With over 20 years of experience across institutions including Goldman Sachs, Deutsche Bank, and now Head of FX Sales at U.S. Bank, Paula Comings aims to bring a thoughtful and client-focused approach to foreign exchange. In this interview with Traders Magazine, she shares her strategic priorities, insights on how the FX landscape is changing, the impact of the FX Ignite program, and her perspective on mentorship, leadership, and the future of women in finance.

Paula Comings, U.S. Bank

In your current role as Head of FX Sales at U.S. Bank, what are your key priorities, and how do you see the FX landscape evolving for your clients?

My number one priority has always been delivering an exceptional client experience across the product life cycle, from onboarding, to proactive idea generation, to trade pricing and execution, to post trade confirmation and settlement. Throughout the full journey, I advocate for our clients and deliver the resources they need.

Ever since I started a career in foreign exchange, I have observed the evolution of the market as it has become more commoditized in certain respects. But what hasn’t changed is the need for human connections – that is what drives not just FX, but all banking product businesses. Is the FX industry being disrupted by technology and AI? Sure, but in critical ways – like guiding clients on hedging a foreign acquisition or optimal invoicing currencies for a wide-range of foreign vendors – humans drive tremendous value.

You launched FX Ignite during the pandemic. How has that initiative evolved since then, and what impact has it had on client engagement and team performance?

During the pandemic, we surveyed clients on what U.S. Bank FX does well and what we can do better. From there, we launched a sales management and client coverage program called FX Ignite, built on a few pillars, including: 1) How to be a trusted advisor to clients; and 2) How to be a trusted partner to our colleagues.

So much of what we did was intuitive or common sense, but just because you know what “good” looks like, it doesn’t mean you’re always living those values and delivering for your clients and prospects. FX Ignite made our client coverage process more thoughtful, intentional and strategic. We attribute much of our franchise growth since 2020 to FX Ignite.

Fast forward to today, and the program has been rolled out to our large cap and institutional banking teams, as well as to other capital markets groups. The feedback from clients is that they feel we’re even more engaged and focused on helping them realize their goals.

You’ve built an impressive career across Goldman Sachs, Deutsche Bank, and now U.S. Bank. How have those experiences shaped your leadership approach in your current role?

I started in foreign exchange right out of business school. In hindsight, I didn’t know what I didn’t know. I was part of an incredibly technical, intense training program. There was a decent amount of old school Socratic, and public questioning and quizzing. I also received what Ray Dalio would call “radically honest and radically transparent” feedback.

This helped me learn resiliency and mental toughness, which I think has served me well and informs how I coach and lead people. We work in a competitive, constantly evolving business. If you don’t have focus and grit, it could impact how you advocate and deliver for your clients.

What are some of the biggest shifts you’ve seen in how women are represented and supported in finance over the past decade? 

Well, there are more of us, both on the banking side and at the corporations and asset management firms we serve. I know that having women of all ages in finance can help a woman who is 22-years-old see a path forward for herself.

When I was in my mid- and late-twenties, I was fortunate enough to work with a handful of women 15-20 years older than I was, and that helped cement my career aspirations. Now, fortunately, I see more and more situations like that. I’m happy to now be in that “15-20 years older” demographic myself!

You’ve mentored both inside U.S. Bank and externally through Girls with Impact. What themes come up most often when young women seek career advice from you?

I love working with young women and my door is always open. Maybe in my head, I’m still a 26-year-old right out of business school. However, now I feel like a 26-year-old with over 20 years of experience under my belt. I have so much to share about my triumphs and failings – both of which I’ve learned from.

One thing I hear frequently is young women worrying that they’ll be locked into the first job they take out of school. I think for many, this stems from an innate fear of disappointing others. I remind people that a first job doesn’t have to be a “forever” job. Take it two years at a time. And don’t ever apologize for leaving to try something new. If that’s your choice, own it and be proud of yourself for making what may be a tough decision.

For women aspiring to leadership roles in sales, trading, or banking, what skills or mindset shifts are most critical right now?

FX – and other asset classes – are being disrupted at a pace that we haven’t seen before. The disruption is being driven by technological innovation, like AI. So ask oneself, what can I do that a computer can’t?

I firmly believe – or else I wouldn’t be doing this – that we need humans to build trust and foster relationships that can help us realize a client’s business goals.

During our FX Ignite training, a Japanese colleague shared that the Japanese have a concept called omotenashi. This isn’t just about providing exceptional customer service. My colleague described it as anticipating a client’s needs and meeting them before being asked. In other words, serving your clients holistically and proactively. More than ever, this mindset is critical whether you’re a junior in a support role, a client coverage person, or a manager.

What more can institutions do—beyond mentorship programs—to drive real progress in gender equity and inclusion at senior levels?

We’ve come a long way, but there is still more work to do. Managers need to provide high-potential employees with radically honest and radically transparent feedback. Not all managers are good at this, so institutions should train their managers so that they have the necessary tools to deliver this type of feedback to their employees – and develop the next generation.

I say: teach young women what they may not know and then see if they can synthesize those learnings to realize their own growth. Help them know that feedback should be viewed as a gift, not a judgement. You may be amazed by what some can accomplish when they receive actionable, quality feedback. Also, institutions need to acknowledge and celebrate what underrepresented groups can bring to the client experience. Don’t try to shoehorn everyone into the same mold. Celebrate that people have their own experiences and backgrounds that can relate to clients and bring deeper perspectives. With diverse employees serving diverse clients with diverse needs, we can better manifest omotenashi.

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