Dennis Klaeser AM 1982

From Social Work to High Finance

It seems like an unlikely start for the managing director and chief financial officer of PrivateBancorp. When Dennis Klaeser, AM’82 started at the University of Chicago, his aspiration was to become a social worker.

While studying at the School of Social Service Administration, Klaeser worked part-time at NORC, formerly the National Opinion Research Center. He explained, “Some of the professors that I knew there were affiliated with the public policy program and encouraged me to think about it as a stepping stone to get my PhD.”

So after completing his social work degree, Klaeser started at the Harris School, but quickly realized he had years ahead of him in academia while all his friends were starting their careers. Needing a “dose of reality,” he accepted a position upon graduation as a junior economist at the U.S. League of Savings Institutions, a trade association representing the savings and loan industry.

“It was a great job for a public policy graduate because I was looking at public policy issues related to housing,” said Klaeser, who focused on housing policy and urban development at the Harris School. “At the time, the savings and loan industry had a much more prominent role in the housing industry. With housing being such a critical element of the U.S. economy, it was a very interesting job.”

With that Klaeser never looked back. He transitioned into financial roles at the U.S. League of Savings Institutions, eventually becoming vice president and director of business planning and finance, and later moved into investment banking.

With eighteen offices in Chicago, Atlanta, Detroit, Milwaukee, St. Louis, and Kansas City, PrivateBancorp is a niche bank serving entrepreneurs, real estate investors, and small- to middle-market business owners. Klaeser is responsible for all the company’s financial affairs, including the public reporting process, compliance with the U.S. Securities and Exchange Commission and Sarbanes-Oxley, and communications to investors and equity analysts who research the company.

As part of the senior management team, Klaeser also helps evaluate and pursue strategic ideas for the bank. He recently led a $200 million capital campaign, part of a growth plan for PrivateBancorp that includes hiring a large number of experienced bankers to transform the company into a preeminent middle-market commercial, commercial real estate, and private bank.

“It’s a challenging position,” said Klaeser of his role. “We’re going through a lot of change, but yet we’re a very small collegial organization and that’s particularly rewarding.”

Even in his current position, Klaeser said he still finds his public policy degree useful. “It is still helpful to have a public policy perspective—and being able to think in that mindset—when dealing with government regulators and Sarbanes-Oxley issues,” he said. “With a lot of public companies, the CFO’s critical skill is no longer just accounting. Strategy and policy have become more paramount skills.”