USAA, which gives insurance coverage, banking and retirement options to army members and veterans, named Jeff Wallace its new CFO on Tuesday. “It is a super honor to affix the USAA workforce,” Wallace mentioned in a press release. “Our mission is inspiring, as are the proficient staff within the Chief Monetary Workplace, and I’m keen to start working with them in serving USAA and our membership.”
Wallace joins San Antonio, Texas-based USAA from Bank of America, the place he most lately served because the CFO of the Shopper Banking and International Wealth and Funding Administration enterprise. Within the function, he led the re-engineering of Bank of America’s monetary methods, forecasting and planning processes. Wallace brings “vital monetary data and management, business expertise and robust advocacy for creating people and groups,” USAA CEO Wayne Peacock mentioned within the launch.
Wallace succeeds former CFO Laura Bishop, who introduced her retirement in February, following almost 20 years at USAA.
“USAA’s mission-driven method to enterprise may be very interesting,” Wallace wrote in an e mail. “Though the pandemic creates distinctive challenges, my expertise main giant finance groups by means of vital market and financial difficulties ought to serve me effectively at USAA.
Wallace’s background in banking and investments has given him “vital expertise streamlining work processes and simplifying group methods, in addition to working with federal regulators,” the corporate mentioned.
He started his profession as vice chairman of finance at Constancy Investments, earlier than serving as CFO of Americas Asset Administration for Deutsche Bank. Later, he moved to the CFO function of the impartial brokerage group inside Wachovia Securities, earlier than touchdown at Bank of America, the place, for 13 years, he served in quite a lot of roles, together with controller, CFO of world know-how and operations, and CFO of world infrastructure.
Wallace additionally brings expertise with range and inclusion efforts; he served as a member of the Company Advisory Board for nonprofit Affiliation of Latino Professionals for America.
Wallace has had a completely digital onboarding, however mentioned USAA’s model, popularity and mission focus “persistently and clearly got here by means of” in his conversations with others within the firm. “I can not inform you how keen I’m to fulfill with everybody in particular person as quickly as I can,” he added.
Certainly one of Wallace’s high priorities within the new function shall be to interact along with his workforce as often as attainable, he wrote. “We’ll leverage video know-how to proceed to foster a way of neighborhood throughout the CFO group.”