Women in Finance: Beatriz Sanchez describes her work in the finance industry & shares advice on how to build a purpose-driven career

What does it take to build a lifelong career in the finance industry while staying grounded in purpose, inclusion, and social impact? In this insightful conversation with Beatriz Sanchez, a distinguished banker, board member, and philanthropist, we delve into the dynamic life and legacy of a woman who helped shape the modern financial services industry. Sanchez, renowned for her leadership across institutions like HSBC, Goldman Sachs, and most recently as Chair of the Americas and Executive Board Member at Julius Baer, has achieved a remarkable balance of strategic insight, cultural fluency, and human-centered leadership.

In this interview, Sanchez shares reflections on a 40-year career that has spanned continents and financial eras, shedding light on the evolving values of the industry—from pure performance metrics to a deeper emphasis on diversity, responsibility, and long-term purpose. Central to the discussion are her views on persuasion, leadership, mentorship, institutional culture, and why finance remains a powerful platform for positive systemic change. As Sanchez eloquently puts it, “You are your own brand. So, define that brand,” emphasizing the power of self-awareness and agency in shaping one’s path.

The conversation also takes a personal turn as Sanchez recounts early career challenges, being the only woman in the room, and how risk-taking and resilience helped propel her forward. She highlights the importance of community, curiosity, and courage, sharing, “Everything that challenges you helps you grow.” This dual focus on professional evolution and personal insight provides a compelling portrait of what drives Sanchez—and the legacy she hopes to pass on.

In summary, this interview offers a unique blend of professional wisdom, personal reflection, and forward-looking perspective, offering invaluable insights for young professionals, seasoned leaders, and anyone seeking to align ambition with impact. Through her story, Sanchez inspires us to lead with both conviction and compassion.

Listen to Podcast Ep. 10

Interview by Sorina I. Crisan – Matthey de l’Endroit, PhD

Q1. What drew you to the financial services industry and was it something you always aspired to?

Answer: I never intended to go into the financial services industry. I thought I was going to be a doctor. But over time, I realized it wasn’t truly what I wanted. It took confronting what I enjoyed—and what I didn’t—to understand that studying medicine was more about fulfilling my parents dream rather than my own. Through various contacts and life’s unexpected turns, I was exposed to the world of banking, and that’s where I found my focus, starting my career in the early 1980s in New York City.

Q2. Over the course of your career in finance, what are the most significant changes you’ve witnessed in the industry?

Answer: After graduate school, I moved to New York from Miami, where I was raised. I never imagined that 44 years later, I’d be closing out my career in Zurich, having worked for some of the most respected financial institutions in the world—HSBC, Goldman Sachs, and finally Julius Baer, where I was a member of the executive board.

It’s been an incredible journey, which I have enjoyed tremendously. I’ve had the opportunity to work with brilliant people and witness massive changes in the industry. For example, technology has transformed just about everything. The globalization of financial services has expanded our geographic footprint and reach. Regulations and compliance—especially around anti-money laundering—have reshaped strategy and behavior with respect to how we do business around the world. Fiduciary responsibility has become central. And all these changes have been not just necessary but welcome.

Q3. What has changed most for women—and for diversity more broadly—in the industry since you began?

Answer: I believe there’s so much more diversity in the financial workforce today. I remember when I started in the early eighties, I was often the only woman in the room—and that was uncomfortable.

The lack of female role models was a real challenge. I think today, even though we’re not yet where we should be, we do have far more role models. There’s also much greater diversity—not just in terms of gender, which is important—but also in terms of race, of perspectives, and of cultural backgrounds and affinities.

And I think that adds a richness to the industry that simply wasn’t there 40 years ago.

Q4. Has the purpose of the financial industry changed over time? How does that shift impact the kind of talent the sector attracts?

Answer: We are much more purpose-driven today than we were when I started my career.

Social responsibility is very important—and it’s not just a box-ticking exercise. If we in the financial services industry want to be an employer of choice, if we want to attract young people with passion, with vision, with a sense of commitment—to society, to their communities, to themselves, and to the planet—then we need to do this. And this isn’t just a nice thing to do, but it also makes good business sense.

Today, there’s much more focus on purpose, on social responsibility, and on philanthropy as part of the work we do.

So, I think overall, it’s been a fantastic ride. And I truly believe the industry today is much more interesting, diverse, and complex. For someone coming in and exploring whether it’s a good fit, it’s also much more exciting.

Q5. What do you believe makes a career in banking meaningful and impactful?

Answer: I’ve loved my career and the path I chose for the last 40-some years. I truly believe banks are powerful catalysts—and therefore offer meaningful career paths.

Banks provide financial security. They provide economic stability. They promote economic growth, because they extend credit to individuals and corporations, allowing them to invest—whether it’s in buying a home or building a business—and that, in turn, creates jobs and drives growth.

Banks also play a key role in implementing monetary policy. Across the world, they help control the flow of money and support broader economic health. And they contribute to community development. Many banks today are deeply engaged in their communities—they facilitate savings, they enable investments, and they guide people in making financial decisions.

Whether you’re just starting out with a simple savings account or you’re managing a complex family office, banks meet people where they are. They provide liquidity to the system. They keep payment systems running. And they help markets function smoothly.

Just think back to the 2008 financial crisis—when banks stopped providing those services, economies around the world suffered. So I believe it’s a center of economic power—of growth, development, and of creating opportunities for individuals.

Q6. Much of your career focused on private wealth management. What makes that area so compelling to you?

Answer: I dedicated most of my career to private wealth, and I’ve always found that very exciting because you’re dealing directly with decision-makers. You’re working with individuals or family groups who have created wealth, who have built legacies that made a difference. While some wealth is inherited, it has to be created before it can be inherited.

Through private wealth, you work with very interesting, global individuals who have diverse needs, and the way you can service them truly runs the gamut—360 degrees. It can range from handling their corporate needs, financing needs, and liquidity needs to advising them on how to sell their company, what to do with the liquidity once the sale is done, how to manage risk versus reward, and how to look at family governance and succession. You help bring the next generation into the picture, offer succession advice, and provide tax guidance to preserve their legacy.

What’s particularly exciting is that many female clients or female members of families are often the first to take the lead in these areas. While men may focus more on how to preserve and grow capital, women often ask: “What legacy do we want to leave with this wealth and the luck we’ve had?” The philanthropic approach—setting up foundations, measuring projects, and creating a sense of responsibility and education for the second or third generation—is an incredibly rewarding aspect of wealth management.

That’s why wealth management is so interesting. It’s a blend of investments, advice, lending, and corporate advice. It can be as complex or as simple as the family or client in front of you, and your ability to guide them with confidence and persuasive dialogue, which we’ll get into later. Overall, it’s a very exciting field to be in.

Q7. For students or recent graduates considering a career in banking, what kinds of roles should they be looking at beyond the traditional image of a banker?

Answer: I think sometimes people have a narrow view of what it means to work in a bank. Indeed, there are traditional roles like bankers, credit and lending professionals, research, advising, and trading. However, there are so many other career paths within a bank that may not be immediately obvious.

Today, banks are essentially technology hubs. We need technology to grow, to service our markets and clients, and to stay competitive. Anyone interested in technology, artificial intelligence, software, or programming is absolutely necessary for banks today.

Additionally, as we expand geographically, different language skills and cultural knowledge are also very important across various areas of banking.

Many banks have Foundations. For instance, Julius Baer has a Foundation that is celebrating its 60 years of operations this year and it is one of the longest-running corporate foundations in Switzerland. If you’re interested in making an impact, that could be a great opportunity. I know other banks have similar foundations as well.

Careers in human resources, coaching, and education are also essential in banking. Banks are continuously educating and updating their teams, so if you enjoy teaching or empowering others—whether it’s in financial services or financial literacy—there are opportunities in HR and wellness. Today, empathy is crucial, and it’s important to create a supportive environment for employees, particularly if they’re under pressure or experiencing burnout.

As I mentioned earlier, research and financial analysis are key areas as well. And, in some banks, you might even find kitchens and restaurants—so there are even roles related to food and hospitality in certain organizations.

I don’t want to sound superficial, but my message is to stay curious and be challenged. There are so many new and exciting roles in banks today. It’s worth taking a look and asking yourself: What are my skills? What do I enjoy doing? And how can I position myself within a financial organization to contribute to economic growth and support financial markets and individuals in the future?

Q8. You’ve worked at institutions like HSBC, Goldman Sachs, and Julius Baer. What advice would you give about choosing the right organization to work for?

Answer: One of the most important things to consider when choosing an organization is culture. That was true for me—each of the firms I worked for had a very distinct culture. I spent many years at HSBC, many years at Goldman Sachs, and then my last seven at Julius Baer. The cultures of these organizations are very different, and each one has cultural aspects that may resonate with you more than others.

So, when you’re looking at what type of organization you really want to be a part of, it has to be a good fit for both sides—the organization and the employee. So, consider the culture: What is the culture of this organization? Do I fit in? What is their purpose and their priorities? How do they handle human communication? How inclusive are they? How many women are in senior management? How open and transparent are they? And is it a flat or hierarchical organization?

I think all of these questions are crucial because you’re going to spend a lot of time in a corporate environment. Finance and banking are not nine-to-five jobs if you’re looking for a true career. So, make sure you’re willing to spend those long hours, because life is always a trade-off. Ensure that the trade-off brings you benefits.

Q9. Earlier in our conversation, you’ve spoken about the importance of persuasion in leadership. What does a persuasive mindset mean to you—and how has it shaped your own career?

Answer: Sorina, I know that you are a strong advocate for and believe in the power of a persuasive mindset. That’s the name of your podcast, which is why I was drawn to it in the first place—after studying your work and understanding what you're hoping to achieve, which I think is fantastic through this platform.

One of the reasons we’ve connected is because I do believe a persuasive mindset is absolutely necessary for success and in everything we do. Success as individuals, as mothers, as fathers, as employees, and simply as human beings. Persuasion needs to be a part of everything because that is how we convince, how we motivate, how we grow, and how we get others to join us on our path.

If I look at my role as a leader throughout my career, I don’t think I could have achieved what I’ve achieved without persuasion as a mindset, to quote you. I believe that for persuasion to be successful, one needs three critical things:

1.     Credibility — People need to trust you.

2.     Emotional connection — You need to connect with the people you’re persuading, but also with the message you're conveying.

3.     Logical reasoning — Your message needs to make sense. You need to know your audience and be able to explain what’s in it for them.

If you believe that my vision, mission, or ideas resonate, then what’s in it for you? All of these elements are crucial, and persuasion is absolutely necessary.

What I want to emphasize is that persuasion isn’t just for leaders. It’s not just the person at the top who needs to be persuasive. At every step in your career, you need to hone those skills because that is how you influence, inspire action, and shape openness. Persuasion shapes your career too. It’s vital at every level, not just at the top.

From my perspective as a leader, persuasion inspires and guides to many positive outcomes. It helps with conflict resolution because if you can persuade a team to collaborate effectively and be motivated together, you can lower the pressure that comes with conflict, and it leads to tremendous energy flowing in the same direction.

Persuasion also provides stakeholder support and organizational credibility. These are needed at every level because we all have stakeholders to engage and keep supportive. Moreover, it promotes new ideas and innovation. If I can persuade you that something makes sense, and you believe it and persuade someone else, we become agents of change, which is a crucial role for persuasion.

I believe that having a persuasive mindset transforms someone from just a manager to a transformational leader. Today, this is so important. A manager, for me, is not a leader. A manager ticks the boxes, ensures things are running smoothly, and makes sure people are doing their work. But in today’s complex world, with the need to inspire and motivate in a fast-paced and challenging environment, we need much more: We need to be transformative. And I think this is only possible through persuasion—being transparent about why, being credible, and being respectful and empathetic.

These are absolutely key to success.

Q10. What are the key responsibilities and challenges one faces as a member of the executive board at Julius Baer, and how does one balance strategic oversight with staying connected to the operational side of the business?

Answer: Let me give you an idea of what it’s like being on the executive board of Julius Baer. The first thing to note is that there’s no such thing as a ‘typical’ day. Challenges, opportunities, clients, situations, and decisions come when they come, and you need to face them and deal with them.

Although there really is no typical day, as a member of the executive board of a large financial institution, you have many responsibilities. Obviously, you have responsibility for the region or business you oversee, and you need to ensure that the strategic focus and the tactical execution of initiatives are in place. You also need to make sure that the employees, clients, products, services, and talent are all aligned and available to address the needs of the business.

I’ve always viewed my role as not being a micromanager but as empowering the individuals I work with—the experts in their own regions, countries, or fields. I saw my role as paving the road so smoothly that the people who need to drive down it can do so safely, quickly, and efficiently.

It’s more about coaching than managing or getting into the weeds. Empowerment is important because you can’t do it all yourself. So, it’s really about focusing on clients, focusing on people, and being part of an organization where you need to be a role model. You also need to engage in the decision-making that supports its overall strategy, and answer questions like: Do we want to enter this market or not? ‘How do we deal with this new competitive situation? How do we manage risk? How do we ensure we meet our budget and control costs? —These are all aspects you need to address in a senior role, especially on the executive board, because you’re responsible for the management and wellbeing of the organization.

But I also believe that the role goes beyond just the day-to-day business and strategic focus. It’s also, and I alluded to this before: How can you inspire others? How can you be a role model? How can you take on more than just your official remit? That’s why I’ve always believed in being involved in things I’m passionate about and contributing in other ways. I was honored to be on the board of the Julius Baer Foundation for five years, and I was equally honored to be part of the art committee, helping with the selection and support of our art collection.

Through these activities, you give back, but you also enrich yourself as an individual. When you focus on non-financial aspects—such as purpose-driven initiatives or the more esoteric aspects outside of just financial performance—it contributes to building a strong and holistic organization.

It’s important to be well-rounded and to share that perspective in your day-to-day work. Being accessible at all times is also crucial. It’s only by walking the floors and talking to people that you truly understand how they feel, what their needs are, and what challenges they face. Senior leaders, especially board members, can sometimes become disconnected in their ivory tower, so it’s essential to spend time where the challenges are—whether that’s with colleagues early in their careers, developing markets, dealing with clients, or creating products. Only then can you really facilitate their success, ensuring that the path is clear and the road is as smooth as possible, free of potholes.

Q11. You have been deeply involved with the Julius Baer Foundation. Can you share its mission and the kind of impact it is making on the ground?

Answer: The core purpose of the Julius Baer Foundation is to help minimize wealth inequality. And I think it’s important to recognize that wealth inequality isn’t just about money—it’s about the many levers that influence opportunity. It can be shaped by access—or lack of access—to education, by environmental challenges, by the strength of local communities, and by the presence of innovation. Real, sustainable change needs to be multidimensional.

To make a lasting impact, it’s not enough to provide aid or even education alone. You need to create long-term economic opportunities, and just as importantly, you need to ensure that the communities receiving support feel genuine ownership and benefit from that investment over time.

At the Julius Baer Foundation, we look for projects—primarily in places like Africa, Latin America, Asia, and India—that activate these different levers and have the potential to impact as many lives as possible.

One project that’s especially close to my heart is in Latin America, specifically in Brazil. We’ve been working with an incredible organization called Fa.Vela, which was founded by two young individuals from one of the largest favelas in Belo Horizonte. Their story is inspiring—they grew up in that community, worked hard, and both gained their university degrees abroad—one in Lisbon, the other in the Netherlands.

After graduating, they initially went to Mozambique to do community work. But at some point, they asked themselves: Why are we doing this in Mozambique when the same issues exist in our own backyard? So, they returned home and founded Fa.Vela with the mission of empowering marginalized individuals through education and economic opportunity.

About five years ago, the Julius Baer Foundation partnered with them on a digital education initiative aimed at young adults between 17 and 35. The goal was to provide tools—basic digital literacy, software training, and internet skills—to help them grow small businesses, manage their finances, attract clients online, and become self-sustaining entrepreneurs.

The results have been extraordinary. So far, around 750 people have participated directly in the program, and it’s estimated that more than 3,000 lives have been impacted indirectly. I saw this firsthand when I visited the community a few years ago with our chairman. For example, one woman and her partner, who had started out by running a small food stand in the favela, now run a full catering business serving greater Belo Horizonte. They’ve gone from employing two people to seven or eight, creating jobs, income, and a ripple effect of opportunity—not just for themselves, but for the broader community.

It’s these kinds of grassroots transformations that truly move me. And I’m particularly passionate about supporting women in this work.  I’m a big believer that when you support women and help women them realize their dreams and thrive, the community thrives as well.

Q12.  Can you share another project from the Julius Baer Foundation that illustrates the power of grassroots impact?

Answer: An initiative I’d like to highlight is a project we supported in partnership with an NGO called FUNDES, based in Cartagena, Colombia.

They have a philosophy of trying to build communities and create economic opportunities—so eventually, these communities can be self-sustaining. What they’ve done, and what we’ve supported through the Foundation, is working with “cartoneros”—that’s what they call garbage collectors in Cartagena.

They train them on how to collect recyclables in a more effective way, and then they set up an operation where these materials can be sold by weight. On the other side, they bring in companies that operate in the area—like Pepsi Cola and others—to actually purchase that recyclable waste. So all of a sudden, you’ve created economic value. You work, you collect, you measure, and you get paid—because now there’s a market for that.

We’ve also worked with local restaurants and businesses that generate a lot of plastic and other recyclable materials, encouraging them to start sorting their waste into designated containers. That way, these individuals can collect those materials much more easily than digging through trash dumps, and they have access to many more resources.

As a result of all this, we’ve helped build a community around these individuals. Today, they have insurance, social benefits, the opportunity to save, and they can take their children to school.

We’re also supporting the building of community centers where they can gather and connect to create a functioning community that feels like it has a backstop, a social safety net, which they didn’t have before when they were just picking garbage off the streets.

And so I think things like that really add value. This is what I mean when I say a purpose-led organization enriches so much. And it is important when you ask yourself: Where do I want to spend my time?

Q13. How does the Julius Baer Foundation relate to the rest of the bank’s philanthropic or community efforts?

Answer: It’s separate, because the Foundation needs to be an independent entity. And we do not want the Foundation to ever have a conflict of interest with the bank. The Foundation has its own charter, its own purpose. It exists to address and help minimize wealth inequality through the different levers I’ve mentioned, and many more.

Now, within the bank itself, we have community service, and something called “Julius Baer Gives.” That’s within the organization, and it’s for employees. Whether you’re in Hong Kong, Berlin, Zurich, or anywhere else, you can take part in local community service initiatives.

And many times, for instance, when there’s been a hurricane or a tragedy, some of the earthquakes we’ve seen, or other recent natural disasters—we’ll mobilize internally. As employees, as a bank, through “Julius Baer Gives,” we’ll collect donations to support institutions that are directly involved in responding to that specific crisis.

So that type of work is more tactical and reactive, whereas the Foundation’s work is more long-term and strategic. And even though we’re all proud to be part of the Julius Baer family, the Foundation operates independently, although aligning itself with the bank’s purpose.

Q14. Staying with the work Julius Baer does beyond traditional banking—particularly in areas of community impact and cultural engagement—I’ve heard the bank has an impressive art collection. Can you tell us more about that and why it matters?

Answer: Back in 1981, Hans Baer, one of the Baer family members, donated a large part of the family’s collection to the bank. He did so with a very clear message and set of instructions: to promote Swiss art.

And what we’ve done over the years is just that: Support and promote young Swiss artists and the broader ecosystem of art in Switzerland. What we try to do is find artists at the early stages of their careers, follow their journeys, understand what makes them unique, what sets them apart, and then support them, not just at the beginning, but as they evolve. As they develop, grow, and hopefully become successful artists.

Of course, there’s a risk involved in that. Not every young artist ends up having the path to success, even if the promise is there. But we truly believe that Swiss art needs to be nurtured and supported, because art is such an essential part of who we are as a society. I really believe it’s the voice of the soul of a society.

And we have so many amazing young artists here in Switzerland. Personally, I love covering my walls with their work. I’m passionate about it. And if you’re interested, follow the Julius Baer Art Collection on Instagram. You’ll get a real sense of the kind of quality we have in the collection, which today includes over 5,000 pieces.

We believe art should be part of our daily experience and our daily dialogue. That’s why you’ll find the Julius Baer collection not only in our hallways and offices, but also in client rooms across all of our offices around the world.

Q15. As we come toward the end of our conversation, I’d like to bring the focus back to career development. For a younger professional or student curious about this industry, it might be helpful to hear: how did you first get your start in finance and what kind of role gave you your initial entry point?

Answer: My first job was as a credit analyst. I went through a credit training program, which was the kind of internship you did at the time. Since my job focused on credit analysis, I learned all about balance sheets, P&Ls, how to analyze cash flows, what makes a company strong or not a good credit risk, etc.

And it was “slave” labor because you basically started around seven in the morning and went home at about eleven at night. Then the next day, you were expected to be fresh, clear, and energized to keep analyzing balance sheets. So, not necessarily an exciting or fun first job, but it was a great way to learn, to build a foundation, and to make connections.

From there, I moved into being a credit analyst at the leasing company of a bank—one that’s been bought and bought again over the years, as part of the consolidation of the financial industry over the last four decades. But back then, it was called Manufacturers Hanover Trust, and they had one of the largest leasing companies.

So after my training, I joined the project finance group of Manufacturers Hanover Leasing, where I had to analyze the business case for companies. At that point in time, it was mostly suppliers of oil rig equipment to Pemex in Mexico. I became an expert on oil rigs and the cash flows involved in providing deep-sea and shallow-sea drilling services to the national oil company. Our clients were independent contractors, etc., and we would buy and lease back the equipment to them under contract.

So, I got to know the oil industry and I also got my very first business trip to Mexico, to the oil patch. I was probably 23 and a half, and I felt like a fish out of water. It was a very interesting experience.

I think that in life, everything you learn and everything that challenges you helps you grow — and is therefore a good experience to have.

Q16. What advice would you give to someone who’s inspired by your journey and hopes to follow a similar path in finance?

Answer: I would advise to start by understanding who you are and know that who you are will change with time. So today: What are you passionate about? What do you like? What really motivates you? You may not have it all down, but you know yourself at this point enough to know: I like this, I don’t like this, I’m not sure, but I’m willing to try. So, first, come from a place of self-awareness.

Second, come from an understanding that you don’t know everything. As a matter of fact, you know very little. And so: listen, ask, learn, be a risk taker. Understand that opportunities come when you take calculated risks and when you put yourself out there.

Third, as I mentioned earlier, understand the culture of the company that you are interviewing with. Make sure that culture is one that you can live with, that you can enjoy, and that enriches you, and that you’re also a fit for that culture.

Fourth, talk to people. Network. That is so important. Networking is absolutely key, because sometimes it’s who you know.

Fifth, look for advocates and mentors. They’re not the same thing. A mentor is someone who is going to give you advice, who’s going to guide you, who is going to be able to brainstorm with you on your doubts, your questions, your insecurities, et cetera. An advocate is someone who is going to know someone who knows someone, who’s going to tell them what you know—and who is going to promote you into a position, or a job, or an opportunity.

And sixth, realize that you are your own little company. You are your own brand. So, define that brand. Be your marketing department, be your accounting department, be your purchasing department. But also make sure to have a board of directors that, at each stage of your career, will bring you different skill sets, will bring you different advice. And it doesn’t have to be ten people—it could be one, it could be two—and it’ll change as your career develops.

Network. Ask for advice. Listen. Take risks. And enjoy. Because life without enjoyment, without laughter, without fulfillment… is really a shame.

Thank you for reading.

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#WomenInFinance #Leadership #ImpactInvesting #FinanceWithPurpose #Career #Advice

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Beatriz Sanchez

Board Member, Investor, and Philanthropist

She most recently served as Chair of the Americas at Bank Julius Baer & Co. Ltd. until her retirement in December 2024 | Switzerland

*Note: This interview was recorded on March 18, 2025, and has been edited for clarity, ease of readability, and length.

**Illustrations: The profile and main cover photos shown in this interview were made available by Ms. Beatriz Sanchez.