{"id":4645,"date":"2019-05-09T17:25:59","date_gmt":"2019-05-09T17:25:59","guid":{"rendered":"http:\/\/blog.wabash.edu\/magazine\/?p=4645"},"modified":"2023-05-24T17:56:13","modified_gmt":"2023-05-24T17:56:13","slug":"the-job-at-hand","status":"publish","type":"post","link":"https:\/\/blog.wabash.edu\/magazine\/2019\/05\/09\/the-job-at-hand\/","title":{"rendered":"Doug Petno \u201987: The Job at Hand"},"content":{"rendered":"

Doug Petno \u201987 brings a team-building strategy and the lessons of biology professor Tom Cole \u201958 to his role as CEO of commercial banking for one of the nation\u2019s largest financial institutions.<\/em><\/h3>\n

by Richard Paige<\/em>
\n Photos by Kim Johnson<\/em><\/p>\n

They are everywhere and all the same. <\/strong>The men in blue pants, white shirt, and tie, the women in business suits. Coffee in one hand. And ear buds. Everyone has ear buds.<\/p>\n

Thousands crowd the streets and deli lines, a blur of navy and white. Millennials trying to make it in the financial industry in New York City. Some might be fortunate to enter the doors of the midtown headquarters of JPMorgan Chase. Others disappear in the hustle up 48th Street.<\/p>\n

Doug Petno \u201987 remembers well his first day in New York City wearing his only suit and shoes so small they hurt his feet. The building was Manufacturers Hanover then.<\/p>\n

Oh, my God, how did I get here? <\/em>he thought to himself in 1989, lucky to have a job but feeling overwhelmed by the city.<\/p>\n

\u201cI was trying to get by in a little apartment in Queens that was a pretty scary place to live at the time.\u201d<\/p>\n

Today, Petno makes his way through the same familiar streets. Only now he carries the responsibilities of Chief Executive Officer of Commercial Banking. The business that Petno leads provides banking and financial services to businesses, institutions, governments, and real estate investors. He sits on the firm\u2019s operating committee, reporting directly to chairman and CEO Jamie Dimon. Twenty-nine years and counting and he brings the same mindset that got him in those front doors on day one.<\/p>\n

\u201cI\u2019m focused on the job at hand,\u201d he says. \u201cI want to do the best I can and build a team around me to help make a difference. It\u2019s not just me, like it was when I started. I have to cultivate a team that will make the most of this business and serve and protect our clients.\u201d<\/p>\n

 <\/p>\n

CEO is a nice title<\/strong> for the biology major who had his sights set on being a veterinarian when he started at Wabash. The skills he picked up in classes like physics, organic chemistry, and ecology serve him well in JPMorgan Chase\u2019s operating committee boardroom<\/p>\n

\u201cI was certainly grounded in being inquisitive and analytical, quantitative and qualitative,\u201d he explains.<\/p>\n

\u201cThe critical thinking and judgment behind the decisions I make today are muscles I developed at Wabash. In banking, you have to tear something apart to understand what makes it tick. Valuing a business\u2014digging through layers to understand the health and wellness of a company\u2014that is the core of what we do.\u201d<\/p>\n

Though he believes he would have loved being a vet, Petno discovered after doing some job shadowing that a life in health care\u00a0didn\u2019t resonate. He shifted gears and landed internships with telephone utility GTE and Indiana National Bank. The internships allowed him \u201cto see moving parts and the mechanics of a company,\u201d says Petno. \u201cI had real responsibilities, saw the team dynamic, and felt that I had an aptitude for it.\u201d<\/p>\n

After Wabash, Petno turned down a full-time job and went straight to the MBA program at the University of Rochester. It proved to be a great pairing for the bio major and varsity soccer player. He was lured by a quantitative finance emphasis and a possible Wall Street landing spot, but he also appreciated the competition, camaraderie, and results.<\/p>\n

\u201cInvestment banking is dynamic and global\u2014 you get to work with brilliant people and compete for the most coveted transactions as a team, and the outcome is very visible and tangible,\u201d says Petno. \u201cYou either win or lose. I liked all of that.\u201d<\/p>\n

Despite not having a background in the energy sector, he was plucked fresh out of Rochester into an analyst program with J.P. Morgan\u2019s oil and gas group.<\/p>\n

\u201cHe liked me,\u201d Petno says of his interviewer. It turned out to be a good match. Petno liked the people. He could relate to the Midwest feel of clients in Colorado, Texas, and Louisiana.<\/p>\n

He garnered more experience and became global head of J.P. Morgan\u2019s Natural Resources Investment Banking Group. He moved over to commercial banking in 2010 as chief operating officer, rising to CEO in 2012. Under his leadership, the business expanded significantly into new markets and built a specialized industries model to cater to clients in industries like technology, life sciences, and government banking.<\/p>\n

Petno credits a little luck and a bit of serendipity when talking about his rise to the executive floor. He speaks of mentors like investment banking legend James B. Lee and Dimon, known for their impeccable timing and judgment.<\/p>\n

\u201cI learned to observe the people and types of behavior I admire and embrace it, building it into my own style,\u201d he says. \u201cPeople took chances on me, including Jamie when he gave me this job. I had no track record, but was determined to prove myself.\u201d<\/p>\n

With more than 250,000 employees<\/strong> at JPMorgan Chase, strong leadership is essential. Petno insists that a servant-leadership philosophy is a must\u2014leaders need to be a servant first and prioritize people and community.<\/p>\n

\u201cDon\u2019t ask people to do what you wouldn\u2019t,\u201d he says. \u201cWhether it\u2019s making tough decisions about talent and people, a debate about work ethic, or how you perpetuate the culture, we always say, \u2018No matter who you are, you are a leader in some way. Somebody is looking up to you\u2014the receptionist out front, the security guard, a junior-level employee. There is always a leadership obligation.\u2019\u201d<\/p>\n

That\u2019s in the forefront of Petno\u2019s mind as he heads the commercial banking business. He has tried to create a culture where people can speak freely and honestly. He strives to be ahead of the curve.<\/p>\n

\u201cWhen our team gets together, we spend very little time on what\u2019s going well and we shine a bright light on everything that\u2019s not,\u201d he says. \u201cWe address head-on the five things we need to be worried about, as well as emerging issues. We celebrate, have fun, and are proud of our accomplishments, but our management time is spent on our toughest situations, our biggest concerns and problems.\u201d<\/p>\n

With 10,000-plus employees in commercial banking, offices in 90 countries worldwide, and millions of clients served, he values relationships.<\/p>\n

\u201cI\u2019m most proud of the team, the people, and the small part I\u2019ve played in others being successful,\u201d Petno says. \u201cIt makes a huge difference. We are entirely a people business.\u201d<\/p>\n

Away from the bank, Petno shares his time with two organizations he values. He is a global board member of The Nature Conservancy and is vice chair of NatureVest\u2019s advisory board, a conservation investing group, which allows him to draw on the lessons learned in Waugh Hall from professors Tom Cole, Les Hearson, and others.<\/p>\n

With views of the Chrysler Building and Central Park now as close as the boardroom windows, Petno says he still feels that sense of wonder he had as a young man walking down 48th Street in ill-fitting shoes: \u201cThere is never a day where I take it for granted.\u201d<\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n


\nThe Grit to Lead
\n<\/strong>As the Class of 2019 steps into the world searching for that first job, WM <\/em>asked Doug Petno \u201987 to talk about what he looks for in candidates for jobs at JPMorgan Chase:<\/p>\n

\u2022 \u201cGrit. Curiosity. Passion and genuine interest. We\u2019re looking for those who say, \u2018I\u2019m here because I love finance or markets or the industry,\u2019 not just for the money.\u201d<\/p>\n

\u2022 \u201cBeing genuinely proactive\u2014 you can\u2019t teach that. That\u2019s different than raw intelligence.\u201d<\/p>\n

\u2022 \u201cTo bank with the best companies in the country, you have to have thick skin. You have to be able to dust yourself off. Not everyone can handle that. Everyone knows whether you won or lost. Can you come in the next day and start over?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Doug Petno \u201987 brings a team-building strategy and the lessons of biology professor Tom Cole \u201958 to his role as CEO of commercial banking for one of the nation\u2019s largest financial institutions. […]<\/p>\n","protected":false},"author":16,"featured_media":4646,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-4645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-class-notes"],"w_featured_image_url":"https:\/\/blog.wabash.edu\/magazine\/wp-content\/uploads\/sites\/15\/2019\/05\/0b8a2741-1024x683.jpg","_links":{"self":[{"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/posts\/4645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/comments?post=4645"}],"version-history":[{"count":10,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/posts\/4645\/revisions"}],"predecessor-version":[{"id":4657,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/posts\/4645\/revisions\/4657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/media\/4646"}],"wp:attachment":[{"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/media?parent=4645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/categories?post=4645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.wabash.edu\/magazine\/wp-json\/wp\/v2\/tags?post=4645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}