Monica Cole made history when she became Wells Fargo’s first African-American Executive Vice President and more. As Executive Vice President and Head of Agribusiness, Food and Hospitality at Wells Fargo, Monica Cole leverages key lessons from her multifaceted background. This includes drawing from her college basketball days and engineering training to solve complex problems.
“Much of my leadership style is from things I learned on the basketball court,” said Cole, former power forward at Christian Brothers University. “And from the engineering perspective, I learned about taking apart big problems piece by piece.”
Cole applies critical thinking skills to help clients across industries tackle pressing issues like inflation, rising interest rates, supply chain disruptions, and hiring challenges. Her portfolio encompasses everything from family farms to quick-service restaurants.
Providing Guidance to Navigate Economic Uncertainty
Currently, Cole often discusses top concerns with CEOs about maintaining profits amidst fast-rising costs. Her best advice is shifting to fixed-rate debt instruments.
“Get into fixed-rate instruments to lock in rates now and for two or three years out,” Cole suggests. “That’s a very good tactic: understanding the difference between fixed-rate and variable-rate debt.”
Cole explains that locking in rates helps companies budget and plan more confidently during economic volatility. Workforce issues remain another pain point, so firms must get creative with recruitment and remote work options.
Tapping Transferable Skill Sets Outside Banking
To build robust talent pipelines, Wells Fargo expands its search beyond banking. Cole says they now consider skills from other industries that translate.
“We’re looking for people with concentrations in finance and accounting, with experience in banking, and we’re now thinking about what roles and responsibilities we need them to do, and where you can find that skill set in any industry,” she shares.
For instance, Cole notes they are eying paralegals for risk management roles. She also emphasizes military veterans as strong additions who offer applicable abilities.
Leveraging Interconnectedness Across Sectors
Although Cole oversees diverse markets like agriculture, restaurants, and gaming, she spots core commonalities. Tying data insights and best practices across sectors helps better serve shared clients.
“All of these businesses have a common intersecting point,” Cole explains. “If you start at the farm with grains, you have to get it to processors, and eventually it ends up with, say, a beer distributor.”
Understanding these relationships and pain points that affect multiple players is where Wells Fargo adds value most competitively. Their long-running data and sector expertise facilitates this.
Small Town Roots to Top Banking Executive
Cole’s journey from growing up in Grenada, Mississippi, to sitting on Wells Fargo’s management committee is an unlikely one. But key skill-building experiences paved the way.
Attending a predominantly white Christian Brothers University, Cole first became comfortable being the “only one in the room” as a Black woman. This built confidence to excel in new environments, which served her well professionally.
Later pursuing a business internship opened Cole’s eyes to banking. What began as a summer role out of her mechanical engineering comfort zone became a nearly 30-year career with Wells Fargo.
Guiding Black Entrepreneurs in Navigating Finance
As the first African American woman in her executive position, Cole cherishes mentoring Black business owners. She understands culturally-specific needs in establishing trusting banker relationships.
Cole explains, “There’s a general fear or distrust that Black America has typically had of financial institutions of all kinds. So to be in the room with my colleagues, I can talk about, ‘This is why you’re hearing hesitation.’”
Through transparent dialogue around passions and realistic cash flow projections, Cole helps minority entrepreneurs manifest dreams responsibly and sustainably. She also urges industry groups to prioritize diversity, equity and inclusion efforts.
Leading by Example for the Next Generation
Wells Fargo’s Monica Cole embodies leadership, excellence and empowerment as a guiding force across major food, agriculture and hospitality markets. Her unique background positioned her to shatter barriers while lifting other Black women up.
Cole’s journey shows that remaining authentic, leveraging transferable skills and embracing opportunities can lead to groundbreaking achievements. As Wells Fargo’s first-ever Black female Executive VP overseeing her expansive division, Cole’s record of firsts most likely won’t be the last.
