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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
Considine may have been the new kid on the block, but she was well versed in DTC, having served on its Board of Directors since 1991 representing the New York Clearing House Association. In fact, she was co-chair of the committee to select Jaenike’s replacement. “I thought my co-chair would make a wonderful head of DTC. I spoke to him about it, and he was very interested,” Considine said. His employer was not in favor of him leaving, however, making it difficult for him to do so. Other candidates fell short in Considine’s eyes, as she explained: We had interviewed probably 20 candidates in person. At one point, I said, “I just don’t get it. They don’t seem to understand what’s happening out there, they don’t understand globalization, they don’t understand how critical technology is, and the competition that’s really out there.” I can’t remember who it was that turned and said, “Well, why don’t you interview for the position?” I thought they were being sarcastic. I said, “Ok, I’m sorry. I shouldn’t have said that, but I’m a little frustrated at what we’re finding.” They said, “No. We really mean it.” I went home and I thought about it for the weekend, and I came back and said, “Ok, but I’m going to have to recuse myself from anything now.” When the interview came, I actually switched seats and moved to the interview seat, and I was hired. Considine would face immediate challenges in her new role, both operationally and culturally. As a female executive in a male-dominated industry, Considine would experience bias—sometimes subtle, other times more overt—from her Wall Street peers, but she always pushed back.
JILL M. CONSIDINE: DTC CHAIRMAN AND CEO 1999–2006
Jill Considine may have taken the most circuitous route to the financial world. She studied biochemistry at Bryn Mawr College before joining the research arm of the Red Cross, where she focused on RNA and DNA. Some of the experiments that we did turned out to have some useful benefits in terms of getting unicellular organisms to produce higher-level substances that could be used in drug treatment. Considine eventually realized she wanted to work around people instead of in a laboratory. A friend suggested she pursue a job at a bank. Despite her initial misgivings, Considine was hired as a systems programmer at Bankers Trust.
That launched a series of financial roles, including as chairman and CEO of First Women’s Bank, a public company. From there, Considine was asked to become the New York State superintendent of banks, a role she held from 1985 to 1991. Uncomfortable working for a bank that she had once regulated, Considine took a job at American Express Bank, which was chartered in Connecticut but did its banking outside the United States, which exposed her to global financial institutions. Joining the Clearing House Association landed her a seat on The Depository Trust Company (DTC) Board of Directors, where she served six years before becoming chairman and CEO.
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