American Banker, "Square's Jackie Reses, who led ILC bid and small-biz lending, steps down"
Archived source: American Banker, "Square's Jackie Reses, who led ILC bid and small-biz lending, steps down". Captured from www.americanbanker.com.
Cited in: Jacqueline Reses
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Paycheck Protection Program Square's Jackie Reses, who led ILC bid and small-biz lending, steps down By Kate Fitzgerald About Kate plasticpayments mailto kate.fitzgerald@arizent.com https://www.linkedin.com/in/kate-fitzgerald-0148723 Published October 05, 2020, 11:43 a.m. EDT | Updated October 05, 2020, 1:19 p.m. EDT 1 Min Read Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor. Processing Content Reses, honored this year by American Banker as one of the Most Powerful Women in Finance, played a key role in Square’s successful bid to become an FDIC industrial loan company. In an Oct. 2 Twitter post, Reses said she wants to take time off with her family and ski. She said she has no immediate plans to take another job. Square said in a filing with the Securities and Exchange Commission that Reses’s last day with the company will be Oct. 30. Reses, who has spent 30 years in finance and currently serves on the Economic Development Council of the Federal Reserve Bank of San Francisco, recounted highlights of her tenure as Square in a letter to colleagues she shared on Twitter, including working with Square CEO Jack Dorsey to develop the company's small-business lending arm. Square Capital launched in 2014. During the coronavirus crisis, Square Capital pivoted from doling out loans up to $100,000 to rapidly providing more than 80,000 Paycheck Protection Program loans to distressed companies, amounting to $873 million. "I'm grateful that I've been able to personally hear the stories of resilience and perseverance of sellers who were able to receive PPP through us," Jackie Reses, head of Square Capital, said last month. "One of the top takeaways from this crisis is also something we've known for a long time: Small businesses are routinely overlooked and underserved by the traditional finance system," Reses told American Banker last month. "These comparably small loans made a massive amount of difference to businesses, and I'm grateful that I've been able to personally hear the stories of resilience and perseverance of sellers who were able to receive PPP through us." Before joining Square, Reses was chief development officer at Yahoo and spent a decade as a partner at the New York private equity fund Apax Partners leading strategic investments. Previously she spent seven years handling mergers and acquisitions at Goldman Sachs. Kate Fitzgerald Senior Editor, Payments Kate Fitzgerald is an Arizona-based senior editor for American Banker and longtime payments reporter. Fitzgerald began her journalism career at the... Read full bio mailto Paycheck Protection Program Block Compliance Alternative acquirers B-to-B payments Mobile point-of-sale Women in Banking M&A Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets. By John Reosti Reporter 9h ago In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations. By Nathan Place National Reporter 9h ago Federal Reserve The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test. By Kyle Campbell Staff writer 10h ago Commercial banking The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy. By Allissa Kline Reporter 10h ago Wealth management The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games. By Dan Shaw Reporter 10h ago Trump administration The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic." By Claire Williams Reporter 11h ago
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