Despite the financial crisis, women in banking are being honored for their contributions to the financial industry. Three of them were even ranked in the top four on the list.

The Wall Street Journal published its annual list of The 50 Women to Watch for 2008. Among the top females recognized in the corporate world, Sheila Bair, chairman of the Federal Deposit Insurance Corp., was named the number one woman to watch.

The FDIC and Department of Treasury have been under tremendous scrutiny in light of the financial crisis. Bair gained public notoriety and respect among her Washington peers both Republican and Democratic, through her involvement in the IndyMac Bank takeover, her role raising deposit insurance levels, and her involvement in JP Morgan Chase & Co.’s purchase of Washington Mutual.

Camden Fine, president and chief executive, Independent Community Bankers of America says, “She very likely will be the only agency head to come out of this crisis with an enhanced reputation.”

Bair is also rumored to be in the running to become the next Treasury Secretary under new presidential elect Barack Obama. If appointed as Treasury Secretary or another high ranking position she would finish her term as FDIC chair which runs through 2011 along with her new position.

Ranked third and fourth on the watch list was Barbara Desoer, president, mortgage, home equity and insurance services, Bank of America and Xu Xioalian, deputy governor of People’s Bank of China.