On the eve of Rosh Hashanah (Jewish New Year, Sept. 13), Rakefet Russak-Aminoach, president and CEO of Bank Leumi, was informed that she made Fortune magazine’s list of the 100 most powerful women in the world. At 50, Russak-Aminoach is the only Israeli on this prestigious list, which includes all the top women in the global economy, such as Facebook CEO Sheryl Sandberg and Yahoo CEO Marissa Mayer.
Russak-Aminoach’s impressive achievement received considerable attention in Israel’s financial press, which also published the explanations provided by the American magazine as to why it decided to include her on its list. It was noted, among other things, that Russak-Aminoach began building her power base at the very start of her career, while serving as personal assistant for the bank’s former CEO, Galia Maor, known as the “Iron Lady of Israeli Banking.” The magazine also noted that soon after her appointment as CEO of Bank Leumi in 2012, the bank suffered several lean years, which included a sharp decline in profits. This was coupled with a tax evasion investigation of the bank’s American clients, with Bank Leumi eventually forced to pay a $400 million fine to the US authorities. Nevertheless, Fortune Magazine also noted that by 2015, the bank seemed to be recovering, and its balance showed a significant improvement.
No one questions the fact that Russak-Aminoach is one of the most powerful women in the Israeli economy. On the other hand, while she may have made Fortune’s exclusive list, she was never really considered one of Israel’s great economic leaders or innovators. Her image is restricted to that of a “super-banker,” who has no desire to understand or maybe is incapable of understanding the social and economic changes underway among the Israeli public since the summer (social justice) protests of 2011.
The fact that Russak-Aminoach was in her 40s when she was appointed and ostensibly was one of the next generation of bank managers could have made her a trailblazer. She could have been a refreshing new face in the Israeli economy. Since her appointment, however, she has not made a single public statement driven by values. When it comes to social-public issues, she failed to create for herself any real stature. In fact, her only statements seem to focus on her direct management of the bank.
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