Deloitte announced today that Monica O’Reilly has been named the new leader of its financial services industry practice, which serves 94% of the financial services companies on the Fortune 500 list last year. In addition, Mark Shilling has been named as Deloitte’s banking and capital markets sector leader.

O’Reilly, a principal with Deloitte & Touche LLP, succeeds Kenny Smith, who retired from Deloitte after 27 years in May. Shilling, a principal with Deloitte Consulting LLP, previously served as the banking and capital markets sector leader for that business unit. He succeeds Scott Baret, who will be shifting into a strategic client-focused role supporting Deloitte’s portfolio of banking and capital markets clients.

“Monica and Mark’s deep understanding of the industry and business issues that impact financial services has positioned them as leaders among our distinguished clients, colleagues and across the industry,” said Seema Pajula, vice chairman and U.S. Clients, Industries and Insights leader for Deloitte LLP. “I look forward to seeing our organization advance and our clients succeed under their combined leadership.”

O’Reilly will lead the overall strategic direction of the broad client-facing efforts in the industry, as well as direct its go-to-market strategies and resources. She is the first woman to hold this role. Shilling will do the same in banking and capital markets — Deloitte’s largest sector by revenue — with the two often working together when it comes to Deloitte’s largest clients.

Deloitte’s financial services industry practice is the professional services organization’s largest in terms of headcount and revenue. This includes banks and capital markets firms, payments companies, investment managers like mutual funds, hedge funds and private equity firms, insurers and real estate companies.

“The response to the pandemic is the prologue to the future of financial services,” said O’Reilly. “All of the imminent shifts we’ve been tracking over the last decade — including the acceleration of digital technologies and how work is changing — are impacting today. I am thrilled to be named the leader of such a talented team, especially at such an important inflection point in the industry as we help our clients navigate the path forward.”

O’Reilly has nearly 30 years of experience, advising many of Deloitte’s largest financial services clients in risk management, regulatory compliance, and controls consulting. She previously served as the financial services industry leader for Deloitte’s Risk & Financial Advisory business, where she was responsible for the group’s market growth, solutions development, and service delivery. She will retain that role. She has deep experience in the payments industry, an area of increasing focus for Deloitte moving forward. O’Reilly, who joined Deloitte in 2002, resides with her family in San Francisco.

Shilling has nearly 25 years of experience in the financial services industry, advising CIOs, CFOs, and Chief Data Officers on large scale/global programs that enable cost and risk reduction, asset efficiency, control and compliance, and digital banking. In his role as the leader for Deloitte Consulting’s banking and capital markets unit, he has specialized in bringing agile, multi-disciplined teams (across strategy, technology, operations, and human capital) to global and regional clients, along with fintech and emerging ecosystem players. Shilling, who joined Deloitte in 2008, has a computer sciences background and previously also led Deloitte Consulting’s data and analytics business unit. He resides with his family in Summit, NJ.