GCB Bank Ltd, Ghana’s premier and largest indigenous bank, proudly celebrates its platinum jubilee, marking an incredible 70-year journey of resilience and success. Joining the ranks of es- teemed companies, GCB Bank PLC has demonstrated a steadfast commitment to the Ghanaian people, emerging as a beacon of stability and reliability in the country’s banking industry.
At the helm of this leading financial institution is Mr. John Kofi Adomakoh, the Chief Executive Officer, whose journey is a testament to resilience, strategic leadership, and an unwavering commitment to excellence. As the Chief Labourer of GCB Bank Ltd, his journey reflects not only a distinguished career but also a profound commitment to shaping the financial industry.
Beyond the laurels and executive designations, Mr. Adomakoh embodies a personality whose educational roots, professional trajectory, and personal principles have played a pivotal role in elevating his stature in Ghana’s banking arena.
The Industry Focus
TVM: Being an astute banking professional with many years of experience, how would you describe Ghana’s Banking sector’s journey?
JKA: Ghana has witnessed a re- markable journey in the realm of banking which would continue into the foreseeable future. From the traditional brick-and-mortar institutions to the advent of digital technologies, the banking land- scape in Ghana has experienced a significant shift, revolutionizing how financial services are delivered and accessed by individuals and businesses alike. This is akin to the country’s growing economy and is driven by market forces, political and legal reforms.
During the establishment of GCB in 1953, there existed only two (2) Banks, however currently, there are twenty-three (23) well-capitalized universal banks, a number that was only reduced due to the cleanup of the banking sector. Prior to that, we had over 32 Banks, not to mention the Rural banks, Savings and Loans companies, other financial service providers and FinTechs performing activities that previously were the preserve of Banks.
The introduction of mobile money services has also been a game-changer in Ghana’s bank- ing sector, enabling millions of Ghanaians, particularly those in underserved areas, to access financial services that were previously out of reach. Agile and innovative fintech companies have further leveraged technology to expand their offerings, encouraging established institutions to adapt and embrace digital transformation.
Regulatory bodies in the country have also played crucial roles in shaping the evolving banking landscape. The Bank of Ghana has introduced progressive policies and regulations to promote financial stability.
Throughout this journey, GCB Bank has been pivotal. As a leading bank in Ghana, “Your Bank for Life” has contributed to the sector’s growth and development through its expansion, modernisation, technological innovation, support for financial inclusion, and commitment to corporate social responsibility.
TVM: The banking sector is currently faced with “The dual challenge: Managing the present while preparing for the future”. How can banks prepare themselves to bolster resilience against market pressures and shifts that are bound to occur, creating structural breaks?
JKA: In the dynamic landscape of Ghana’s financial services sector, the imperative for Banks to manage the present challenges and prepare for the future necessitates a strategic approach that leverages the Bank’s resilience and internal capacity to maximise market opportunities.
Pivotal in the strategy of most banks is the need to for a ro- bust embrace of technology. Digital transformation is a fun- damental aspect of our operational ethos. By integrating cut- ting-edge technologies, Banks enhance operational efficiency and strengthen our ability to effectively adapt to market shifts.
The development of a skilled and adaptable workforce is para- mount. At GCB Bank, our human capital is considered our most valuable asset. We prioritise continuous training, development, succession planning, and a congenial working environment as core to our employee value proposition.
This ensures that our team is adept at current market demands and prepared for the future to navigate the complexities in the evolving financial landscape.
An agile business model is another crucial facet of a resilient strategy. Fostering an organisational culture that values agility allows the Bank to respond nimbly to changing economic landscapes. This flexibility extends beyond internal operations to product innovation and ensuring our offerings align seamlessly with evolving customer needs. The Bank has continuously built strategic partnerships via collaboration with FinTechs, other financial institutions, and key industry players to create a network of support that goes beyond the traditional boundaries of banking.
Risk management stands tall as an imperative in GCB’s strategy as well as the strategy of most banks in the country. Rigorous risk assessment and proactive mitigation measures are integral components of our day-to-day operations guided by our risk appetite framework, which is refreshed continuously to reflect the dynamics of the environment. We strongly recognised the impact of cyber risks on our business and invested heavily in the country’s best Security Operations Centre (SOC) to mitigate cyber threats and give our customers the comfort to transact on our digital platforms.
Sustainability is not merely an option but a core principle guiding the operations of most financial institutions in the country. Recognising the importance of environ- mental, social, and governance factors and the role they play may be the catapult to an institution’s success. Banks are inte- grating sustainable practices into their business model which aligns with global trends and enhances their ability to attract patient and reasonably priced funding, ultimately contributing to long-term resilience. In GCB Bank, these are some of the guiding principles that informed our role as a funding partner for some of the critical national programs like the one-district-one-factory (1D1F), The Coronavirus Alleviation Program Business Support Scheme (CAPBuSS), YouStart, etc.
TVM: The Payments industry has witnessed momentous growth in recent years; however, faces multi-dimensional disruption– changes in market dynamics, which pose a risk to banks’ customer retention power. How are banks dealing with the disruptions?
JKA: It is not surprising the growth in the payment industry in recent years underlined by digital transformation and techno- logical evolution. To proactively manage the disruption caused by this growth and effectively navigate the complexities of the payments landscape, Banks are leveraging collective expertise and insights by engaging with fintech firms and other industry players. Continuous integration between Banks and these innovative technological solution providers is creating renewed commitment for Banks to become leading stakeholders in emerging payment technologies. From embracing mobile banking to facilitating contactless payments and advancing digital wallets, banks are investing significantly in initiatives that enhance operational efficiency and elevate the overall customer experience.
At GCB, we have developed an elaborate digital transformation strategy that seeks to address the banking needs and experi- ence of customers whilst simplifying and improving our internal operations. Deliberate plans and targets have been developed to migrate our customers’ transactions from the traditional channels onto our digital channels and are optimistic that, this approach would improve the delivery of service to our customers in a cost-effective manner. This is evident by the Bank’s launch of its Enhanced GCB Mobile App, which reflects our commitment to providing our current and potential customers with the best banking services and rep- resents a symbol of change in the GCB transformation agenda.
A customer-centric approach is integral to the strategies employed by Ghanaian banks. Understanding customers’ evolving needs is prioritised, and banks actively seek customer feedback. Personalised interactions and tailored services based on customer expectations are vital in retaining a satisfied and loyal customer base amid industry disruptions.
Recognising the fluidity of market dynamics, banks are fostering organisational cultures that value agility. This adaptability enables swift responses to changes in customer preferences and industry trends, contributing to the cultivation of long-term customer loyalty in an increasingly competitive landscape.
Security remains paramount in the face of rising digital transactions. Banks are implementing stringent cybersecurity measures to safeguard customer financial information. By prioritising the integrity and safety of payment systems, banks build trust with customers and mitigate potential risks associated with evolving cyber threats.
The Company Focus
TVM: GCB Bank, Ghana’s premier and largest indigenous bank celebrates its platinum jubilee. Considering the vicissitudes of the economy, can you briefly describe how the journey has been in the last 70 years?
JKA: Achieving 70 years of existence is a remarkable accomplishment that only a few companies surpass. Such companies include IBM, Coca-Cola, Unilever amongst others, and now GCB Bank PLC.
Our longevity and success in the Ghanaian market can be at- tributed to our strong heritage and ties to the Ghanaian people, robust financial performance, customer-centric approach to doing business, skilled and knowledgeable workforce, technological innovation, effective risk management and corporate governance practices, strong relationship with our stakeholders as well as effective market positioning which translates into a commitment to financial inclusion and support for SMEs.
These factors have enabled the Bank to build trust, meet customer needs, adapt to changing market dynamics, and maintain a leading position in Ghana’s banking industry.
We were birth for the indigenous Ghanaian population, and our continuous support as their trusted financial partner has translated into loyalty and brand equity as customers see us as the most reliable and stable financial institution in the country.
The bank has never relented in its efforts to attract and retain talented professionals and foster a culture of excellence and innovation. This is evident in the caliber of staff in the bank, willing to go the extra mile in executing their functions.
Additionally, GCB Bank has adhered to strong corporate governance principles, ensuring transparency, accountability, and ethical practices throughout its operations. ‘Your bank for life’, since its inception, has consistently delivered strong financial results, notwithstanding the harsh economic and political conditions that have bedeviled the banking landscape in years past. Our ability to continuously generate high revenues, maintain a healthy balance sheet, and effectively manage risks has played a crucial role in our longevity and success.
unveiling the 70th Anniversary logo
Our extensive Branch Network, ensuring presence in both urban and rural areas, allows the bank to reach, support and serve a di- verse customer base. This expansion has ridden on the back of significant investments in technological and digital infrastructure, innovative banking solutions, and upgraded systems to enhance efficiency, convenience, and accessibility for customers. By keeping up with the digital revolution, GCB Bank has remained relevant in an increasingly tech-driven market.
Through all this, as succinctly put by Peter Drucker, ‘Quality in a ser- vice or product is not what you put into it, it is what the customer gets out of it’, and a satisfied customer is the best business strategy of all. Hence, the bank has consistently focused on understanding and meeting the evolving needs of its customers. By offering a wide range of products and services tailored to various custom- er segments, GCB Bank has been able to build strong relationships and loyalty among its customer base. This has further translated to the Bank actively contributing to financial inclusion in Ghana.
TVM: “70 years of providing unrivalled banking solutions towards the socio-economic development of Ghana.” What are some of the achievements the bank can pride itself in?
JKA: Wow, where do I start from? Our Bank has been pivotal in shaping the financial landscape, fostering growth, stability, nd innovation.
Our most notable milestone is being able to live up to our man- date or the rationale of establish- ing our beloved bank 70 years ago, that is; to provide banking services to indigenous business- es and individuals. For the last seven decades, we have put our capital behind opportunities to support the socio-economic development in Ghana, serving the people and businesses to drive economic growth. These include loans, lines of credit, and other forms of financing designed to help businesses fund their operations, expand their operations, and manage their cash flow.
Our Bank is rated Ghana’s safest Bank by Moody’s, Fitch, Standard & Poor’s and the most compliant Bank in Africa by the Association for Certified Compliance Professionals in Africa (ACCPA).
GCB Bank Plc is currently ranked first in the banking sector cate- gory and 10th in the list of 100 most prestigious companies in Ghana by the Ghana Invest- ment Promotion Centre (GIPC).
As the largest indigenous Bank in Ghana, we will continuously look for opportunities to drive commerce, shape our customers businesses and seek prosperity and value for all our stakeholders.
TVM: GCB Bank PLC., Africa’s most welcoming bank, having transformed to providing first class banking solutions for customers and value for all stake- holders, has indeed shown leadership in Ghana’s financial, most especially banking, industry. Can you describe some of the products and services that have given GCB Bank its unique identity?
JKA: As a leading bank in Ghana, ‘Your bank for life’ has contributed to growth and development through its expansion, modernization, technological innovation, support for financial inclusion, and commitment to corporate social responsibility. Our investments in digital modules have led to better value-chain integration, new-market exploration, and competitive advantage gains.
The Bank was the first bank to launch a telco-agnostic and fully interoperable digital mobile. This allowed customers to send and receive funds from any mobile wallet or bank account by registered users and perform unique functions including individual and group savings. This has now been set-up as a wholly owned subsidiary to offer it the flexibility to compete effectively and drive the needed gains.
Our Retail banking architecture mainly runs on digital banking products and channels. From our assorted bouquet of card products, ATMs and Point of Sale de- vices, online and mobile banking suites including but not limited to Mobile App, Internet Banking and USSD platforms, our cherished customers are spoilt for choice. This has brought convenience to most customers, whilst also improving service availability and customer experience.
Currently, with over three million customers, 185 branch- es and 340 Automated Teller Machines (ATMs) nationwide, we keep expanding to ensure that no one is ever too far away from a GCB Bank experience.
The Bank has been exceptionally strong in areas such as provision of loans, lines of credit, and other forms of financing designed to help individuals and businesses fund/expand their operations and manage their cash flow.
Our Retail Banking Business rolled out the Bank’s best-selling product in 2011 aimed at sup- porting individuals and house- holds with their credit needs. This was the flagship 24-hour
Personal Loan product, a credit facility granted within 24 hours to customers who receive their salaries through GCB accounts. Various tenets of this product have been developed including the GCB Easypick which allows customers to purchase products from partner vendors and pay later and the Facility Against In- vestment which grants custom- ers the ability to secure a credit facility using their investments or CASA balances as security.
In the Wholesale Banking space, support has been given to various Corporates, Small and Medium Enterprises. GCB Bank has been instrumental in the financing and provision of essential support and services to farmers, cooperatives, and stakeholders in the cocoa value chain. Specifically designed credit facilities with flexible repayment terms are offered to cocoa farmers and cooperatives to assist with the purchasing of essential inputs, improving farming practices and ultimately increasing productivity. To further enhance banking services and in line with the Bank’s commitment to innovation, GCB introduced digital banking solutions tailored to the needs of these co- coa farmers. The platforms have made it easier for the farmers to access financial services conveniently, hence, strengthening their commitment to the Bank. The Bank has remained the partner of choice to the Ghanaian manufacturing companies as it continuously provides comprehensive financial solutions to address their unique goals and facilitate their businesses. A key offering to this sector is the re- volving lines of credit. These cred- it lines provide industrial firms with the flexibility to manage cashflows difficulties and seize opportunities for growth and expansion. Furthermore, advisory services aimed at reviewing their business activities and recommending suitable solutions are continuously being adopted and this has helped companies navigate financial obstacles and maintained their competitive edge.
Recognizing the significance of trade finance in driving growth for manufacturing companies, the Bank has extended its support to include trade finance. These solutions include debtor finance, supply chain acceleration and equipment financing, empowering manufacturing firms to release capital strategically and invest in business expansion. Our Transaction Banking suite aimed at driving revenue via non-funded income sources is flourishing because of the Bank’s robust technological infrastructure. Transaction Banking products continue to be the game changer for most educational and health facilities nationwide. Innovative platforms for fee collection and voucher sales have been introduced and this has aided in the improvement of revenue generation and retention within the education sector. This has eliminated the old-aged problems associated with fee collections by second cycle and tertiary institutions. Other non-educational institutions such as the Ghana National Fire Service and Ghana Police Service have utilized the Bank’s innovative voucher sale platform in their recruitment activities. The Bank has further assisted with products such as Cash in Transit and Teller Implant services for some hospitals and educational institutions ensuring seamless flow of funds and elimination of reconciliation challenges.
GCB has supported SMEs in diverse ways. Sequel to the intro- duction of the private sector-led One-district, One-factory (1D1F) initiative in 2016, the Bank set up a unit to drive the initiative and has been committed to other industrialization programmes. Our story has been different as we have continuously supported industrial growth for the past 70 years.
TVM: After 70 years of oper- ating successfully in the coun- try, what can you enumerate as some of the bank’s biggest contributions to the economy?
JKA: Our socio-economic agenda and how we have continuously positioned ourselves. The Bank has been in big markets where ordinarily, many commercial banks will not go but we have gone there to serve as a catalyst to economic development.
When a bank goes into a community, you will be surprised that, many things change. It is like building a road, through a forest, suddenly you see how development will catalyze. People will take advantage and will want to invest in the community in which they live. For us in this part of the world, Africa as a continent, it means a big difference when a bank or financial services intermediary opens in a community. It catalyzes development and that is one of the key things that differentiates GCB from many other banks. You will not find it on our balance sheet, but these are the coordinating acts of our very legitimacy that make us a distinguished brand.
TMV: GCB Bank prides itself as Africa’s most welcoming bank. As a result of the implementation of the AfCFTA, does GCB Bank have any plans to venture into the regional market?
JKA: This is a very interesting question. Yes, I’m aware of the African Continental Free Trade Area which facilitates intra-Africa trade or movement of goods and services amongst countries on the continent. Initiatives such as Pan-African Payment and Settlement System (PAPSS) have been built around this ecosystem to ensure instant or near-instant trans- fers of funds between originators in one African country and beneficiaries in another. GCB Bank PLC is a big sponsor of this initiative.
When Africa becomes one market, banks like GCB cannot afford to just be a Ghanaian Bank. We used to be in Lomé-Togo and London, and we reorganized ourselves to get out of all these markets.
But with the constant evolution of banking, where AfCFTA is heading to, GCB ought to be- come a regional and continental bank. We must follow the foot- prints of our customers. We are developing indigenous Ghanaian businesses to become African champions. Hence, we will go out of Ghana into Africa. We can first look at the West African Market.
TVM: The Domestic Debt Ex- change Program (DDEP) be- came banks worse nightmare that robbed banks of their prof- its. What lessons were gleaned from the situation for the future?
JKA: It was a difficult time. We decided to move on. We decided to reinvest and reestablish ourselves again. The good thing is, our customers wholly trust us, and have kept faith with us. It is time for us to also keep faith with them. Our customers have also gone through a difficult time. There was COVID and this presented its own challenges. As we transitioned out of COVID, the financial ecosystem was also faced with the DDEP storms.
Our customers have also faced similar issues. Hence, we must hold our hands and together walk this difficult trail. I am extremely confident that, GCB will come out very strong in the next few years and our customers will also bounce back. The Ghanaian economy will get up on its feet again.
TVM: In an age defined by global unpredictability e.g., COVID, glob- al inflation and DDEP, companies are developing blueprints for surviving turbulent times, noting that businesses must adapt their strategies to ensure lasting success while mitigating potential risks. How would you describe GCB’s journey going forward?
JKA: As we reflect on the challenges Ghana has encountered over the past 70 years, GCB Bank
has been there every step of the way, providing stability and sup- port. Undoubtedly, the DDEP has had a profound impact on GCB Bank, and though there are signs of an early recovery evidenced by our performance for 2023, aftershocks of DDEP remain fairly strong, and GCB is taking the necessary measures to minimize the adverse impact. We remain hopeful and optimistic about the recovery of the sector, given the results posted so far.
The Bank’s shareholders have also exhibited their support and commitment, and we should be going into the capital market to raise 1 billion cedis to shore up our capital which was impact- ed because of the DDEP. This will enable the Bank to continue supporting Ghanaian industry and commerce per our establishment mandate and operate effectively. We keep evolving and are still committed to our vision of being the leading bank in all our markets.
TVM: “As the industry evolves through technological advancement, I believe GCB is in a pole position to provide cost-effective and world-class digital solutions to clients”, you once remarked. What are some of the techno- logical advancements the bank has undertaken to enhance operational efficiency to deliver innovative solutions to customers?
JKA: Digital Banking is fundamental to our business and in GCB, we have not only observed the rapid growth in technology that has transformed and shaped the business landscape, customer expectations and competition, but have put in the requisite structures to take advantage of this paradigm shift. We have deployed advanced technology at all stages as a lead up to an exciting future.
Our quest to digitalization goes beyond simply transitioning from traditional to digital methods but involves analyzing, interacting with, and satisfying customers through innovative strategies and top-notched digital solutions.
Capitalizing on business intelligence tools, data driven insights and visualizations are dictating strategies and shaping decisions made about the customer and our business. There has been a shift from product-centric to customer-centric which has influenced our business model and product designs with the aim of establishing closer interactions with our cherished customers and foster new partnerships.
Our investments in digital mod- ules have further led to better value-chain integration, new-market exploration, and competitive advantage gains.
These technological advance- ments have further helped the Bank to streamline its operations, align and empower the work- force and significantly reduce costs associated with other auxiliary activities and drive revenue.
TVM: The bank enters into a “New Phase” @ 70 years. As the torch- bearer, how do you intend to transform the bank to “become a world-class bank with proactive- ness in solving client needs”, thus, helping to define ‘The Future of Ghana’s Banking industry’?
JKA: The Bank continues to evolve, and we find ourselves in the pen- ultimate year of our strategy to dominance. Though it has been challenging due to the uncertain- ties in the macroeconomic environment, our aspiration to dominate our markets is still on course. We seek a future anchored on Enterprise Risk Management, Customer Experience and Hu- man Capital Development. Embedding Risk Management Bankwide would be a key focus of the bank. Risk awareness and mitigation must flow in the DNA of all employees and the requisite trainings, tools and metrices would be instituted. We all will come on board to continuously innovate to optimise our assets, diversify our revenue-generating streams, and improve the resilience and efficiencies in our processes. These are critical as the Bank seeks to take advantage of opportunities amidst uncertainties.
Our Digital Transformation Agenda and Transaction Banking will be leveraged to increase revenues, especially as opportunities to generate income from government securities become challenged.
Furthermore, our customers will be key in this journey. We are implementing our customer experience strategy which will focus on providing solutions to address our customers’ pain points to ensure a delightful experience. We will re-enforce the customer ser- vice mindset and help drive a culture of service excellence across all customer-facing and internal functions. The customer would be at the centre of what we do. He who solves the customer’s problem gets the customer’s money.
Finally, building capacity and training a cadre of next-generation leaders is paramount to Management and the Board. This has been prioritised as a core element of our Employee Value Proposition (EVP). We will implement our EVP, put in place the Leadership Pipeline and Succession Planning Project that would harness talent and train leaders internally to take up positions in the Bank.
TVM: Seventy years has been a long journey, however after 70 years, what next?
JKA: It has been challenging for Ghana and GCB as well, but we are very resilient. The Bank has a very strong customer base, extremely resourceful staff and our balance sheet is very resilient. We have reviewed our risk management and governance protocols and have taken decisions on how to reposition the bank.
As earlier indicated, Shareholders have exhibited their sup- port and commitment and we should be looking to go into the capital market to raise 1 billion cedis to help shore up our capital, this will enable the Bank to undertake transactions as per our mandate of establishment. We are looking at new customer acquisitions whilst diversifying our client and revenue portfolio as fee income continuously become critical to our business model.
Last but not least, our people. We are developing talents; we are in- vesting in people for it is our people who have brought us this far. They are the core of our resilience.
Personality Profile
TVM As an astute and formidable personality within the banking industry, many are aware of your ca- reer credentials but barely know about the man behind the veil. In light of this, journey us through the life of Kofi Adomakoh?
JKA: I am Kofi Adomakoh, the Chief Labourer of GCB Bank Ltd. I’m driven by challenges and sees nothing as too hard for me to tackle. I had my undergraduate studies at the University of Ghana, Legon, where I obtained a Bachelor of Science in Agriculture followed by an Executive Masters’ Degree in Business Administration at the same institution.
Life after school has been that of work, work and work. I joined GCB from African Export-Import Bank (AFREXIMBANK), Cairo in Egypt, where I held the position of Director and Global Head for Project and Asset-Based Finance. I also held leadership roles at Barclays Bank Ghana Limited (now ABSA Bank Ghana Limited) as the Executive Director in charge of Corporate Banking; and, at Ecobank Ghana Limited as the Head of Institutional Banking and The Trust Bank Limited, Ghana.
Without education, I could not be where I am today, nor could I have achieved what I have been able to at this stage of my life.
TVM: Unarguably, the success- es chalked by distinguished personalities come with their own struggles and challenges. What incident in your working life would you say brought a turning point to your career?
JKA: I would say leading and re- structuring several transactions worth over USD 10 Billion across Africa in a variety of sectors.
TVM: You manage one of the biggest firms in the country. Certain elements must have motivated you through this journey, therefore, what are they?
JKA: My motivational factor is this: Nothing will change if I don’t work towards it so whatever I get to do, I put everything into it. I am results-oriented person.
TVM: When Kofi Adomako isn’t working, what does he do to relax and entertain himself?
JKA: I am a family man and spend out-of-work time on activities with the family. My kids always lead with the planning, and it is always fun. The nature of my work career involves a lot of travelling and creates some “me time”. As such, I take the opportunity to catch up on developments through a wide-scoped reading. Music helps me to relax and unwind.
I am a strong football fan. My support and love is with the two reds – Kumasi Asante Ko- toko FC and Manchester United.
TVM: Mindful of you being a family man, can you share with us how you maintain a good work and family life balance?
JKA: This is probably one of the top dilemmas of formal sector workers especially those in ex- ecutive roles. The time devoted by executives towards work is around the clock but adequate planning and having a reliable team are critical for balancing the time for work and family time.
At work, I delegate as much as practicable and build buf- fers in my schedules for oth- er stakeholder engagements and family emergencies. At home, I ensure the time with the family are more engaging and quality.
TVM: What will be your advice to any passionate individual out there who idolizes you and has ambitions of leaving a mark as a banker or whatever industry?
JKA: I have enjoyed over a 30- year career in banking. I have encountered a fair mix of good and bad moments which have shaped my growth. Working in the Banking sector has been fun and rewarding.
Chief Labourer of GCB Bank Ltd.
I have also encountered people from different walks of life and have built a rich net- work across different continents.
I must say that the banking industry has evolved, however, the fundamental principles for succeeding and looking out for yourself remains the same. To be successful in the Banking sector, or any other industry, make sure you start with the right institution.
Starting Out: I see many young people seeking that first job make the mistake of weighing several offers and going with the one with the highest begin- ning salary. This may or may not be the right institution with which to start your career. Given that many people enter the workforce after a long wait time scouting for jobs, it is enticing. But it can be the wrong choice.
In choosing your first Banking job, or any job, do some home- work on the institution. What is their employee retention rate? Is there opportunity for training/ learning? Is the performance consistent? Are there any regulatory issues? These are sure signs of weak management, poor financial condition, or an indication the institution will not pay employ- ees what the market demands. While there are exceptions, be careful with financial institution that has any of these traits.
In summary, I would look for a good institution that has a good management team, has a history of retaining its employees, offers diverse training/learning opportunities and pays reasonably well.
Building your Career: Once you begin your employment with a Bank, or any other field, there are things you should be aware of and look for to know if this is going to be the institution that is suitable for long term or short-term employment.
Learn how to influence – Understanding what it means to influence without authority is a great first step in acquiring leadership capability. Often the first leadership role that you will be given will come out of the blue. You need to be prepared for unforeseen opportunities. Understand your roles and how you fit into the institution.
Build internal alliances – You should be looking to make healthy relationships across the grade levels within the institution to help your learning and growth.
Self-development – Take opportunities for on-the-job and class- room type of trainings to scale up your knowledge required for your role as well as broader industry and corporate perspectives.
Focus on relationships, not just skills – Obviously, you must be technically capable to make it in investment banking, for in- stance. In the early years, this is more important than ever and being among the top-rated analysts will undoubtedly help you move up. But “building a network, managing up, looking beyond one’s narrow business silo” are things that “you need to do to get noticed,” says Ward.
“We tend to overlook the im- portance and power that those things ultimately bring,” he says. “Being connected to decision-makers often gets you far more traction than simply being capable. Like it or not, politics is a fact of life. To pretend that it doesn’t matter is naive.”
Seize opportunities when they present themselves – Being a specialist is good, but if you really want to move up the ranks, you need a broad range of experience. “I never really want- ed to go into banking, so when I arrived, I was flexible about where I ended up,” says a Senior DCM banker speaking off the record. “Part of this is seizing opportunities across sectors or geographies when they appear. But it’s also a mind-set – don’t pigeon-hole yourself and realise that any experience will help you in the long-term. The time to do this is early on in your career.”
Always have one eye on the long-game – Ups and downs will happen throughout your career. Don’t dwell on either, says Mark Franczyk, a former Vice Presi- dent in equity capital markets at
J.P. Morgan who is now a pas- try chef and blogger. “Don’t give up because of short-term set- backs, and don’t become overly confident from short-term success,” he says. “Remember that the career really pays off once you’ve reached the senior levels.”
Understand your motivations – If you want longevity in investment banking, understand early on why you’re here. Commitment will only come if you’re in it for the right reasons. “If you are genuinely interested in finance, you can get through the frustrations of the working day, week, month and year,” says Rodgers. “If you aren’t and your only incentive is the cash, or because all your friends want to be in finance and you’re scared of missing out, it will be a long, long slog.” “Knowing yourself, your motivations, your value system and your goals, will help you to orientate yourself to leadership,” adds Ward.
Seize on any leadership training – Investment banks used to promote on performance. This meant that managers, or leaders, were merely those who brought in more business than their peers. In such circum- stances, management training seems like a distraction. It’s really not, suggests Ward.
“Any opportunities to attend managerial or leadership train- ing should be accepted,” he says. “Junior people some- times believe that leadership is what happens at the top. In fact, the leadership happens at all levels in organizations.”
Be ready to learn, resilient, dedicated and put in your best wherever you find yourself.
TVM: What five key principles will you recommend for young Entrepreneurs?
JKA: I will encourage every youth to be guided by the principles of: focused and passion- ate; values and beliefs; ethics; hard work; and God fearing.
TVM: Any final words for the youth?
JKA: Youth of today are driven by materiality. Most of them have had themselves in wrong companies, social vices and on the wrong side of the law. However, I must admit that a lot more are leading their peers in various fields and competing strongly at continental and global levels.
The youth should spend their formative years building character, core values and things that develop their soft skills. They should develop a self-code of conduct and challenge themselves. They will make mistakes, and these are part of building their character capital and these are what makes you strong and a better person. Their character will be test- ed strongly as they go through life. If these are not well developed, they will break and fail.