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CHAPTER EIGHT | A HIGHER PROFILE
Together, Druskin and Bodson focused on shifting DTCC’s culture toward profitability and reinvestment. “This firm is not in a position of profit maximization, unlike a lot of other Wall Street firms that have shareholders or private owners,” Bodson said. “This gives us more latitude to be profitable and reinvest. We can take a long-term view and make the right investments for the firm, our clients and the industry as a whole.” When Donahue announced his retirement, many at the firm believed Bodson was the right man for the job. “When Mike took over, he was a completely different kind of CEO,” said Anthony Portannese, managing director and chief human resources officer. “We’ve been very fortunate to have the right CEO with the right skills and temperament to address the unique issues the firm was handling at the time.”
Below left: When DTCC expanded south, its Tampa, Florida, offices became the firm’s main backup center, housing all of DTCC’s central
High Visibility
As DTCC expanded in the post-recession years, it also began to take a more prominent leadership role in the global financial markets. “In the early years, we wanted to keep DTCC as a hidden gem because we did all of the clearing and settlement for the industry and we didn’t want to make ourselves a target,” said Marie Chinnici-Everitt, managing director, chief marketing officer and regional manager, DTCC Tampa. In late 2012, that viewpoint was shifting. The firm was continuing to branch out and build new products and services to grow domestically, as well as outside of the United States where it had a lower profile.
business functions and 20 percent of its total population.
Below: Along with the Tampa, Florida, offices, DTCC’s Dallas, Texas, facility opened in 2004 without any fanfare to maintain a low presence due to the critical nature of the firm’s activities in supporting market stability and safety.
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