Pete Ryan
In Mexico, Family Forms the Backbone of Business
Carmen Gutierrez Smith, MBA ’14, and Professor Ram Shivakumar, SM ’97, sat down to discuss the ethos of doing business in Mexico.
- By
- April 02, 2025
- Finance
Carmen Gutierrez Smith is the new global head of the family office at Banco Santander. She’s been in private banking since 2013, and most recently served as Mexico CEO at Swiss bank Julius Baer. A native of Mexico City, she’s kept in touch with adjunct professor of economics and strategy Ram Shivakumar since taking his classes as an MBA student. In a recent conversation, the two spoke about what sets Mexico apart and the appeal of private banking. The following is an edited excerpt of their conversation.
Ram Shivakumar: Tell us about the social norms and ethos of doing business in Mexico—things that people outside of the country perhaps don’t know. And what, if any, challenges did you face as a woman and a leader of a Swiss company in Mexico?
Carmen Gutierrez Smith: There’s this saying that I love: “Mexico runs on families.” Ninety percent of the companies in Mexico, both small and large enterprises, are family owned. These businesses are really the backbone of Mexico’s economy and the central part of its DNA. We call ourselves familiares, and we are. It’s unlike any other economy in the world, and it translates into many other social dynamics that we have.
As opposed to the United States, Mexico doesn’t have that much mobility. Families stick together longer, and typically they don’t move around that much. The way business is done in Mexico has an intrinsic underlying statement, which is: You’ll have to deal with a family—not only with one person, but perhaps with an entire family—when trying to do business in Mexico.
That being said, we do have a patriarchal society, which makes business more difficult for women and complicates the role of daughters in managing their wealth. I’ve been trying to make sure that daughters, wives, and other female individuals within families get educated, get informed, and get a seat at the table in making decisions about their wealth and about business.
It is, without a doubt, a challenge. We’re coming along. As women insert themselves into society, they prove their point. Still, I’m not in favor of quotas. Many female colleagues don’t agree with me on this, but I believe we have a responsibility as women to earn our place. When you get to those places without earning your spot, people have no respect for you. There’s nothing worse than that. The objective here is to increase the participation of women across all family enterprises—and across all enterprises in Mexico—but we have to be up to the game. We have to prepare ourselves to be part of the conversations.
“The way business is done in Mexico has an intrinsic underlying statement, which is: You’ll have to deal with a family—not only with one person, but perhaps with an entire family.”
— Carmen Gutierrez Smith
Shivakumar: You graduated from Booth sure of what you would do next. I’m interested in understanding how you came to financial services and why you eventually returned to Mexico.
Gutierrez Smith: I took an interest in this industry for two reasons. The first was personal: In my own family, we experienced the common challenges that arise, particularly around succession planning, in family businesses. Going through that experience inspired me to deepen my knowledge in the field, focusing on structuring and managing wealth professionally. In Mexico, there is huge potential for this expertise. As businesses expand and families begin to separate and allocate their accumulated wealth, they often lack professional advice to manage and preserve that wealth for future generations.
Some classmates asked me, “Why that industry? It’s not interesting. You’re not going to learn any hard skills in this.” But I knew that wasn’t the case for me, as I could become as technically focused in my role as I wanted. And I figured that to build an interesting shop in this business, I could differentiate myself with a family office approach, and not necessarily as a typical private banker in the field.
Secondly, I recognized that this industry offers greater flexibility. Choosing it was a deliberate decision at the time. It’s less demanding than investment banking, and entering a new industry in your 30s while newly married naturally comes with the consideration of starting a family. I wanted to ensure I could balance both aspects of my life without feeling like I was constantly choosing between my personal and professional commitments.
I've had five children during the past 10 years. And I have to say, it’s been a wonderful experience. I started my career at Credit Suisse in Zurich and then moved to Julius Baer, which brought me and my family to Mexico. And I’ve recently moved again, to Madrid, after taking this new position at Banco Santander.
I’ve learned a lot. I’ve grown a lot, and I have a fantastic husband, Ricardo—he’s also a Booth alum, and he’s probably the best asset that I got from the University of Chicago.
“What has paid off in my career is that I’ve always maintained the highest standards of professionalism and integrity, giving my clients confidence in their decision to trust me.”
— Carmen Gutierrez Smith
Shivakumar: When you were a student in my classes—Microeconomics and Competitive Strategy—I was always struck by your boldness. You were creative in our discussions in class. In your business role now, and in your leadership roles, what do you look to for inspiration, for creativity, for doing the right thing?
Gutierrez Smith: It comes, again, from my own family experience. I am the third of seven siblings in my family. The way we were raised, we had to come up with solutions.
When I interview candidates, I’m not interested in hiring the one who knows the most or the one who aggregates more data. We have computers for that. I’m more interested in individuals who have problem-solving capabilities—who, instead of taking no for an answer, look for creative ways to get things done. Within the ethical standards, of course.
What has paid off in my career, Ram, is that I’ve always maintained the highest standards of professionalism and integrity, giving my clients confidence in their decision to trust me with managing their wealth. I have clients who have stayed with me for over a decade, because I’m someone they can truly rely on. It’s not just about managing wealth—it’s about succession planning, navigating family dynamics, addressing challenges with children and spouses, and offering guidance on a wide range of personal matters. Being a trusted adviser in every sense is absolutely essential.
Shivakumar: I’d love for you to share a little bit about your thinking in taking the new position at Banco Santander and how your experiences in Mexico are serving as an asset for you in Spain.
Gutierrez Smith: The mandate at Banco Santander is to develop a global family office to serve ultra-high-net-worth individuals across the globe with a holistic approach.
The change for me comes from pursuing something new where I feel challenged and where I can learn. I had grown too comfortable in my previous role. I had established a thriving client portfolio and had been working with those clients for a decade; however, the routine started to feel a bit monotonous. Additionally, the experience of moving to Europe with my family at this stage of life played a significant role in influencing my decision. It was a good challenge and a good moment for my family to go for it.
Ricardo Guilherme Finger Martinez Morales, MBA ’13, is the cofounder and COO of Mexico-based Jüsto, an online grocery delivery company.