In the field of public finance, the presence of women has historically been limited, but there are signs of progress on the horizon. Samantha Costanzo, a former Citi banker, was recently appointed as the head of public finance at Huntington National Bank, making her the fourth woman to hold such a position in the municipal industry. Costanzo acknowledges the challenges that women face in the financial sector, describing it as a “chicken and egg problem.” She has been actively involved in various initiatives aimed at addressing this issue, emphasizing the importance of supporting and mentoring other women in the industry.
Recent reports have shed light on the gender disparities within the finance industry. A study by McKinsey & Company revealed a “leaky pipeline” where women are disproportionately dropping out as they advance in their careers. This gap is further exemplified by the lack of female representation in senior leadership positions. However, there is a glimmer of hope in the form of a “multiplier effect,” where the hiring of women in top roles leads to a significant increase in female representation across the board. Costanzo is actively working to combat this trend by mentoring junior women and paving the way for their advancement in municipal finance.
As a mentor, Costanzo draws from her own experiences and emphasizes the importance of pushing oneself out of their comfort zone to facilitate growth and advancement. She encourages women to seek out opportunities that challenge them and help them progress in their careers. Additionally, she has been a source of support for women navigating the complexities of balancing family life with a demanding career. Costanzo stresses the significance of family leave policies that benefit both men and women, advocating for greater inclusivity and support for working parents.
Despite the uncertainties in the market, Costanzo remains optimistic about the future of public finance. She anticipates a strong year ahead, with opportunities for issuers to tap into the market for new funding. Tax-exempt muni rates have remained stable, offering a sense of stability amidst market fluctuations. As Huntington National Bank continues its work in underwriting deals, Costanzo is focused on driving growth and fostering a supportive environment for women in public finance.
The journey toward gender equality in public finance is ongoing, but with dedicated leaders like Samantha Costanzo at the helm, there is hope for a more inclusive and diverse industry. By breaking down barriers, empowering future leaders, and advocating for meaningful change, women can continue to make significant strides in the field of finance.