This week’s Women in Business spotlight features Camila Diaz (she/her), Assistant Vice President at Citigroup. Camila graduated from Wellesley College in 2015, where she earned her B.A. in economics and English. She first began her career in Citi’s Markets division in the Equity Derivatives Structuring group, where she priced equity options to express views on industry trends. Camila thrived in this position, and aspired to expand her financial acumen. She later transitioned to the Fixed Income Finance group as a trader, where she is responsible for financing structured credit assets, risk analysis, and cash management through structured lending transactions. After only one year in this division, Camila’s talents have later promoted her to her current role as an Assistant Vice President.
Read more about our conversation on the current state of the economy, unpacking the ‘debt ceiling,’ and advice for young professionals.
October 15, 2020 at 11:20 am EDT
Written by Sarah Chu
Market Talk
SC: As a financial expert, what are your thoughts on the market?
CD: Just to clarify, these remarks are my own opinion and are not representative of Citi. It is difficult to discern what the equity market is tied to right now. Coronavirus will [hopefully] be temporary, and the economy will ‘go back to normal.’
SC: I recently read a few articles about the horrific unemployment rate, despite the stock market relatively rallying back. Do you have any thoughts on that?
CD: The Fed provided a massive liquidity injection to calm market stresses, which seems to be the largest valuation driver overall and potentially the reason for these large rallies in the equity market. To be honest, we’ll see. We’re entering an extremely volatile and uncertain time.
Debt Ceiling
SC: I agree. Alongside monetary policy, Congress passed the CARES Act on March 25, which issued a $2 trillion relief package to business owners and Americans. This is the most expensive piece of legislation ever passed. Even before the pandemic, Congress was operating at a substantial budget deficit. Do you think the economy is reaching a debt ceiling – that is, Congress has reached a limit to how much money is being issued?
CD: That’s a tough question. I listened to Dax Shepard's podcast called Armchair Expert, where they interviewed the economist Jeffrey Sachs,and one take away was that currency is worth as much as we put faith in it. This theory is interesting because it provides a reason why we haven’t seen major impacts to the US Treasury’s ability to borrow: investors continue to have faith in the credit worthiness of the U.S. and its ability to repay.
SC: What do you mean by ‘faith’?
CD: Well, credits are dependent on whether the U.S. government pays off its debt. So how much our ability to continue to borrow deteriorates over time. Whether it does or not ultimately depends on credibility, which is unknown.
Advice for Young Professionals
SC: You’ve earned a lot of success at such an early stage in your career. What advice do you have for young professionals reading this blog?
CD: Be more vocal. Earlier in my career, I rarely spoke out during meetings or advocated for myself, and I wish I had done that more. Also, pay attention to how people treat others. As you look for firms to join or teams to work with, it is important to be cognizant of group dynamics and interpersonal relationships.
SC: Definitely. I remember going to a negotiation workshop in undergrad, and I see the parallels in what you just mentioned. Being an advocate for yourself is essential for your career!
CD: Right – this is advice people hear a lot, yet don’t recognize its importance. No one thinks less of you for negotiating your worth. It is to one’s own detriment for not capitalizing on opportunities.
SC: I’m wondering if ‘being an advocate for yourself’ is more different based on gender. For instance, women tend to be seen as ‘overly aggressive’ or ‘too aggressive’ for speaking out in the workplace.
CD: It depends on the person and the workplace. Based on personal experiences, being an environment where you are rewarded for being more vocal, adds a layer of complexity to this discussion. I believe I have leaned into that – that is, I speak out for myself even more so due to the intensity of the trading floor.
SC: To add on to this point, what advice do you have for recent graduates and young professions who are entering a male-dominant industry?
CD: Be honest with yourself and be yourself. The thought of being in a male-dominant field can be daunting, but it challenges you to approach problems differently and can be incredibly rewarding. You have to be aware that the ‘herd mentality’ is distinct from the way you may think, which can actually be a benefit.