Betsy Ratto

Retail Finance Group Executive, Bank of America Merrill Lynch

Biography:

Betsy Ratto is the Retail Finance Group executive at Bank of America Merrill Lynch. The Retail Finance Group is an industry-focused team of ABL specialists that meet the financial needs of retailers. Betsy has specialized in providing asset-based solutions for Bank of America for more than 30 years and has specialized on the Retail Sector since 1996. She and her team are industry leaders in retail ABL, serving as agent on many of the largest retail ABLs.

Betsy has taken an active involvement in financing a broad range of complex acquisition transactions and has taken an innovative and creative approach to challenging situations. Over the years and through challenging cycles in the economy and sector, Betsy has honed strong turnaround and workout skills. Under her leader- ship, Bank of America’s Retail Financing team has a zero-loss track record despite significant bankruptcy restructurings and liquidations.

Betsy earned a Master of Science in Accounting from Fairfield University and a Master of Business Administration from Boston College. She lives in Boston with her husband and two daughters. Her interests include cooking, gardening, yoga, skiing and enjoying the great outdoors.

What advice would you offer to women just starting out in the industry?

My best advice is to be very interested and curious about what’s going on in your business. There is so much to learn and great deals and leaders in our industry to learn from. A good way to learn is notice who is really busy and offer to help in any way you can. The ABL business can be challenging, both on the new deal structuring side and especially in work out. I find with my junior staff, those that willingly contribute earn a seat at the table. Establish strong relationships with the senior leaders you support. Ensure that you do your work in a timely, thoughtful manner, and be confident. Have a good attitude and engage with those around you and have confidence that you will someday become an industry expert if you put your energy and focus to work.

What do you know now that you wish you knew in the beginning of your career?

This industry is a club of professionals that are highly connected. Try to get in the flow, make a positive impression and get to know people at your level and above. Find a way to contribute. It could be as simple as taking the initiative to set up conference calls or organizing a working group list. Small gestures like these are noticed and appreciated. Speak up if you think you have something creative or helpful to contribute. Take advantage of industry opportunities to meet peers and partners. Time getting to know people is time well- spent. Relationships within the industry are key to both winning and completing deals. Be very particular in cultivating your brand. It’s important to be known and trusted in this close-knit industry and understand that it will come with time, focus and integrity. In addition, the way you handle yourself in challenging times, forming strong alliances and having a “get it done” attitude are critical to success.

What kind of role has mentoring and/or sponsorship played in your career?

Through the years, I have had many informal mentors, mostly bosses and business leaders that I learned from and worked closely with on transactions. I feel grateful for the opportunities I was afforded to work on challenging transactions with experienced people in my early career. Mentoring has become an important aspect of my work over the last decade. It’s fulfilling to see younger colleagues learn and grow. Creating an inclusive, collaborative environment is a cornerstone to the success our team has experienced over the years. I genuinely believe that mentorship is best accomplished through an open door policy; everyone has a role and every- one should participate in projects in order to enhance the learning process.

What do you think the industry could do to attract and retain the best and the brightest today?

At the entry level, I think firms have a strong recruiting and training process and college graduates come to business well-skilled; however, retention can be a challenge. I am celebrating my 35th year at Bank of America and its legacy companies, which is very old school. As an industry, there is a lot of movement across firms with younger talent. Key to retaining staff, beyond competitive compensation, is making their work meaningful and keeping the work fresh and interesting. The retail sector is experiencing challenging times. But as difficult as it has been with workouts and bankruptcies, the work itself is challenging and interesting, which has enhanced a sense of team, another key factor to retention.