When Jessica Armstrong was at school, she was advised that anyone who was good at maths and science should aim to become a lawyer or a doctor. So, Jessica studied medical science at university. She followed that with a Master’s in management, and it was there that she realised how much she enjoyed the strategic side of business. She joined a banking graduate scheme, gaining experience across several areas of the business and completing an overseas placement that included a significant stint in Hong Kong.
Fast forward to today, and Jessica is managing director, head of professional and fiduciary services coverage at Lloyds, and this year, won the Association of Corporate Treasurers (ACT) Ones to Watch award in the Banking and Financial Services category.
“We believe Jessica exemplifies what it means to be a rising star in our industry,” stated the awards submission. “She combines exceptional technical expertise with strategic vision, influencing not only the direction of our Professional Services proposition but also the wider market conversation.”
And this is the crux of Jessica’s approach to the job: a passion not just to drive success for Lloyds, but to influence a wider community and bring peers together.
Treasury teams are evolving from technical operational cash management specialists into more sophisticated functions that support firms’ future growth ambitions
Relationship building has always been at the heart of the banking and treasurer role, but in today’s world it’s harder to do. Different working environments and schedules and the proliferation of online meetings mean that valuable face-to-face opportunities are not as much of a given.
But Jessica is a firm believer in collaboration and has worked hard to bring sector groups together, for example, organising roundtables for the CFOs of top accountancy firms: “Most of them had never met each other, which shocked me,” states Jessica. She’s also supported the treasury community specifically, bringing peers together to unpack insights from the CFO roundtables: “There were a lot of commonalities in terms of some of the challenges that they were going through,” says Jessica. She also connects corporate treasurers entering professional services for the first time: “The responsibilities of a treasurer at a law firm or an accountancy firm are very different from those at a FTSE 250, even in terms of governance and influence, and especially in how you get things done. Therefore, connecting them with peers in different sectors has been helpful.”
As professional services firms adapt to new investment models and longer-term growth demands, Jessica has made it a priority to identify where clients need support through that transition. Reflecting on the sector, she says: “Over the last 18 months, there has been significant investment in the sector and firms are adapting. Treasury teams are evolving from technical operational cash management specialists into more sophisticated functions that support firms’ future growth ambitions. There’s also been a shift in mindset away from viewing this as a 30 to 40-year career where you put equity in and stay in one firm, to one where there is an appetite to move firms.”
And there are inherent issues with the current style of funding: short-termism, she adds. “Partners that have got equity care about the profits that are made for the following year. For some firms, this partnership model may work well for them, but that doesn't necessarily set the business up for success from a longer-term perspective. What may not necessarily fit today may be what is needed to future-proof a business.”
Jessica and her team have already worked closely with a few firms this year on debut issuances, whether to support investment requirements for AI or M&A activity.
From a leadership perspective I would say I'm quite different to some other corporate leaders
Jessica says that building relationships comes naturally to her, but it also comes down to bringing her whole self to work. “From a leadership perspective I would say I'm quite different to some other corporate leaders. I'm quite an open, bubbly type of person. People think being a corporate leader means being more of a robot, or that you must be a certain way to succeed. But being your whole self is part of gaining trust. And I love talking to people!
“Maybe this goes back to my scientific background where I learnt to listen to people's problems and work out how best to solve them. There's an awful lot in that regard that's quite similar to banking although you're not saving lives, but you are saving businesses!”
Alex Gray is editor of The Treasurer
