After more than five decades working in the letter of credit business, Pattie Marshall, SVP of International Services at Wintrust Financial Corp in Chicago, will retire on 15 May 2026. In an interview with DCW, Pattie reflects on the humble, yet significant beginnings to her career, the importance of up-skilling, and dialoguing with industry peers.
How did you first find your way into trade finance? Was it planned, accidental, or somewhere in between?
By accident. I applied for a ‘typist’ position in the Letter of Credit Department at Harris Bank, Chicago. I graduated high school on Friday and started my first real job on Tuesday the day after Memorial Day, fifty-three years ago this May. My first manager was, Bill Schinagle.
What made you stay — and what kept you motivated or engaged over time?
I married, started a family, and was divorced before I was twenty-four years old; simply put, I needed a job. Finding myself in a new role as the sole provider for me and my son, I was highly motivated to succeed and move up. Lucky for me, starting at the bottom, I had nowhere to go but up. I didn’t understand what I was typing, but I typed whatever I was given, and I was an excellent typist, typing over 90 [words per minute], with minimal errors. That was important since letters of credit were produced in multiple copies, using carbon paper. If you made a typo, you had to take the letter of credit out of the typewriter, use liquid white-out on all the copies, make sure all the pages were dry, before putting it back in the typewriter. You then had to play around with the roller to get the page lined up just right, to continue with the typing, otherwise you had to start all over again. All hail the advent of computers and the word processing software, Word Perfect!
I next moved UP to the amendment issuance desk, followed by the LC issuance desk. Moving to the LC payment desk, I wasn’t quite ready to check the documents, but I could type the payment cover letters. This is where I learned the difference between a discounted and non-discounted banker’s acceptance:
non-discounted: put the draft inside the folder
discounted: leave the draft on the outside of the folder
Hmmm … looks like I still had a lot to learn.
I was blessed to have bosses and mentors who took the time to educate and provide me with the support and training I needed to succeed.
What really kept me going was that I loved the places where I worked (Harris Bank, Exchange Bank, LaSalle Bank, ABN Amro, First American Bank, MB Financial, and finally Wintrust Financial Corporation), the people that I worked with and the customers I work for. It was not just a job, but a career and I was blessed to have bosses and mentors who took the time to educate and provide me with the support and training I needed to succeed and continually assume additional responsibilities.
If you could change one thing about the industry or how we work, what would it be?
Honestly, I can’t think of anything that I would change. I have always been able to pick up the phone and call a former co-worker, a peer that I’ve worked with, or a speaker from one of the industry events to ask for assistance or use them as a sounding board for a problem or issue I may be having and in every case they have all been willing to share their experience and offer guidance where they can. I don’t know if this type of collaboration is common in other industries, but it is one of the reasons that kept me engaged, knowing that there are others willing to provide help when needed.
Tell us about a specific experience — a deal, project, challenge, or case — that taught you an important lesson. What was the lesson and how did it shape your approach?
That many people don’t read or understand the agreements they sign or have you sign. I ask questions and then I verify.
What advice would you offer to someone just starting their career in this field today?
Ask questions, until you are sure you fully understand the process; take the initiative to learn how other departments within the bank intersect with your area of responsibility so that you will have a complete understanding of the workflow from start to finish; and read the publications like Documentary Credit World, ICC Opinions, and BAFT publications, to become an expert in this field. If your bank is a member of BAFT, ask to be on committee or to receive the committee minutes to hear and share issues or concerns encountered by others in this field.
What interests have you had outside of work that people might be surprised to learn and what are your future plans?
I really enjoy the spring and fall seasons as it gives me great pleasure to be outside working in my yard. In addition to caring for Trigger, my old trusted 4-legged companion, my calendar fills up quickly caring for my six grand-puppies, who I love to spoil along with my grandchildren and great-grandchildren.
My initial plan upon retiring, will be devoted to “me” time and then easing myself into a new routine of self-care (think exercise and better eating), self-enrichment (classes at the community college and community center) and relationship bonding (more time spent with family, old friends, and hopefully some new friends gathered along the way).
Michael is the CEO of IIBLP and the Publisher of DCW. Michael has over 25 years of professional experience including 15 in trade finance and compliance, and has written and spoken extensively.
