Audrey Wu, Managing Director, Head of eRates, Bank of America, won Excellence in Rates Trading at Markets Media Group’s 2025 U.S. Women in Finance Awards.

As Head of eRates, what do you consider the most challenging and rewarding aspects of your role?

One of the most challenging but also most rewarding parts of my job is leading change in a business where the landscape is constantly shifting. The market is dynamic, client expectations keep changing, competitors are innovating at a rapid pace, and our E-Trading strategy sits at the intersection of those forces. The difficult part is understanding the market structure evolution, evolving regulatory expectations, and new technological capabilities, and creating a plan with clear and actionable steps for the business. It is incredibly fulfilling to bring an idea from a concept to production, and then watch it make a meaningful difference in how we operate. Whether the improvement shows up in better workflows, stronger risk management, enhanced client engagement, or commercial results, it is rewarding to see something the team built translate into tangible impact.

How has the role evolved over time and how do you define success?

Rates markets have gone through significant change. Liquidity has shifted, electronic trading has grown across both cash and derivatives, and the expectations around data quality, transparency, and control have increased dramatically. Earlier on, the focus was to automate the repetitive tasks and free up time for higher-value decisions. The scope has evolved over the years. Success relied more on building strong partnerships across trading, sales, technology, quants, and control functions. Setting a clear strategy, creating alignment, and shaping an environment where people can do their best work became just as important as the technology itself. Resilience has also been a critical part of the journey. Markets can be volatile, priorities can shift quickly, and new risks often appear without much warning. Being able to make reasoned decisions with imperfect information, and work with the team through periods of change has been essential. The ability to adapt, and to help the business adapt, is what makes the work demanding but also highly rewarding. The landscape keeps evolving, and that constant movement is a major reason I continue to enjoy the role.

Which innovations or developments in rates trading excite you most?

The next phase of rates trading will be shaped by the convergence of data, analytics, and technology capabilities that have advanced rapidly in recent years. Innovations across the industry have given us richer datasets, better tools, and more efficient ways to build and scale technology. This creates an opportunity for broader electronification and rewards firms that invest thoughtfully. I expect the market to become even more interconnected, more transparent, and increasingly data driven. The roles that support this market will evolve as well. Hybrid skill sets that blend market knowledge with quantitative thinking, technology fluency, and strong collaboration will be especially valuable. For people who remain curious and open-minded, there will be many opportunities.

Do you mentor or support other women in finance, and what key advice do you find yourself sharing most often?

I have been fortunate to learn from mentors who encouraged me to take risks and speak up, even in new or uncomfortable situations. I try to pay that forward whenever I can. When mentoring anyone early in their career, the advice I offer most often is straightforward: build your network early and invest in those relationships, ask questions, and be willing to stretch into roles that feel slightly uncomfortable.