building a good team and delegating responsibility instead of trying to do it all herself. “That means letting go and then having the resources to support growth,” she says.
For Lee Rhodes, a cancer diagnosis led her to create Glassybaby. When she was going through treatment, she dropped a tea light into a rough-hewn glass vessel and found great comfort in the color and light. She was then inspired to sell her own hand-blown votives. Since 2001, Glassybaby has been a Seattle success story — in spite of critics who question its single-product orientation — and has donated nearly $5 million to more than 300 nonprofits.
Brown, president and COO of Intellectual Ventures in Bellevue, learned at a young age that it’s OK to be uncomfortable. When she was 8 years old growing up in Richmond, Virginia, she and her brother were the first African-American students to attend a formerly all-white school after the state began to end racial segregation. “At first, I was uncomfortable about the whole business of going to this new school,” Brown recalls. But she worked through the discomfort and discovered that people grow when they push themselves. “And it doesn’t feel so uncomfortable anymore,” she notes.
Brown is passionate about encouraging females to pursue education in the fields of science, technology, engineering and mathematics, and she supports STEM programs for girls of all ages.
A global study released this year by the Peterson Institute for International Economics in Washington, D.C., concluded that companies whose executive ranks are at least 30 percent female generate as much as six percentage points more in profits than firms with less robust female representation. 
“If you’re a firm and you’re discriminating against potential female leaders, that means you’re essentially doing a bad job of picking the best leader for your firm,” the study concluded.
Megan Meade, president and CEO of The Pacific Financial Group, a Bellevue boutique investment firm,  jokes that “it’s taken 20 years to become an overnight success.” Meade began as a file clerk in the business her father started in 1984 from their basement. It was hard enough to be a woman in a male-dominated field, but climbing her way up the corporate ladder under the shadow of her father made it even more difficult. She admits she was fired three separate times but learned from those experiences and returned to the company each time wiser and more resilient.
“It’s an endurance test,” she says. “When I was younger, I thought I knew more than I really did. … It was embarrassing but I didn’t dwell on it.”
She learned the hard way the importance of listening to others before jumping to conclusions and that asking for help is not a bad thing.
Those lessons paid off. Today, Pacific Financial is the third-largest investment firm, ranked by number of investors, in the Puget Sound region, with more than 11,000 clients and nearly $1.5 billion in assets under management.
Robin Shapiro, founder of Seattle-based Health Perspectives Group (HPG), and Cheryl Lubbert, president and CEO, have married science and business to create a dynamic duo in the health care industry. They were inspired by the work they did at their former biotech company, Immunex, where Shapiro worked in communications and Lubbert in health care research and marketing.
What started out as a platform for patients to tell their stories has grown into four patient advocacy specialty firms under the HPG umbrella, with a total of $14 million in annual sales. In her spare time, Shapiro, who grew up in a family of entrepreneurs, volunteers on the board of the Innovation and Entrepreneurship Center within the Albers School of Business and Economics at Seattle University.
“Both of us share a philosophy that we have the power to make our lives anything we want them to be,” says Lubbert, a microbiologist turned executive. “It’s about having a sense of fearlessness.’’ 
Her health care firm is not the only thing she has grown. She and her husband turned their Vashon Island pear and apple orchard into a thriving hard cider business called Nashi Orchards.
Tenacity and grit are the traits Rosanna Bowles says have steered her tableware design company, Rosanna, to success. She started her business in her 1920s Seattle bungalow when a 20-foot container filled with her first order of hand-painted Italian ceramics arrived. When she started to unpack the crates — with the help of a sympathetic delivery driver — she discovered wet wood shavings stuck to 10,000 dishes. Dismayed, yet undeterred, she recalls, “I just rolled up my sleeves and started washing them. It was like an I Love Lucy episode.”
In addition to her signature tableware, Bowles created commemorative pieces for Pope Francis’ 2015 visit to the United States and commemorative pieces for the National September 11 Memorial & Museum.
A trait these women share is that they are constantly reinventing themselves and their companies.
Lisa Hufford, founder and CEO of Simplicity Consulting in Kirkland, switched gears to start her own business. A former Microsoft sales director, she found her passion in consulting and helping companies build on-demand sales and marketing teams. Bolstered by high-profile tech clients, including Microsoft and Amazon, Hufford’s company has grown in the past 10 years to $42 million in revenues. It has about 250 employees and a database of more than 5,000 professionals.
She admits, however, that when it comes to work-life balance, there’s no magic solution. “Like most working parents,” she says, “you get good at juggling.”
Brown left a successful 30-year corporate career in the industrial sector for the world of inventions and intellectual property when she took on the COO role at Intellectual Ventures, where one of the most important core values is optimism. She was drawn to the private sector from a desire “to do something different, yet connected to the things I value.”
She was unafraid to leave respected, stable, 100-year-old companies to join a youthful, 10-year-old business that invests in inventions. “The opportunity to be a part of this early concept was something so promising and exciting that I just couldn’t resist,” she says.
Her advice to other women leading or working in companies of any size is “be fearless and surround yourself with a diverse group of people who complement your strengths and shore up your weaknesses.”
And she always comes back to that lesson she learned as a child: It’s OK to be uncomfortable.
“Women should embrace being comfortable while outside their comfort zone,” Brown says. “It’s in these times of discomfort that we can find who we are and what we are capable of achieving. … Fearlessness and the thrill of the challenge make new opportunities, great results and wonderful adventures possible.”