Born and raised in Parramatta in the heart of Western Sydney, Julie Elliott did not begin her life with aspirations to be a CEO. In fact, if she had followed the norms of the time, she would have been an air-hostess, due to her height and the appeal of a life of endless travel. Her parents had one expectation and one alone – for Julie to go to University. Despite no one in her family having been to University at that stage, they insisted. What she studied was up to her. In her final year at school, she discovered a passion for mathematics and accounting. This led her to a career commencing with KPMG and then NAB.
Growing up in Parramatta provided Julie with exposure to a diverse range of cultures and a level of groundedness. Coupled with her understanding of the key financial business drivers, this enabled her to build high levels of rapport with business owners. She soon discovered she could help successfully grow their business’, and became the first woman at NAB to run a business banking centre. It is this ability to connect with people that has enabled her to progress her career through NAB ,Westpac and BT, to her current role as CEO of Bank of Sydney.
Within 2 years as CEO, she has reignited the boutique bank, encouraging customers to experience the difference achieving 89% year on year growth in profit after tax for 2014/2015 financial year. For the first time in the bank’s history deposits and loans reached the $1 billion milestone achieved as a result of strong and consistent growth. Year on year deposit and loan growth is 17% and 21.5 % respectively. These results speak little of the hours invested. To this day, she still makes time in her diary each week to meet up with customers and mentor others.
Julie’s leadership style is characterised by its authenticity and ‘firm but fair’ approach. This has been used to optimal effect as the Chair of Boards for State Trustees and Metropolitan Fire and Emergency Services.
Well qualified, she is a Graduate and Fellow of the Australia Institute of Company Directors, has an MBA, is a Fellow of the Australian Institute of Chartered Accountants and the Williamson Community Leadership Program and is a Senior Associate of Finsia. Julie is also a mentor for Women in Banking and Finance.
Who (apart from you) is most surprised by your achievements?
Haha! No one is more surprised than me by my achievements. Like many women, I am my harshest critic and it is others who have seen more in me. I have always seen myself as a kid from the Western Suburbs of Sydney. It has given me a groundedness – a determination to succeed. An authenticity of who I am, but not a presumption of what I could be. I never expected to be a CEO and it was others’ belief in me that encouraged me to go for the role.
One message, I have for ambitious women, is to back yourself and have a go when opportunities arise. Don’t doubt yourself, if others believe you can do it – say yes.
How have women helped shape your success to date?
Early in my career there weren’t a lot of female role models and/or mentors. In fact, it was the women who worked for me who made the greatest impression. I was surprised one day when a female staff member said “I think after watching you, I could do the role you do.” It opened my eyes to the impact I have on others as a mentor and role model.
What is the hardest part of your job?
The hardest part of my job is to maintain a balanced, positive and upbeat manner; even at times when other things may be at play within the organisation, that are very challenging. You can walk out of a tough meeting and into another that is totally unrelated – no matter how angry, disappointed, frustrated and/or saddened you may feel, your emotions from the last meeting must be left at the door. The flow on effect of my emotions on staff is paramount. I very much lead by example and believe the organisation takes its culture from the top. If the leader is positive, so too are staff. That does not mean you make light of difficult situations, in fact to the contrary, you present a well-considered balanced view – ensuring you make the correct impact specifically with those involved.
With my firm but fair approach, I have been referred to as “an iron fist in a velvet glove”. In the banking industry, this approach is a mark of strong leadership for men, however when put into practice by women we are often referred to in not such glowing terms. Nevertheless a CEO role is not about being liked and making popular decisions, it is about making the right decisions in the best interests of: the business, its shareholders, staff and customers.
What advice would you give to someone aspiring to success in your field?
Success in banking and finance is all about relationships. Never succeed at the expense of others. You can afford to help others along the way. I like to give men and women a hand up along the way. With no expectations of give and take, I have found these lifelong relationships have supported my career in many ways. I do believe in a sense of Karma.
It comes as little surprise that her vision for Bank of Sydney is to be Australia’s only true relationship bank.