Eastern Bankshares Appoints Denise LeMay as Senior VP to Enhance Foreign Exchange and Derivative Sales

Eastern Bankshares Inc has appointed Denise LeMay as Senior Vice President, Head of Foreign Exchange and Derivative Sales. With over 25 years of experience in risk management and derivative products, Ms. LeMay is expected to enhance Eastern Bank's offerings in managing currency fluctuations and interest rates. This appointment aligns with Eastern Bank's focus on personalized relationship banking and client-first approach.

Title: Denise LeMay Joins Eastern Bank as Senior Vice President, Head of Foreign Exchange and Derivative Sales

Eastern Bankshares Inc. has appointed Denise LeMay as Senior Vice President and Head of Foreign Exchange and Derivative Sales. With over 25 years of experience in risk management and derivative products, Ms. LeMay is expected to enhance Eastern Bank's offerings in managing currency fluctuations and interest rates. This appointment aligns with Eastern Bank's focus on personalized relationship banking and client-first approach.

Ms. LeMay brings extensive experience advising commercial clients on interest rate risk management and structuring complex financial solutions through derivative products. Most recently, she served as Senior Vice President and Treasury Capital Markets Trading Manager at M&T Bank, where she advised clients on the use of derivative products to manage interest rate risk and played a key role in the transition from LIBOR to SOFR. Prior to this, she built and led the Interest Rate Derivatives program at People’s United Bank, growing it into a key revenue driver and serving as a senior member of the LIBOR Cessation Steering Committee.

"I’m thrilled to join Eastern Bank’s Commercial Banking team, which is known for putting clients first and a focus on personalized relationship banking, and I look forward to offering practical solutions to help customers meet their business goals," said Denise LeMay.

Eastern Bank provides a range of commercial financing offerings to help companies across many industries improve cash flow, increase efficiencies, and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending, franchise lending, and employee stock ownership plan-related financing. Additional services include foreign exchange solutions.

The appointment of Denise LeMay is a strategic move that aligns with the bank's goal to expand its risk management solutions and enhance client retention. In a volatile economic environment marked by shifting interest rates and geopolitical uncertainties, financial institutions must adapt swiftly to maintain profitability and client loyalty. LeMay's expertise in structuring derivative products will enable Eastern Bank to offer tailored hedging strategies, helping businesses mitigate risks while optimizing capital allocation.

Eastern Bank's commercial lending portfolio already spans various sectors, but the integration of sophisticated derivative solutions under LeMay's leadership will elevate the bank's offerings. For instance, interest rate swaps and foreign exchange forwards can now be leveraged to stabilize cash flows for clients operating in global markets. This differentiation is vital in an era where businesses demand not just financing but strategic financial partnerships.

The economic landscape has made risk management a non-negotiable for commercial clients. Eastern Bank's recent Q2 2025 earnings report highlights a $0.1 million loss from loan-level interest rate swaps, underscoring the need for proactive derivative strategies. LeMay's appointment signals a pivot toward more dynamic hedging tools, which could reverse this trend by aligning client exposures with market realities. Moreover, her emphasis on client education—a hallmark of her career at institutions like Calamos Asset Management—will foster trust. Businesses are more likely to retain relationships with banks that empower them to navigate complexity.

Eastern Bankshares Inc. (Nasdaq: EBC) is the holding company for Eastern Bank, which provides a full range of banking and wealth management solutions for consumers and businesses of all sizes. With approximately $25.5 billion in assets as of June 30, 2025, the bank takes pride in its outspoken advocacy and community support, having given over $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues, and communities.

References:
[1] https://finance.yahoo.com/news/denise-lemay-joins-eastern-bank-180000494.html
[2] https://www.morningstar.com/news/business-wire/20250731548799/denise-lemay-joins-eastern-bank-as-senior-vice-president-head-of-foreign-exchange-and-derivative-sales-commercial-banking
[3] https://www.ainvest.com/news/denise-lemay-appointment-eastern-bank-implications-derivative-driven-commercial-lending-growth-2508/