DZ Bank

The European edition of the Fortune 500, ranking companies by revenue.

Fortune 500 Europe

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

The first-ever European edition of the Fortune 500, ranking companies by revenue. 

F500 Europe DZ Bank AG Bank Headquarters in Frankfurt

DZ Bank ranks 136 with $28.3 billion in revenue (down 31.1%). The Germany-headquartered commercial and savings bank has 29,424 employees and made a profit of $1.1 billion (down 54.1%).

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-321-DZ-Bank

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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How are the region’s banks and fintech innovators harnessing AI, data, and payments infrastructure to reach the next billion consumers and SMEs? As financial ecosystems evolve, new partnerships are emerging that blend the stability of traditional banking with the speed and creativity of fintech. With ambitions extending beyond regional borders, Southeast Asia’s financial leaders are reimagining how technology can deliver trust, inclusion, and sustainable growth in an increasingly connected global economy.

Banking the Next Billion: Digital Transformation in Southeast Asia

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The U.S. dollar has long been the bedrock of global trade, investment, and reserve strategy, but cracks are starting to show. From BRICS nations promoting alternative payment systems to central banks in Asia and the Gulf trimming their dollar holdings, momentum is building for a more multipolar currency regime. As Washington increasingly uses the dollar as a geopolitical lever—imposing sanctions, freezing assets, and enforcing capital controls—some allies and rivals alike are hedging their bets. Meanwhile, China is quietly expanding the renminbi’s reach through oil deals, digital infrastructure, and Belt and Road partnerships. Will the greenback remain the world’s most trusted currency or are we entering a new era where financial power is far more diffused?

Still the One?  Can the U.S. Dollar Remain the World's Reserve Currency?

Well speaking of big ideas, this next panel should be a banger. I think it's a really interesting one. It was alluded to beforehand the future of the US dollar and specifically question the heart of global markets, and one few people would have dared to ask even a decade ago. Can the US dollar hold its position as the world's reserve currency? For generations, the dollar has been the foundation of trade, investment, and global reserves, but the landscape is starting to shift. BRICS economies are testing an alternative payment system. Central banks in Asia and the Gulf are diversifying their holdings, and China is expanding the reach of the renminbi through energy deals, digital networks, and Belt and Road partnerships. So we look at a future where the dollar remains supreme, a world where financial power is far more distributed. To help us understand what's really at stake, we're pleased to be joined by journalist and author Paul Bluestein, who's been studying and reporting on the global monetary system for nearly 4 decades. He'll be in conversation with Fortunes Andrew Staples. Thank you very much. Here they come. Good morning. I'm delighted to welcome my guest for this session, a very topical look at the dollar. We have the author Paul Bluestein of King Dollar. Paul, I'm going to kick off with a very general question. What prompted you to write this book? Why are we hearing so much about this issue of de-dollarization at the moment. Yeah, well, when I started it, there was already a good bit of talk about the dollar losing its dominance because of the overuse of weaponization of the dollar, overuse of sanctions. This was in the first Trump administration, even going back to the to the late second Obama administration, there was a good bit of talk and then of course uh uh during in the course of the uh. First few months of the first few weeks, sorry, of the uh of the Trump administration that that talk has risen to a fever pitch. So yes, I, I'm happy to say that the book is is uh is timely, but um uh but uh yeah, there's lots of been lots of speculation which I. Which which I strongly disagree. Well, let's get into it. King dollar is the crown slipping or not, over to you. I don't think so. I mean this is what I've spent the better part of 5 years, you know, thinking about and I'm still thinking about, still wrestling with. Um, and, and the conclusion I come to is very, you know, this is pretty much the verbatim wording from the, from the first chapter of the book. I say that the dollar's position, it's, as the dominant currency. I'm talking about its position in, in international commerce and cross border transactions of all kinds that that position is, is all but impregnable, barring. Catastrophic missteps by the US government. Now, have there been missteps by the US government, uh, in, in my opinion, in the past few months there have been quite a, quite a number. Are they catastrophic in, in some ways, yes. Are they catastrophic enough to dislodge the dollar from its dominant position? I don't think so. So let me, let me tell you as briefly as I can why. The book goes into a lot of episodes over the past, uh, you know, a little more than half a century in which, uh, in which the dollar's dominance was called into question. Uh, there was the, uh, the collapse of the Bretton Woods system in 1971 when President Nixon took the dollar off completely off of gold. There was the inflation of the 1970s. There was the swelling of US trade deficits in the 1980s, 1990s, 2000s. Um, the rise of Japan and when there was a lot of speculation that the yen would supplant the dollar, there was the, uh, the establishment of the euro and there was a lot of talk that the euro would at least equal the dollar, if not surpass it. There was the global financial crisis at that time, a lot of people said, OK, that's it, the dollar is finished, and of course the rise of China when there's been a lot of speculation about the renminbi replacing the dollar and at each of those junctures, uh, some really, uh, you know, it wasn't just um. Uh, uh, uh, casual commenting, it was people from very distinguished positions in the academic world saying that the dollar's dominance was threatened and in every case, in every instance, those prophecies turned wrong and for very good reason. Because the dollar uniquely among currencies has two very important features, two important features that are that are that together make it unique. One is an open capital account. Money can flow freely across US borders, and the second is, which is I think in many ways even more important is the depth and breadth and liquidity of of US financial markets and particularly the market for obligations of the US government. This is so crucial in a financial crisis, um. In a financial crisis when everyone's scrambling for cash, they want to make sure that they have the cash to pay obligations coming due. If you don't have the cash to pay your obligations coming due, you're the next Lehman Brothers, and treasuries are the one asset by far more than any other that you can that if you hold, you can liquidate in large amounts and get and get the cash you need without suffering terrible losses. So. Uh, so that that's an extremely important feature for, uh, this is these two features together make are, are, I think the, the, the bedrock of dollar dominance. Now I mentioned, now my book came out in March, uh, and within days of its publication came Liberation Day. And all the turmoil in financial markets in which in which the dollar was falling, the treasuries were falling, stocks were falling, and this was quite unusual confluence of events, a lot of speculation that the dollar this time, OK, this time this is really it for the dollar, and then that was followed by the attacks on the Federal Reserve by Trump on the Federal Reserve independence and the passage of the one big beautiful bill, quote unquote, which added to US debt problems. Um, and that has led to even more speculation that the dollar is dominant. Now my publisher, Yale University Press, got in touch with me and said we're going to have a paperback edition coming out. You need to write a new preface for your book to take account of the events of the past few months, and it's been very tempting for me to say, OK, these are the catastrophic missteps of which I warned. These, yes. This, uh, the dollar has been dominant all this time, but because of these catastrophic missteps, it's, yes, I now think it's going to lose its dominance. I don't think that's true, partly for the, you know, the two reasons that I mentioned, uh, that make the dollar uniquely, uh, uh, the unique features it has that bolster dominance, but also because the dollar is so entrenched in the way markets work around the world. So, so on that point, I mean, there are certainly jurisdictions around the world thinking about China, Russia, that would bristle that they have to use the US dollar, and the US has not been shy increasingly of weaponizing the US dollar system as well. So how if you do have An economy the size of China and other economies that work closely with China and beyond that you have other countries that would prefer to move away from the dollar because of that dependency and the risk of it being weaponized. How is the dollar's position so unassailable? You mentioned liquidity and so on, but what about alternatives? What about the euro? What about the yen and so on? Yeah, they, they, they, the euro has a lot of the features that the dollar has. It has the eurozone has a lot of sophisticated financial markets, but it doesn't have a single sovereign debt instrument because you've got 20 sovereign nations, each of which issue their own, their own debt, so it's not like the US Treasury market. It doesn't have that that big deep broad and liquid market for one. uh, government instrument, uh, the renminbi doesn't have a, an open capital account, you know, very important in a crisis. You want to make sure that you're going to be able to get your money out of the country, uh, and there are a lot of concerns by investors that, that, that, that they wouldn't be able to do that. But I, I completely. Understand the frustration of governments around the world with the way the US has used its currency to bully other countries for foreign policy purposes. That's the frustration and desire to move away from the dollar is understandable, but It isn't governments that decide which currency is dominant. It is markets. So let me, let me come back to my point about how entrenched the dollar is in, in the functioning of world markets. Uh, so you know, anyone who's casually looked at the dollar dominance. As I'm sure many people in the audience have know that, you know, the dollar is comprises about 60% of the reserves held by central banks around the world, the foreign exchange reserves. It's used for a roughly similar amount in international trade, imports and exports for invoicing. And uh and it's, and it's the currency that's dominant in uh when countries and companies borrow in currencies other than their own, they borrow in dollars more than any other and in foreign exchange markets, the dollar is on one side of, of, of trades for when currencies are converted one into the other. But let me tell you about a market that I mean there are probably some people in this audience who are familiar with it, maybe they even participate in it. But many of you, I'm suspecting will not have heard of it. This is the only chart I have in my book because it, this just, this was the aha moment for me, the moment that just blew me away in terms of understanding the durability of dollar dominance is a market is a market for foreign exchange swaps. It's it's a pretty obscure market, but it is gigantic. And the uh the data on this is put together by the Bank for International Settlements, and foreign exchange swaps are are a market in which the very biggest actors in the global financial system play multinational companies, multinational banks, insurance companies, pension funds, hedge funds that have that have operate in in dozens of countries. And the BIS estimated that the volume of trading in this market of activity in this market is 5 $trillion trillion. That's with a T dollars a day on average. And what, what, what is this market used for? It's used for hedging. This isn't a market where people are trading one currency for another or speculating on where currencies. This is where these are these very big firms that are that are trying to hedge. Themselves against fluctuations in currency markets. So a great example, what am I talking about? A Japanese life insurance company, for example, which wants to invest a lot of its money in dollar assets in treasuries, but other American stocks, other things. But they, so they, they, they have, they use dollars, but they need yen to pay their claimants when they're, when they're, when they, when people die, right? They have to pay their their claims in dollars. So they need to hedge that a company like that needs to hedge itself against movements in the dollar in the dollar yen rate. So, Uh, so they use this market to hedge and the, and what is the currency that absolutely dominates this $5 trillion a day market? It's the dollar, way above the euro, way above the yen, way above the pound sterling, way above the Swiss franc, and others. And so this is, this means that the biggest actors in the global financial system are using dollars for, you know, for investing, for lending, for borrowing, for exporting, for if you imagine what it would take to unwind all that, it would be so costly, so difficult, and take such a long time. So you know, this is why I say entrenched. It's entrenched. The dollar is entrenched, like it or not, for better or for worse, it's entrenched. Um, what could shake that entrenchment? For example, we've been hearing a lot about crypto, we've been hearing a lot more recently about stablecoins, for example. That's sort of one area. So technology and innovation there. The other one you mentioned earlier on is the sort of policy missteps that the US government might make. And earlier in the year we were hearing a lot about a potential Mar a Lago accord which might have, you know, big implications for the US dollar. Your your comments on Well, you know, yeah, a Mar a Lago card in my view would be a catastrophic policy misstep. Um, it would, and, you know, I don't want to underestimate the potential catastrophic consequences of those missteps. I'm, I'm very much agree that that these things could lead to a financial crisis, uh, you know, the and you don't even have to go to as far as the Mar a Lago accord, you know, if you have uh. you know, more pressure on the Fed to, to, you know, just print money to cover US deficits. I can easily imagine that leading to a big selloff in Treasury securities. Interest rates would rise. The US would suffer some pretty severe economic consequences of that. A Mar a Lago accord, you know, this is, this is this talk, you know, we want, we want to make the dollar go down, but we want to preserve dollar dominance, so we will tax Treasury securities held. Abroad by foreigners that will tax the interest that we pay, that would have a devastating consequence on the market for treasuries. It could lead to a quite severe financial crisis. I don't, I don't want to underestimate that, but you know, the loss of dollar dominance would be the least of our worries in that case. I mean, if we have a real severe crisis in the market for US Treasury, the most important financial market in the world. loss of dollar dominance is, um, is, is, is going to pale by comparison with, with, with the other awful consequences of that. So that's a scenario that we could look through. What about the tech side of things, the stablecoins and so on? What does that mean, if anything, for for dollar dos? Well, isn't it? Ironic, you know, the crypto industry which started off in this, in these uh with these idealistic gauzy ideas, you know, that we're gonna, we're going to create a form of monetary transmission that, that, uh, you know, that avoids banks, central banks, governments entirely. And now they are touting themselves as, as, you know, we're going to help the dollar because after all, stable coins, which are, you know, are tied to fiat dollars, 99% of them are backed by are linked to the dollar and thanks to the legislation that was passed this summer, the Genius Act, they, they are reasonably. You're reliably backed by by reserves of dollars and so now the crypto industry is saying this is going to help the dollar. This is going to save the dollar. Well, first of all, I don't think the dollar needs saving for the reasons we've just been talking about, but stablecoins could actually undermine the the most important benefit that the US gets from dollar dominance. I think the most important. Benefit which is its ability to use the dollar for for for foreign policy leverage because stablecoins can because they are now the crypto industry argues that it's very easy to trace but the blockchain is transparent. You can you can it makes it much easier to catch crooks. I'm sorry, but, but really they're really clever people in the. To space know how to use these types of instruments in ways that disguise their identity and disguise their activities, and I think sanctions evasion is going to become a bigger problem actually for for the US, but of course it's being pushed as this great, great way to help to help dollar dominance. I doubt that it will have, it'll have some effect on the margin. Uh, but I, I doubt that it'll be more than that. Yeah, we've certainly seen China and its trade with other nations, particularly Belt and Road, um, all those nations involved in Belt and Road. Settling their trade more in renminbi and so on with Russia, with Iran, with other parts of the world as well. Is this something that could shake the dollar dominance, or is this really just on the margins? I think it's on the margins. I mean, I think it's it's certainly important for China because they want to, they want to make themselves resilient against. The possibility of the US using types of sanctions against them that were used against Russia, you know, I think if the US used those types of sanctions against China, an economy that's 10 times the size of Russia's. Uh, that the consequences because as we've just seen in the in the trade war, you know, the trade conflict between the US and China, we've just seen that China has a lot of tools of leverage at its own disposal, so I think the consequences of that would be quite disastrous anyway, but, but the Chinese want to make darn sure for quite understandable reasons that they are not vulnerable to that kind of. Thing and they've done quite a good job, I think, of making their own bilateral trade with other countries, uh, much more renminbi denominated, but is the renminbi being used as the way the dollar is in third country trade, in other words, between countries that are neither, you know, China nor the US, no, it's, it's not being used. It's not being used for that purpose. It's not internationalized to that extent, so I don't think it poses a threat to dollar dominance. Yeah, and it's interesting, isn't it, because the states in many other areas such as, you know, world police, being the world policeman and trade and so on seems to be stepping stepping back from that hegemonic role, but they want the dollar to remain. As it is, yeah, OK, um, just coming into the last few seconds and looking out ahead, we've talked about sort of policy mistakes that could shake the dominance of the of the dollar. I'm reminded of that quote by Hemingway that we've heard a couple of times this year as well, things, you know, gradually, then all of a sudden, what could be that flip? What could make things change? Well, you know, I mean a Mar a Lago, I suppose I don't think it's likely that they'll do that because I think they've realized that it would, it would have catastrophic consequences. you know, one of the scenarios that I've I've tried to think of, you know, what could shake the dollar? What, what, and the one that I one that I'm come up with and and I hope no one will be offended is. I imagine the following conversation taking place somewhere in the in the inner sanctum of the White House where the First Lady says to the president, Donald, you know, Barron is, you've always say Baron is such a smart boy. Well, he thinks that bitcoin should become the legal tender or currency of the United States. Don't you think that, don't you agree that he's such a smart boy? And now, do I think this is likely to lead to some change? In the legal tender laws in the United States, I don't, I don't think it's likely, but it's kind of horrifying to think, well, it's conceivable. So yeah, that would be one, that would be one scenario if you like. Yeah, something for us to watch out for then. But in the meantime it looks like we'll be using the dollar for some time, I think so, yeah, OK, well, with that, thank you very much and please join me in thanking Paul for his thoughts on the dollar. Thank you. Thank you very much. OK. Yeah, I go.

The competition for green capital is reshaping investment strategies across Southeast Asia. Energy, agriculture, and infrastructure players are racing to secure the funding that will define the region’s low-carbon future. Markets like the European Union are setting stricter sustainability standards, while lenders and development banks are tying capital to measurable impact. For companies, meeting those conditions can open doors to new markets and growth opportunities, failing to do so risks being left behind.

Financing Asean's Green Transition

Dina Powell McCormick’s resume spans senior roles in the public and private sectors, including stints as the deputy national security advisor in the first Trump administration and leadership roles at Goldman Sachs, ExxonMobil, and Meta. Today, she’s vice chairman and president of Global Client Services and a partner at the merchant bank BDT-MSD, as well as an author: earlier this year, she published Who Believed in You?, a book about mentorship. Ranked No. 77 on this year’s MPW list, Powell McCormick joins us to discuss what meaningful mentorship looks like across sectors in today’s dynamic times.

Mentorship Matters: Shaping Tomorrow's Leaders

Before we dive into mentorship and the book, I want to ask you, just because this is such a historic week, during the first Trump administration as deputy national security adviser, you helped lay the groundwork for the Abraham Accords. And obviously we're now seeing a ceasefire, hopefully a lasting ceasefire in effect in the Middle East. Give us your thoughts on just this historic moment, what led to it, and what are your takeaways and hopefully hints of optimism this week. Yes, well, there are, well, first, I'm so delighted to be here to be with all of you. What an impressive summit Fortune Most Powerful Women 2025 is. I'm really impressed with it. Congratulations Mihal to you and Ellie and all the co-chairs and a shout out. I don't see I saw Anastasia somewhere and Allison, um. I cannot believe this marks the 20th year 20 years ago that with Patty Sellers and Lisa Koukas we started the Fortune Most Powerful Women mentoring program with the State Department and to this day when I go places I meet extraordinary. Ordinary women who many of you mentored that are truly changing the world and so I'm really happy to be here. Speaking of some of those women, we had a really robust program in the Middle East and that was a very difficult time, of course, after 9/11. And it was very hard to get women, you know, from the region to come at that time with all that was going on. So I've seen this very long sort of journey, if you will. I'm born in Cairo, Egypt, a small Coptic Christian community, and my family immigrated to the United States, so it's also, you know, personal for me. I think what we are seeing this week is extremely historic and God willing and God hoping we will see a continuation. I think the efforts of President Trump, Steve Witkoff, Jared Kushner, Secretary Rubio really are extraordinary given how difficult this was to wade through. I also think one of the things that has not been talked about as much is how many countries in the region worked together to make this possible, not always working together, this group of countries, but to have the Qataris, the Emiratis, the Saudis, the other Gulf countries, Egypt, Jordan, Turkey, Indonesia that's remarkable. That doesn't happen and I think that. That unified coalition of what I would call pressure frankly on Hamas was very important. And then I think working with Israel to see a path, getting those hostages' homes, I'm sure you saw the videos on October 7th my husband and I joined an event to commemorate October 7th. We had gone to Israel after the horror and We went and was hosted by the foundation of Howard and Alison Lutnick. Almost all of the hostages were there that had been in captivity. I actually got to talk to Noah Arghani and just imagine, you know, she was in captivity. She did not know if she would see Avatan again. And I just said, it's like you're the age of my daughter, my one of my daughters, and you are so strong. I don't think I could be as strong as you've been. And she said to me, I have to be because I'm hanging on to the belief that I'm going to see him again. And I just seeing that one video of them reuniting was extraordinary. This is a couple that couples that were separated, you know the horrible motorcycle image of them, you know, her trying to reach him. And if you haven't seen their reunion, it's extraordinary. And so I'll just end by where do I think this goes somewhat by also looking back a bit. My last event when I was deputy national security adviser in 2017 was an event hosted in Washington. By the ambassador from Israel, Ron Dermer, and the ambassador from Egypt at the time, it was an event to celebrate the 40 years of peace between Egypt and Israel, and I had the honor of being seated next to the widow of Anwar Sadat, Jihan Sadat. And it was overwhelming for me, obviously being from Egypt, and I was just saying to her what an honor it is that you're here, and she said, you know, I knew that when he chose to make peace with Israel, that probably he would not live much longer. Sort of a stirring thing. She said we didn't know how many years left we would have, but we had 4 more years. And yet sitting here today, how many leaders are there that can count a legacy of 40 years of peace as their legacy? So it brings me to this hope that the leaders of today will recognize the most important thing now is to build on this peace, to build on the Abraham Accords, and going back to that coalition of countries that stepped up, that gives me hope. They want to keep stepping up and building out the next phase of with bumps, it's the Middle East with a lot. I'm sure ups and downs. I just think that the population, 65% of which are under the age of 35, have had enough of death and destruction and really want to try to see economic development and hopefulness. Thank you for sharing that. It might seem like a weird segue to mentorship, but it's actually not because the very premise of the book you co-wrote with your husband um is that what You call transformative mentorship can actually help sort of heal some of the divisions that we're seeing in our country here and abroad, which we just talked about. So give us a little bit of context for why you wrote the book, why now, I think that's probably an obvious one given what I just said, but you could have written a book about a lot of things. Why mentorship? Why now? I think you're saying why with your husband, which would be a very good question. That's one of my questions. As Dave says, we've lived through having 6 daughters, a losing Senate campaign, a winning Senate campaign, but the Mount Everest of marriage for us has been writing a book together, which is true. Um, you know, it started during COVID, as I said, we have 6 daughters who were tweens and teens during those years, and it really struck us how much they lost human connectivity, your first boss, how do you present at work, how do you get feedback? None of that happens over Zoom. That really happens in person with mentors. deeply care about you and give you that feedback that you need to grow. So we started telling them about the mentors in our lives that truly without one or two people I would not have had the privilege of the journey that I've had and neither would my husband. And we started to ask other people who was that person for you at the time it wasn't who believed you. It was sort of who was your mentor and Tory Burch to Christine Lagarde to Mary Barra to Governors Westmore and Sarah Huckabee Sanders, who were not governors at the time, the stories are just remarkable. The stories of people that you've never heard of, the unsung heroes that without whom we would not have benefited from these extraordinary leaders, and to the unifying point. I think people do want to have a say in what's going on in the world, but whether you have power or not, investing in one person and helping them find their purpose is really the most powerful thing you can possibly do. And that's the story. I'll share, you know, maybe my favorite one because it's both the who her mentor was and then she was my mentor, one of my dear friends and mentors, Condoleezza Rice. So as you know, Secretary Rice grew up in segregated Alabama. Um, when she was in high school, her dad became a football coach, a high school football coach in Denver. She ended up going to the University of Denver and her whole entire life, she believed that she was going to be a classical pianist, and she was extraordinary. But during high school, I'm sorry, during college, she went to a music festival. In Aspen, and she realized the 12 year olds were better than her. And in that one moment she said, Oh my God, I'm not going to be a classical pianist. What am I going to do now? And she had taken a course, foreign policy course focused on Eastern Europe by a professor named Joseph Korbel, who was an immigrant from Hungary. And he at the end of this course says to her, You're really good at this. And she says, What is this? And he said, national security, foreign policy, you, I, I'm begging you, you've got to get your PhD. She gets her PhD and that's what leads her to the career that she had. That professor was Madeleine Albright's father, if you can believe it. And Secretary Albright once told me that before he died. He said, I had two daughters that were secretaries of state. Can you imagine the impact that he had in in that knowing how to spot the talent in Secretary Rice, pushing her, being her mentor over many years. So I think there's one story after another, and our hope is that people will read the book and kind of ask themselves three questions, 3 questions. Who believes in me? Have I thanked them? Every chapter is filled with stories of people who I wish I had thanked that person more, and a lot of people have taken the book and sent it to their mentors, which has been really special. And finally, who am I going to believe in? Who am I going to invest in in the next generation that I can, you know, ensure will have a big impact on the world. And you distinguish between transformative mentorship and transactional mentorship, uh, can you explain sort of what the difference is and, and really what, uh, defines on the transformative side? What are the pillars, the values? Sure, well, look, they're both important. Transactional is a bit more the can you help me get the interview? Can you look at my resume, uh, can you, you know. you know, promote me for this role. But transformational is a lifetime of mentoring both your professional and sort of personal sides, and it's a deep commitment. It requires a vulnerability of both people and it really requires um the mentor being committed to caring about that person deeply. And in the book we talk about what successful transformational. looks like. The first is caring enough about the person to give them the tough love. One of my bosses, the CEO of Goldman at the time, Lloyd Blankfein, used to say to me, some people say I'm your mentor. I know you may think of me as your tour mentor, but without his feedback, without his honest, tough, tough love, which, by the way, in male dominated industries, you need the male. Mentoring or tormenting to really get better and that was so critical. But the, the big, big thing about transformational mentoring is opening up about how failure is the thing that often happens right before success. It's really amazing how much people have lobbed on or grabbed on to this. We do not talk enough about failure. If you're sitting in this room. And you look at your resumes, it looks like it was all like this, but we know it wasn't, certainly not in my case, certainly not in my case, uh, you know, it goes like this because how could you possibly grow without failure? How could you possibly know what you didn't know without making some mistakes? And we really focus on this because that's when you need a transformational mentor in those moments. when you are down when you think I can't get back up, I'm totally now probably ruined my career or whatever it is, and the idea of a transformational mentoring saying mentor saying, what are you going to learn from this? Because you can't look back, you can't change what happened, which sometimes I do. It's a bit of an Achilles heel, I bet for some of us, but it's wasted time. It's what what can you do to move forward? Um, I was really struck also in the book by the fact, and this is so obvious, but we don't think of it, a lot of these incredible people who you interviewed mentioned their parents, obviously educators as early mentors, and I love the stories also of. I think it was Westmore whose mother found mentors for him. Um, talk about the role of parents because again I think you know for the parents out here in the room you don't think of our, especially if you have teenage daughters like me. I don't think of myself as a mentor. No, it's interesting. So many people did cite their parents as mentors. Um, and in some cases, the, the people that were talking about their parents as mentors were like, I didn't appoint them as my mentor because it's different being a parent and a mentor. And the interesting parallels between Westmore and Sarah Huckabee Sanders, her dad played like an obviously outsized role. She grew up in the governor's mansion in Arkansas. She worked on his campaigns. I He had such, you know, a presence, but I think it's more of how much he believed in her. I mean, she grew up thinking women are supposed to be the leaders and to have him really instill that in her, I think was extraordinary. And in West Moore's case, his mom just said to him, I'm not going to allow you to go down the wrong track. Like, I'm going to do everything I can, including when he kept getting in trouble, put him in military school, and we got when he got expelled, she went to the military school and said, Too bad he's your problem. And she went and found a mentor for him at VMI and said, I think it was VMI and said, You're now in charge of my son. And I can't do it as a single mom, and that gentleman was transformational, you know, for Wes, and you probably know his book The Other West Moore, which describes somebody that lived in his neighborhood that went down a horribly different track, ended up actually being convicted for being part of a murder and and is in life in prison, and his book The Other Westmore talks about that when he went to visit him, this the West, the other Westmore said. Uh, we had pretty similar backgrounds, but the difference between you and me is you lived up to your expectations and I lived up to mine. Nobody expected anything different from me. And so when you think about the important role that she played in his life that could have gone totally different. And also I think Governor, now Ambassador Huckabee to Israel I think played a really big role in ensuring that his daughter thought she could do anything. Do we have a question from the audience for Dina? We've got one up here. There's a microphone coming to you. Hey Gina, Aidan Madigan Curtis. This is actually fun because Dave was one of my mentors at Bridgewater for many years. Um, I was gonna make that joke. No, unfortunately he's a pretty nice guy. Um, and Bridgewater is a unique environment. So Dave was actually really awesome to have as a mentor. Um, you know, we live in a really interesting time where, to your point earlier, more and more of our youth are spending time online. They're interacting with AI models or social media, you know, the people who are crafting these foundational models right now are needing to tackle tough questions like. When young people go to Chat GBT for mentorship, how do they navigate those topics? So I'm curious if you could give advice to the folks who are navigating these tough topics at these big tech companies, how would you advise them to tackle the tough topic of mentorship where so many young people are looking to these types of tools for mentorship today? Sure, well, full disclosure, I'm on the board of Meta and um so we have these kinds of conversations uh obviously um. I, if I'm being really humble and honest, I, I don't know, and I think we are in the middle of a major transformation of humanity, of the workforce, of technology, and the only thing that is certain is it's happening. Um, I think where the book comes in and mentoring is I think it's actually never been more important for the human connection. It's just never been more vital, kind of back to those people that were parents who picked mentors for their kids. I mean, everyone here instilling in their kids or the people that work for them, you really need a mentor and you need Someone who is really gonna care about you in a transformational way um because I feel and maybe this is like hopeful but I think we also are missing that we missed it during COVID we miss it because we're attached to devices all day long and I don't think that you can possibly have those meaningful relationships uh obviously uh in the same way one of the things that we see with a lot of our clients. That BDT and MSC partners is that we work with families and founders and the next generation and these are often privately held enterprises, there is so much human connectivity there because they're passing on to their next generation the values of the company that they founded and started and so there's this almost automatic kind of human mentoring dimension to it but I think companies. not just tech companies, really have to think about that and be actually more directive and purposeful about creating mentoring programs. I do think that's one of the reasons the Fortune program was so successful because I think it was a model that not only would some of the women and companies be mentors to these extraordinary female leaders, but the rest of the company would really see what an impact that had. Well, Dina, uh, we do need to wrap up. We're all very uh happy that your marriage survived the book and that you were able to share it with all of us. Thank you so much for being here. Thank you. Thanks so much. Thank you guys. Great to see you.

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