Show notes
Ep. 44 — A mentee takes up her mentor's mantle and devotes her career to diversity and inclusion in banking / Karen A. Clark, Senior VP and Multicultural Strategies Manager, City National Bank.
When Karen A. Clark got her first management assignment as a young banker at Bank of America in Los Angeles, she was blown away when a senior executive and Chinese immigrant named Regina “Reggie” Chun flew in from San Francisco to take her to lunch.
Chun told Clark that she had a unique opportunity to help other minorities rise in corporate America and she reminded Clark that if a person in her position didn't help them, then who would?
Clark took Chun's rhetorical question to heart and devoted her career to fostering diversity and inclusion in the traditionally white and male-dominated banking industry and financial services sectors.
Today Clark is a Senior Vice-President and Multicultural Strategies Manager at City National Bank in Los Angeles. She and her team are working in overdrive to help minority-owned small businesses get fair access to the federal COVID-19 Paycheck Protection Program (PPP). Clark says the government's flawed rollout of the program has failed to help businesses. [Hear Excerpt Below]
Clark finds her work both rewarding and exhausting but also vital given the rising anti-immigrant sentiment and coronavirus-fueled racism against minorities particularly in the Asian communities and the unequal access to banking services and federal stimulus funds.
"The lack of access for small businesses, through this PPP process, has been horrendous. It's been horrendous. Every day, you can read... We have two people at City National Bank, who capture all of the media stories around PPP and put them out there for us, every day. And there are very, very few good stories,” Clark says. "I think it could have been a little better thought out by the federal government to ensure that there was a tranche and an opportunity and a procedure for these small businesses, those who needed funds. Even under a $100,000, $50,000, $40,000, it should have been a process to ensure that those people have the opportunity to apply. And there wasn’t."
Clark says she owes her success to her parents, especially her father who she says, taught her and trained her to “swim with sharks” from an early age, which positioned her for success both in banking and corporate boardrooms and in the highly male-dominated commercial lending division for the construction industry.
Throughout her banking career, Clark has made time for her other passion, singing, writing, and producing through her entertainment company, The Karen A. Clark Project.
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Chitra Ragavan:
When Karen A. Clark got her first management assignment as a young banker at Bank of America in Los Angeles, she was blown away when a senior executive and Chinese immigrant named Regina Chun flew in from San Francisco just to take her to lunch. Clark never forgot Chun's advice. Indeed, she has devoted her entire career to fostering inclusion and diversity in the banking industry. Hello everyone, I'm Chitra Ragavan, and this is When It Mattered. This episode is brought to you by Goodstory, an advisory firm helping technology startups find their narrative. Joining me now is Karen A. Clark. She's senior vice president and multicultural strategies manager at City National Bank in Los Angeles. Clark is currently working to ensure that minority owned companies in and around Los Angeles get fair access to COVID-19 federal stimulus funds. In her free time, Clark also is a singer, songwriter and producer of her entertainment company, The Karen A. Clark Project. Karen, welcome to the podcast.
Karen A. Clark:
Chitra, thank you so much for having me.
Chitra Ragavan:
You were an Air Force brat. You traveled all over the world with your parents and it was quite a formative experience for you. Tell us about your parents and what that childhood did for you.
Karen A. Clark:
I did travel all over the world with my parents. Both of my parents were from teeny, small towns here in the United States, my mother, Pennsylvania, and my father, Oklahoma. And they both joined the Air Force at age 18. For my mother, that was 1950, and she met my father in the service and they got married. They have four kids. And they fulfilled their dream of traveling the world and having adventures, and they took us right along with them. And I had a wonderful, wonderful, wonderful childhood. I think traveling, especially from a young age, just opens up your eyes to what the possibilities are in the world. And it helps you to understand that, though we face boundaries and obstacles in our life, the world is a huge place. And with some curiosity and a little bit of gumption, you can learn and travel and do so much. And it just makes you ready to be able to meet anyone, to be able to interface with anyone. It makes you comfortable in a multicultural world.
Chitra Ragavan:
Now, it was quite an extraordinary experience, I think, particularly given that your parents weren't extremely wealthy or anything like that. And yet, they gave you kind of the riches of wealth of knowledge and travel.
Karen A. Clark:
They did. They did. So, my mom, she couldn't be active duty with children. So, of course, she stepped down from active duty. She became a reservist, but my father stayed in the service for 20 years and then civil service after that. And he never reached more than the rank of maybe a staff sergeant, which was an enlisted man. So, they didn't have a lot of money. And my mother did not go back to work until I was in junior high school, but they always saved money so that we had a proper summer vacation. We've not flying around on planes, all six of us, but in a car. We'd jump in a car and my father would take us across the country and we'd see relatives and we'd see states in between. And we always stopped in time enough to swim in the motel swimming pool and get take out food from a Big Boy Restaurant or some hamburger stand.
Karen A. Clark:
And it was always so extremely special. My parents always made us feel like we had such a rich, wonderful life, even though we didn't have a whole lot. And I just loved my life growing up and being exposed to so many experiences. I mean, my dad took us skiing in Germany. He took me to see my first jazz concert at the Frankfurt opera house. He took me to see my first musical in San Francisco. He thought it was important that his teenage daughter saw this production of Colored Girls, by the late great Ntozake Shange. I mean, my dad, he just thought it was important for us to have cultural experiences. Even on Sunday afternoon, we would, after dinner, go get scoop of ice cream and ride around in the car and just look at people's yards and look at their lawns. He was just an immersive kind of a father. And my mother, with her free spirit, it was right along with him and they just opened up the world to us.
Chitra Ragavan:
How did that help you when you ended up in the banking industry, especially the lessons that your father taught you?
Karen A. Clark:
Yeah, yeah. So, I did, I ended up in the banking industry. I went to college, I had to struggle my way through college, hustle my way through college. And what I really wanted to be was an entertainer. I had grown up singing and dancing in talent shows and all of that kind of stuff. Got to college, took all of the theater arts. And I just did history of theater and acting and dancing, and yeah, I was all about it. And then, when I graduated from college, and I ended up in Los Angeles with my husband, with my late husband and two babies, I mean, my kids were two and three years old, because we had our kids in college. We got married and had our kids in college.
Karen A. Clark:
And so, when I came out, I didn't have the luxury of trying to find a creative job. We came to LA and I did a few auditions, but after two or three weeks, I said, "I'm going to go to a headhunter and get a real job," because my husband also was a creative type. He was working for an independent film company, making no money. And so, we were really struggling. So, I went to a headhunter and that's how I ended up in banking, but I never gave up the art.
Chitra Ragavan:
And what was that like being a young African American woman, and what, probably, was an incredibly white male-dominated industry at the time?
Karen A. Clark:
Yeah, it really was. And what happened is I have a degree in economics. I went to the head hunter, dropped off my degree and I got a call. And she said, "I have an interview for you at Wells Fargo Bank." And I said, "Oh, no, no, no, I don't want to be a teller." That's all I knew about banking. And I had a few friends in college who had been tellers and none of them had been successful at it. Couldn't balance, and just didn't enjoy the job. And I said, "No, thank you. I don't want to be a teller." And she said, "No, this is in commercial real estate." And I said, "Really? What do banks do with commercial real estate?" I mean, I just had no idea. And so, I went to work for Wells Fargo Bank in commercial real estate construction lending, and yes, what it was, and it still is very white male dominated.
Karen A. Clark:
And I was working on 20 to a hundred million dollar participation loans. We have huge construction projects on a global basis. And so, you'd be in conference rooms with credit officers and loan officers and attorneys from both sides and mostly all white males. And here's this little girl, 27, 28-year-old black girl sitting at the table. And what I realized, very quickly, is that I was comfortable. I was comfortable sitting in these conference rooms at these tables with these men who were, in most cases, much older than me, looked much different than me, were in a position of authority and power, a lot of them,...