The women leading investment, banking and the future of financial markets

The financial world is changing. Across investment management, stock exchanges, retirement services and commercial banking, women are increasingly taking the lead at some of the world’s most influential institutions.

While the industry has historically been dominated by men, a new generation of female executives is helping shape its future. Their decisions influence billions of dollars in investments, the development of financial technology and the economic opportunities available to individuals and businesses.

In Part I of Females in Finance, we explored the careers of Abigail Johnson, Jane Fraser, Nadia Calviño and Christine Lagarde. This second edition introduces four more influential women: Jenny Johnson, Adena Friedman, Thasunda Brown Duckett and Gunjan Kedia.

Their stories demonstrate that financial leadership takes many forms, from managing global investment portfolios to operating major stock exchanges and expanding access to financial services.

Jenny Johnson: Building an Investment Empire

Jenny Johnson is the president and chief executive officer of Franklin Templeton, one of the world’s largest global investment management companies. She became CEO in February 2020, following more than three decades at the organisation.

During her career, Johnson held leadership positions across investment management, distribution, technology, operations and wealth management. This experience gave her an understanding of the different components required to operate a global financial institution.

Under her leadership, Franklin Templeton has expanded its investment capabilities through strategic acquisitions and investments, strengthening its presence across both public and private markets. The company reported approximately $1.7 trillion in assets under management in 2026.

Johnson has also been involved in conversations about financial technology, artificial intelligence and digital assets, recognising how innovation is transforming the investment industry.

Her leadership offers an interesting perspective on wealth creation: building an investment business is not simply about managing money, but also about identifying opportunities, understanding risk and adapting to changing markets.

For aspiring female entrepreneurs and investors, Johnson’s career demonstrates the importance of industry knowledge, strategic thinking and long-term commitment.

Adena Friedman: The Woman Behind Nasdaq

Adena Friedman is the chair and chief executive officer of Nasdaq, one of the world’s most recognised financial market operators. She became CEO in January 2017 and was appointed chair of the board in January 2023.

Friedman began her career at Nasdaq as an intern in 1993. Over the following decades, she worked her way through several senior positions, including head of data products, head of corporate strategy, chief financial officer and president.

Between 2011 and 2014, she also served as chief financial officer and managing director of The Carlyle Group, a global alternative investment manager.

Her leadership has coincided with Nasdaq’s transformation from a traditional stock exchange into a broader financial technology and market infrastructure company.

Today, Nasdaq provides trading, market technology, financial data and regulatory technology services. Its platforms support financial markets and institutions around the world.

Friedman’s career is particularly interesting because it demonstrates how financial markets are evolving beyond traditional stock trading. Technology, cybersecurity, data analytics and artificial intelligence are becoming increasingly important to the infrastructure of global finance.

Her journey from intern to CEO also illustrates the opportunities that can emerge through professional development, experience and long-term ambition.

Thasunda Brown Duckett: Making Financial Security Accessible

Thasunda Brown Duckett is the president and chief executive officer of TIAA, a financial services organisation specialising in retirement solutions and investment services. She took over the position in 2021.

Before joining TIAA, Duckett spent 17 years at JPMorgan Chase, where she held several senior executive positions, including CEO of its Consumer Bank and Auto Finance businesses. Earlier in her career, she worked at Fannie Mae, focusing on emerging markets.

Duckett’s leadership is particularly connected to financial inclusion and retirement security. TIAA serves millions of individuals and thousands of institutions, with a long-standing focus on helping people prepare financially for retirement.

Her work highlights an important dimension of finance that is sometimes overlooked: financial institutions do not only serve wealthy investors and large corporations. They also influence the financial security of ordinary households, employees and future retirees.

Access to financial education, retirement planning and investment opportunities can have a significant impact on people’s long-term economic independence.

Duckett’s career demonstrates how financial leadership can combine commercial strategy with a broader mission of expanding financial opportunity.

She also serves on the board of Nike, bringing experience from the financial sector into another major global business.

Gunjan Kedia: Leading American Banking

Gunjan Kedia is the chairman and chief executive officer of U.S. Bancorp, the parent company of U.S. Bank, one of America’s largest commercial banking groups.

She became CEO in April 2025 and was appointed chairman in 2026. With approximately three decades of experience in financial services, Kedia has built an international career across banking, consulting and investment services.

Before joining U.S. Bancorp in 2016, she held senior positions at State Street and BNY Mellon. She also worked as a partner at McKinsey & Company, where she focused on financial services.

Kedia studied engineering at the Delhi School of Engineering before earning an MBA with distinction from Carnegie Mellon University.

Her career reflects the increasingly interconnected nature of modern finance. Commercial banking, wealth management, payment systems and institutional investment services all require sophisticated technology, risk management and strategic planning.

As CEO, Kedia oversees a major financial institution serving consumers, businesses and institutional clients. Her appointment as chairman also places her in a central position in the organisation’s corporate governance and long-term direction.

Her professional journey illustrates that leadership in finance does not necessarily begin with a traditional economics or finance degree. Technical education, analytical thinking and management experience can also provide a foundation for a successful financial career.

The Future Belongs in Finance

Jenny Johnson, Adena Friedman, Thasunda Brown Duckett and Gunjan Kedia operate in different areas of the financial industry, but their careers share an important characteristic: each holds a position where strategic decisions influence businesses, investors and individuals on a significant scale.

From investment management and stock exchanges to retirement planning and commercial banking, their leadership demonstrates the breadth of opportunities available within finance.

However, representation at the top should not obscure the challenges that remain. Women continue to face barriers in accessing senior leadership positions, investment opportunities and financial networks. Greater representation requires more than individual success stories; it also requires institutions that create opportunities for future generations.

For young women interested in business, economics or entrepreneurship, these four careers offer different perspectives on what financial leadership can look like.

Understanding money, investing and financial markets is not exclusively a professional skill. It is a foundation for independence, opportunity and informed decision-making.

The future of finance will be shaped by those who understand capital, embrace innovation and have the ambition to lead. These four women demonstrate that women are already playing a significant role in that future.