Investing In Integrity

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and Co-founder of Scholars of Finance, welcomes Stephen Philipson, Vice Chair and Head of Wealth, Corporate, Commercial, and Institutional Banking at U.S. Bank, America’s fifth-largest bank, to unpack how principled leadership shapes modern finance. 

Stephen shares how embracing calculated risk, most notably during the 2009 crisis, can accelerate long-term growth when paired with disciplined downside assessment. He explains U.S. Bank’s interconnected approach to banking, where unified business lines strengthen client relationships and operational resilience. The conversation also explores why authenticity, transparency, and ethical clarity remain essential traits for leaders navigating rapid technological change. From AI’s role in enhancing, not replacing, client service to impact finance opportunities, Stephen offers a blueprint for building durable institutions grounded in purpose and integrity.

Meet Stephen Philipson
Stephen Philipson is a vice chair and head of Wealth, Corporate, Commercial and Institutional Banking (WCIB). He has been with the organization since 2009. WCIB comprises several businesses, including Asset Management and Institutional Services, Commercial Real Estate, Equipment Finance, Global Capital Markets, Global Corporate Trust, Global Fund Services, Institutional Client Group, U.S. Bancorp Impact Finance, and Wealth Management. Prior to becoming head of WCIB in 2024 and adding oversight of U.S. Bancorp Impact Finance to his responsibilities in 2025, Philipson led the Global Markets and Specialized Finance group within WCIB. Philipson has more than 20 years of financial services experience.
His past roles include working at Morgan Stanley in Global Capital Markets and then Fixed Income Trading, and at Wachovia, where he was director of the Financial Institutions Syndicate. Philipson chairs the board of governors of Isidore Newman School and serves on the boards of directors of the Foundation for the Charlotte Jewish Community. He serves on the board of directors of the Securities Industry and Financial Markets Association (SIFMA). He earned a bachelor’s degree with a double major in economics and East Asian studies from Washington and Lee University

Episode Timeline
• 00:00 Intro
• 04:40 From New Orleans to Wall Street: Stephen's Early Finance Journey
• 15:51 Joining US Bank During the 2009 Financial Crisis
• 18:26 Building a $670B Balance Sheet: Growth Strategies Across Diverse Businesses
• 22:24 Leading 16 Leaders: Management Committee Dynamics at US Bank
• 25:53 Innovation Without Recklessness: Balancing Safety and Evolution
• 28:21 AI as a Productivity Multiplier, Not a Job Eliminator
• 34:21 Impact Finance: Profitability and Purpose Working Together
• 37:08 Leadership Through Authenticity and Radical Transparency
• 39:12 Creating Unified Culture Across Capital Markets, Trust, and Real Estate
• 41:41 The Three Non-Negotiables for Next-Generation Finance Leaders
• 44:08 Rapidfire Round

In this episode, our host and CEO, Ross Overline, reflects on what Scholars of Finance built in 2025—and what 2026 demands from finance leaders in a rapidly changing world.

Released on Martin Luther King Jr. Day, this episode starts with a question that sits at the heart of SOF’s mission: What kind of society are we trying to build—and what responsibility does capital carry in it? From there, Ross shares a clear look back at SOF’s growth in 2025—tripling leadership development for students and serving 4,000+ future finance leaders—before laying out SOF’s 2026 theme: Adaptive Excellence.

Episode Segments:
• Growth in 2025: A behind-the-scenes look at how SOF strengthened student formation, expanded chapter presence, and grew the community supporting principled finance leadership.
• 2026: Adaptive Excellence in the Age of AI: A candid assessment of what’s changing in finance—AI, automation, and rising competition—and what it means to stay both excellent and values-grounded. Ross shares how SOF will evolve curriculum, coaching, partnerships, and alumni support to keep members on the leading edge.
• Generosity as a Moral Requirement of Capitalism: Zooming out, Ross reflects on a fractured society and the growing tension between individualism and collectivism—drawing on MLK and Adam Smith to make a case for generosity as a form of moral leadership. The episode closes with a simple challenge: if excellence is rising, generosity must rise with it.

Whether you’re a student entering the industry, an alum navigating early career, or a senior leader shaping institutions, this episode is designed to re-anchor your year in character—and to raise the bar for what leadership in finance can look like.

In this second Best Of compilation, our team distilled the most powerful insights from 2025, and some from 2024—of Investing in Integrity. Spanning leadership, culture, and purpose-driven finance and investing, this special edition brings together defining moments from more than 40 conversations with some of the world’s most thoughtful executives, investors, and builders.

Rather than a simple highlight reel, this episode revisits key voices across multiple dimensions of leadership — reflecting how the same principles show up differently in how we lead, how we build culture, and how we deploy capital. Selecting these moments was no easy task, but each was chosen for its ability to inspire us to think more deeply our lives and our work. It’s divided into three sections:
Leadership That Transforms: We begin with reflections on leadership at its core — how leaders think, grow, and show up when stakes are high. Featuring Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital Management; Bill George, former Board Director at Goldman Sachs, Executive Education Fellow at Harvard Business School, and author of True North; Doug Kimmelman, Senior Partner at ECP; and Steve Ellis, Co-Managing Partner of The Rise Fund at TPG, this section explores humility, self-awareness, conviction, and the evolving nature of values. Together, these insights illuminate what it truly means to lead with character in complex environments.

Culture, Purpose & Integrity: We shift into the essential work of shaping organizational culture through the experiences of Bei Ling, CHRO at Wells Fargo; Pamela Alexander, Head of Corporate Citizenship at KKR; and Howard Marks (returning), this section reveals how trust is built, how purpose is operationalized, and how integrity becomes a guiding force inside the world’s most influential institutions.

Finance as a Force for Good: Finally, we explore how leadership and culture translate into action — particularly in the world of finance. Featuring Steve Ellis (returning), Trae Stephens, General Partner at Founders Fund, and Greg Shell, Partner at Goldman Sachs, this closing section demonstrates how capital, when aligned with long-term thinking and human impact, can be a powerful force for good. These voices challenge us to move beyond profit alone toward outcomes that expand opportunity and strengthen communities.

In closing, Howard Marks shares a final reflection on generosity, underscoring the importance of giving back as a cornerstone of purposeful leadership.
Whether you're leading a team, shaping culture, entering finance, or striving to grow personally and professionally, this episode is designed to accelerate your development and deepen your sense of purpose.

This compilation isn’t just a highlight reel — it’s a blueprint.

A blueprint for leadership anchored in character.

A blueprint for careers aligned with purpose.

A blueprint for a financial system that lifts society up.

We’ve curated this episode to equip you with actionable insights you can carry into your work, your relationships, and your life.

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, welcomes Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo, to uncover how one of the world’s largest software-focused private equity firms grew from $8B to over $180B in AUM while staying true to its core values. Jennifer shares how trust, transparency, and culture form the foundation of Thoma Bravo’s enduring success, from nurturing long-term LP relationships to leading through market volatility. 

She reveals the firm’s people-first principles, including the “Four Eyes in the Room” approach to authentic connection, and how disciplined, values-driven leadership shapes lasting impact. Listeners gain actionable insights on scaling without losing integrity, building cohesive teams, and redefining work-life balance through seasons rather than perfection. 

Meet Jennifer James:
Jennifer James is Managing Director, Chief Operating Officer, and Head of Investor Relations & Marketing at Thoma Bravo, based in San Francisco. With over two decades of experience in private equity and venture capital, she leads the firm’s global operations, investor relations, and industry communications programs. Recognised by The Wall Street Journal and San Francisco Business Times for her leadership in fundraising and influence, Jennifer previously held senior roles at Sofinnova Ventures and Alta Partners. She holds an MBA from Northwestern and an AB in History from Bowdoin College.

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, welcomes Jonathan Weiss, former CEO of Corporate and Investment Bank at Wells Fargo, and former MD of JPMorgan Chase, to reflect on leadership, trust, and ethics across a 45-year career in finance. From his unlikely start as a romance languages major to leading a $20B business, Weiss shares lessons on building ethical cultures, leading through influence, and navigating shifting political and market dynamics. 

He offers candid insights on rebuilding institutional trust, fostering transparency, and prioritizing customers’ best interests, not just avoiding harm. Listeners will learn how humility, emotional intelligence, and consistent values shape resilient leadership and sustainable success. Whether you’re early in your career or leading teams at scale, this conversation offers deep insights into balancing performance with integrity in today’s financial world.

Meet Jonathan Weiss:
Jonathan Weiss is the former CEO of Wells Fargo Corporate & Investment Banking, where he led a $20 billion revenue business before retiring in June 2025 after two decades with the firm. Over his 45-year career, he also headed Wells Fargo’s Wealth & Investment Management and Wells Fargo Securities divisions, following 25 years at J.P. Morgan and its predecessors. A Princeton graduate in Romance Languages, Weiss is recognised for his ethical leadership and service on boards including Youth I.N.C., the Lawrenceville School, and the National Humanities Center.