Meet UMB’s Leaders: Q&A with Doug Pagliaro
Doug Pagliaro, SVP and Executive Director of the FDIC Sweep program, has been with UMB since 2010. Here, he shares insights about himself, the line of business he oversees and UMB in general.
What did you think you wanted to be growing up? Did you always want to be in banking?
Growing up, I wanted to be a baseball player, and if that didn’t work out, I wanted to be a professional drummer in a rock band. I actually ended up doing both – I took a baseball with me into college and left banking after 9 years to tour with a rock band. After my time touring came to an end, I went back into banking, but this time with a different focus. It was in 2006 that I became exposed to insured bank deposit programs,
What got you into banking?
I studied finance in college and had an interest in Wall Street and banks. I wound up interning at an investment banking firm in Washington, D.C. that focused on banks and thrifts and received an offer upon graduation. I met a core group of friends and loved participating in the recapitalization of failed depository institutions. But, I had a creative bug in my system that needed to be explored. That’s when I became more involved with music, which in turn evolved into being part of a very serious band that played a lot of shows and spent quite a bit of time in the recording studio. I’ve enjoyed returning to the industry, though, as I find it challenging and rewarding.
What’s your favorite part about UMB?
Given my previous exposure to the banking industry, I was familiar with UMB before coming on board – the bank’s reputation was solid and has always been a very well-respected institution. I enjoy my team members and together we’ve worked to help make the line of business into something special. UMB also introduced me to American Corporate Partners (ACP), a nonprofit organization focused on helping returning veterans and active duty spouses find their next careers through one-on-one mentoring. = Most of all, I truly appreciate being surrounded by people who are exceptionally knowledgeable about banking and who I can look up to as mentors.
What are you most excited about when you look toward the future here at UMB?
What we’re doing in the FinTech space, no question. A couple of years ago, we started working with SoFi, which allowed us to take a closer look at our sweep capabilities and what we can bring to the table being a bank. We made the decision to blend them together and launched our first program with Personal Capital this past June. We also just hosted our first FinTech conference in New York City which was attended by leading FinTechs, broker-dealers and banks. UMB’s Banking as a Service (BaaS) is now on the radar of a lot of FinTechs, some of which we plan on launching programs with in the coming months. Financial services and the manner in which people access banking products is changing by the minute, so being able to participate in this shift is exciting and a breath of fresh air.
You live and work in the Washington, D.C. area. What advantages or disadvantages do you find that brings?
You mean in addition to all the lawyers, lobbyists and motorcades? Washington D.C. is a beautiful city that offers history, international diversity, beautiful parks, professional sports and fantastic restaurants. It is centrally located, providing access to Baltimore, Annapolis, Philadelphia and New York. It is also surrounded by a fair amount of universities, which keeps the heartbeat of the city beating. What it’s not is New York, my hometown ?
What are your hobbies?
I have two young children – ages 13 and 11 – their hobbies are my hobbies. I still play music on occasion since three of the four members of my band still live in the D.C. area. We try to get together as often as we can to spend time with each other and write. I also enjoy attending live music shows.
Where is your favorite place to visit?
I enjoy going to Nantucket. It’s remote, small, and has a variety of fantastic beaches. The vibe there is very mellow and is a wonderful place to decompress.
What is something most people may not know about you (but you’d be willing to share)?
I value organization and tidy spaces.
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