Issue link: https://www.e-digitaleditions.com/i/56065
of its major points seems to be making the loan process transparent for consumers. That's exactly right. We did a lot of customer research to ask, "What's important to you?" And during this time of upheaval in the market, a desire for transparency was top of mind for customers. We offer tangible evidence of our commitment to simplic- ity and transparency, primarily by providing our Clarity Com- mitment at each loan application and again at closing. This is a one-page summary of all the terms, conditions, rates, and fees customers would ever incur. They can go into the transaction understanding the maximum they would ever need to pay for that loan product. We've also revamped the home loans guide on our Web site to enable customers to make informed decisions when buying or refinancing homes. In addition, we've developed simpli- fied communications for other services we offer, such as credit cards, overdraft protection, and new deposit accounts. Today's business students are graduating into an uncertain job market—and those who have majored in finance could face a particularly tough search for employment. How would you advise these students to approach their career paths? Flexibility is the No. 1 priority! I graduated during a reces- sion back in the '70s. I knew my ideal next steps, and I knew my backup plans, and I think I ended up going with the fourth backup plan. In hindsight, it was the best thing that could have happened to me. I would tell students to be optimistic, but realize that they need to be open-minded. At Bank of America, we're still hir- ing, but we might not be hiring for the exact jobs they want. Students might need to take a more circuitous route to get to their end games—they need to take long-term views. Graduates also should really think about the company or the entity they'll be working for, the people who are there, the values that are important to the company. Then, when they take jobs, they should realize that they have an opportunity to help deliver the economy from this reces- sion. They're going to find that more companies are will- ing to embrace new ideas because so many business models need to be reinvented. My final advice to graduates would be to make sure that somebody is always asking about the customer. Don't use old assumptions about consumer behavior. Make sure the company is staying current on knowledge about and insight into customer behavior and is using that as the foundation for any decisions its leadership makes. Upper-Level Textbooks Are As Important To Us As They Are To Our Authors Because That's All We Publish. Visit wohlpublishing.com to learn how we uniquely value and support the authors of upper-level textbooks. You received your MBA from Haas. What parts of your business education have helped you the most? I was attracted to Haas initially because the school had a strong analytical component, particularly in finance, which was a good match for my math background and my process thinking. But Haas also incorporated the case study method and encouraged students to be intellectually curious. And because it took this combined approach, it reinforced some of my strengths and pushed me to be more creative. I learned to balance facts and intuition, or facts and the perspectives of the team, and this has served me very well. How have your goals changed since you began your career? What do you see as your next step? As I've evolved in my career, what's become important is making a difference in the next generation of leaders in this company. I've also found it extremely stimulating to lead a business during a time like this—to lead a business that plays a major role in the housing market and its recovery. It's also been extremely gratifying to lead a merger, to assess the talent we've acquired, and position that talent for success. The timing of this particular situation has been phenomenal. I always say that every opportunity I've had in this com- pany has been better than the last one. Just when I think it can't get any better, it always has. ■ z BizEd MARCH/APRIL 2010 21