Winter 2009 Member eNewsletter

Content

WBC Member Profile The Board - Meet Heidi Solomon

Motivational Topic: Discover secrets to thriving in adversity

Motivational Topic: Share Advice to help workers cope with Economic Woes

WBC November Event -"Ask for it: Women and the Power of Negotiation"

WBC December Event-Holiday Party at NYSE

The Board - Meet Heidi Solomon

By Liz DeMovic

What better way to capture the holiday spirit than by highlighting an inspirational woman whose dedication to her career and our community embody the mission and values of the Women's Bond Club of New York (WBCNY)?

This interview is the first in a series on the WBCNY Board that we hope will inspire our members as each woman shares both professional and personal rewards and dreams.



Heidi Solomon joined the WBCNY five years ago at the suggestion of her friend and mentor, Joan Bader. Almost immediately, and without hesitation, Heidi began hosting a number of events at her employer's Flatiron District location, including the holiday party and philanthropic events. Perhaps it was this selfless and pro-active vigor that prompted Dessa Glasser to recommend Heidi for the Board in 2007. Dessa's opinion was clearly shared by others because Heidi was indeed elected to the WBCNY Board and co-heads the Community Outreach Committee."I enjoy the Committee immensely and only wish I had more time to dedicate to it," said Heidi as she spoke fondly of her team.

As Director and Head of Trading Technology Services at Credit Suisse, it's no surprise that "time" is what Heidi wishes she had more of. As a 20 year veteran in capital markets IT, Heidi began her career at Goldman Sachs, moved to Merrill Lynch, and has spent the last ten years at Credit Suisse. "I had no clue I'd go into IT," Heidi reflected. After receiving her MBA, she worked part time with a professor who developed an integrated spreadsheet and word processor for Tandy. Little did he or Heidi know that Steve Jobs and Bill Gates had the same "vision and intellectual curiosity!" Heidi's interests in IT stemmed from that part time job in the '80's working as a Quality Assurance Tester writing manuals and marketing products.

While Apple and Microsoft stole the limelight from Heidi and her professor, she "learned lessons back then that are still relevant today." "Never trust estimates that developers give. They have no clue even today how long it will take to develop a feature!" Heidi laughed. While some things never change, Heidi does note that over the years the move toward "global is huge." Whereas 20 years ago Wall Street firms focused almost entirely on New York, today at least half of the IT workforce is in Asia and the other half is split between London and New York. "It is so global and 24/7. It affects how everyone works."
Despite the demands of her career, Heidi enjoys the satisfaction she derives from the WBCNY, particularly the Community Outreach Committee. "I get so much out of being a member, constantly drawing on and working with other members who have incredibly demanding day jobs, raising kids, travel frequently, and yet despite all that they still find time for this (the WBCNY)."

Why does she stay involved? "To return the fortune I've had to others," Heidi humbly stated. "There are no 'politics or hidden agendas 'in the WBCNY. I get to be with people I really like. There is no competition. There are no guys to battle." Hallelujah.
The glow of absolute pride in the work her Committee has accomplished lit up Heidi's face as she described the programs they run. Heidi co-chairs the Committee with Karen Goldman, an "inspiring lady" whom Heidi genuinely enjoys partnering with.
The Committee's mission of improving the work life of women of all ages in New York by expanding their connections to financial markets is accomplished through the following programs. Each program is headed by one or more committee members.

• WBC Scholarship Program - Run by Vicki Morgenstein, every year six economically disadvantaged women who are finishing high school are chosen for merit-based college scholarships
• WBC Guiding Star Mentoring Program - Katrin Bruschi ensures that each scholarship winner is paired with a WBC mentor. Monthly calls on various topics (ie. Resume writing, job searches, etc.) occur throughout their college tenure
• WBC Internships - Maria Justo then works with the mentors to help each scholarship winner land summer internships
• WBC Charitable Giving Program - WBC provides philanthropic gifts to select non-profit organizations aligned to its mission:
• Dress for Success - this long-standing program run by Meredith Moss focuses on equipping disadvantaged women to secure jobs by providing interview clothes and job skills training
• Urban Assembly School of Business for Young Women - Meredith identified this school as a potential grant recipient in 2007. WBC is providing the school with a 3-year grant which enables the high school women to (1) take trips to visit colleges, and (2) participate in College Summit, a professional organization that helps the students with the college application process. Additionally, WBC helps the students write their college entrance essays.

Heidi attributes the overall success of the WBCNY to it being the "right size and very focused." "Liz and Lisa get credit for that. Their strategy planning is excellent. We have just the right bandwidth to focus on certain types of firms (capital markets and suppliers) in the New York metropolitan area," she explained.
Not surprisingly, Heidi believes every successful woman should have a mentor. "My mentors have made a very powerful, huge difference in my career and life," she said. "They are my friends." Heidi's gratitude for her mentors goes without question as she spoke highly of each one:

• Leslie Tortora
• Joan Bader
• Phil Cushmaro

When asked about how she would define her own personal success, Heidi offered that she would achieve success by writing a book that everyone else would be interested in and learn from.

Watch the bookshelves of your local bookstore because there's no doubt that Heidi will achieve the title of "author" soon. She admits that squeezing time in during the week to do anything but work is difficult. "The week is 100% work," she explained, and, "I have a great support network at home. Working from home is an option today. We are past the more 'sweatshop' mentality." While she doesn't believe she had to make any monumental sacrifices throughout her career, Heidi admits she'd like to do more entertaining.

Guilty pleasures? Don't expect any of that entertaining to be done on Sunday mornings. Heidi spends 9 a.m. to 12 p.m. in a bath robe with her favorite political television anchors every Sunday. Tom Brokaw, Chris Matthews and whoever is hosting "Meet the Press" are the only guests she'll be entertaining those mornings.
Advice that Heidi wishes to share with all who are still rising in their careers on Wall Street is simply: be flexible, work hard, embrace change, and find a mentor. Great advice from a woman that many who read this will hope to call their "mentor" in the future

It is without a doubt that Heidi and her Committee earned the right to be proud of what they have achieved on behalf of the WBCNY. May their accomplishments live on and bring continued success for women of all ages who benefit from these programs.

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Motivational Topic:

Discover the secrets to thriving during adversity
You're starting a new year. Unfortunately, you're starting it with fewer people to tote the weary load. Or you're starting with employees who are angry because they didn't get the expected year-end bonus. Or you're starting in the midst of corporate upheaval. So you're not starting under the best of circumstances. But that doesn't mean you and your employees can't be just as happy as you were in better days. Here are the secrets to thriving in adversity:

• Decide to be happy. We all know people whose lives are marked by illness, misfortune, and tragedy-yet they seem to have some inner peace that eludes the rest of us. How? Perhaps Abraham Lincoln put it best: "Most people are about as happy as they make up their minds to be."
• Stay in the moment. Yesterday your friends were laid off, your bonus was eliminated, your budget was slashed. Tomorrow you may be in the unemployment line. But today you have jobs, salaries, benefits, and purpose. Instead of looking back with sadness or ahead with anxiety, try to be grateful and to stay focused on doing the best work you can while you're still in a position to do it. Perhaps something you create or some problem you resolve through today's efforts will change tomorrow's fortunes for the better.
• Look outside yourself. One of the most effective ways to stop brooding about our own misfortunes is by trying to lift up someone else. When faced with financial hardship, many people reflexively cut back on volunteering or contributing to charities. But you may find that taking up a common cause will improve morale and reenergize your staff.

Share this advice to help workers cope with economic woes
Things are tough all over. But that doesn't mean workers have to wallow in misery. Help lift their spirits by sharing this advice:

• Develop perspective. Yes, over the past few months, the nation's economy has seemed to be locked in freefall. But many industries are doing just fine. Our nation's political leaders are implementing stimulus packages that should help get things moving in a positive direction. If negative headlines are driving you deeper into depression, ignore them for a few days or even weeks. When reading your local paper, stick to the comics. And instead of tuning in to the cable news channels each night, try spending your evenings watching classic comedies. Focus your attention on accentuating the positive.
• Look around. No matter how dire your individual circumstances, rest assured you are not alone. Someone, somewhere-perhaps in the next cubicle-is struggling as much or more than you are. Instead of focusing on the things you can't change in your own life, look for opportunities to lend a helping hand to someone else.
• Speak up. Remember that misery loves company. Get together with friends and colleagues and share your fears and frustrations with one another. And while you're at it, share ideas for how you can improve your marketability and make yourself feel less vulnerable to shifting economic winds.
• Move on. It's often said that motion fights emotion. So when you notice the dark clouds settling over your mood, ask a friend to join you for a walk around the building or a few minutes of conference room calisthenics.
• Laugh aloud. You know that old saying about laughter being the best medicine? It's true. A recent study by cardiologists at the University of Maryland Medical Center indicates that laughter may help prevent heart disease. So look for any excuse to laugh the economic blues away.

Reprinted from the Motivational Manager, 800.878.5331, www.managementresources.com

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WBC November Event -"Ask for it: Women and the Power of Negotiation"

Hosted by: Bank of America NY Women in Technology and Operations, GCIB Women's Forum and the Women's Bond Club

On November 3, 2008, The Women's Bond Club hosted "Ask for It: Women and the Power of Negotiation". This event was held in conjunction with the Bank of America's NY Women in Technology and Operations, GCIB Women's Forum. This enlightening presentation focused on demystifying the art of negotiating.

Negotiating is viewed by most people as one person or a group of individuals dominating, overpowering -- or even conquering -- an opposing party in order to obtain a desired goal. Given these aggressive connotations, men are more likely than women to negotiate. In fact, they negotiate more often and more successfully than women. This fact has serious implications for women who traditionally do not negotiate to meet their own needs and whose compensation can be seriously affected as a result.

In their groundbreaking book, Women Don't Ask, Linda Babcock and Sara Laschever address why women who can skillfully negotiate on behalf of others often do not negotiate for themselves. The authors have developed an action plan for women that can serve as a guide to developing and continually improving negotiation skills. For example, they advise every woman to seek out an opportunity to ask for something that she'd like each day, whether or not she thinks she can get it. In this way, women can desensitize themselves to the risk of being told "No" and feel more comfortable facing that risk when an important issue is at stake.

The authors' advised concentrating on the issues at stake in a negotiation. They provided guidance on how to present these issues as well as how to set the process in motion so that you obtain most, if not all, of what you want. While the roles women now play in organizations are impressive, often giving them the authority to negotiate, they may not know how to bargain confidently. Today, most negotiations continue to be conducted by men. This may, and often does, make it difficult for women to develop a comfortable and effective negotiating style. Oftentimes, for this very reason, opportunities go unexplored and productivity suffers.

While the gap between men's and women's earnings has been steadily narrowing for the past quarter century, parity has not yet been achieved. The reality is many women do not negotiate salary because they are reluctant to advocate for themselves. Most women simply do not negotiate at all. Women tend to believe their companies will acknowledge and reward their accomplishments and efforts, and they use that as an excuse to avoid negotiating altogether. Rather than use each new opportunity to build their confidence, they tend to let past experiences undermine their ability to advocate for themselves.

By the end of the presentation, the authors had provided us with the following basic guidelines:

• Prepare yourself
• Know what you want to negotiate and the parameters involved
• Practice how you will present the points you intend to negotiate
• Remember - ask anyway even if you're in a situation where a pay increase is unlikely!
• Look for specifics and always follow up.
• Keep an open mind.

This event, and the valuable advice provided to the attendees, exemplified the mission of the Women's Bond Club, founded in 1921, to serve as "... an influential community of women leaders, and aspiring leaders, dedicated to the personal and professional development of women in the financial markets."

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WBC December Event -Holiday Party at the New York Stock Exchange

The Women’s Bond Club 2008 Holiday Party was held at the NYSE on December 16, 2008. Liz Byrnes (Co-President of the Women's Bond Club and Vice President, Goldman Sachs) joined by Linda Lausell Bryant (Executive Director, Inwood House) rang The Closing Bell.



In the spirit of the season of giving, the WBC collected gifts for the Inwood House Maternity Residential Care and Partners in Parenting Program and were very successful in contributing new and gently used maternity clothes, baby clothes and educational toys for children ages 0-3 years old.

Inwood House was established as a Residence in 1830 to help delinquent girls in New York City rebuild their lives. Many were immigrants without families and were sexually exploited. Inwood House provided them a safe home and supportive community, education and employable skills. Today the Residence cares for homeless, pregnant teens in foster care, and Inwood House is internationally recognized as a leader and innovator in youth development, teen pregnancy prevention, and family support. It serves nearly 5,000 young people in New York City and New Jersey.

The turbulent environment in 2008 led to many large-scale corporate holiday parties being canceled. For obvious reasons, the WBC’s holiday event was highly regarded spirit booster and greatly appreciated by all those who attended. The event was an elegant and luxurious opportunity to celebrate, contribute, bond, liaise, eat, drink and network inside what is deemed to be the largest stock exchange in the world as well as a national historic landmark. On the night of the 16th, the only thing that traded on the floor was Wishes for Good Health and Prosperity!!!

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