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AM bank’s CAN DO attitude to help women achieve opportunity gap

Ms. Nahla Khaddage Bou-Diab, Deputy General Manager and Chief Operating Officer of AM Bank, recently gave few insights about her AM bank and employment of women, the banks approach to the customer service, take on the digital innovation and many more related topics in the Middle East.

She said that, she thinks that they recognized that innovation is not something that can be verbalized by only the top administration. Innovation is triggered by a certain foundation. Innovation is the outflow of people’s passion and people’s creativity. When someone recognizes that, then they must recognize that there’s a certain way of handling the organization and laying down the groundwork to be able to trigger revolution, passion and creativity. And that they recognized that, and they even considered that to be one of their core purposes as senior management of the bank. Managing in a way where they give instructions is much relaxed on people than supervising the emotions and creating a sense of fitting and activating the passion. Leadership factually is not use to that. And, so, there’s huge room and an opportunity for management progress when it comes to this. And this is where people and the leaders must move to if they want novelty, she concluded about why there was a need for all the other businesses struggles to recognize the innovations and that it is what they are lacking.

She had some thoughtful opinions regarding the opportunity gap for women than the gender gap on the whole. She believed that the first step is the actual acknowledgement by the organizations that this is not a social concern; this is an administrative need as well. Since those two different directions are dealt with totally in a different way by organizations. So, if she understood why gender diversity is an organizational need, which she did, she was going to adjust her processes, her structure, and her way of managing things to accommodate this need. Because there is a need for gender diversity in her organization. So, the first step is the acknowledgement that this is a need. And then maybe she could talk a little bit about that in terms of why it’s a need. This topic led to the understanding of the core need in an organization. As there is no longer a competition with just the geographical boundaries, there is now the competition with the globe, this means to have to be able to adapt a wider view of the world, of its pressures and the ways it can be addressed which will help in the decision making processes. Then the strategies can be adjusted with the possibilities presented by the global environment. She believed that here gender diversity enables you to see a broader view. Because if you look at how individuals make decisions, you would comprehend that the strength lies in how wide your visualization is. And she may elaborate on this in future. So, people will be accessible with information. And everything that happens after that, in order for them to act or to make choices, stems from the evidence they see. 

She concluded saying that their priority is to keep doing what they’re doing. And that is to ensure that this style of management drills down to everybody in the association that is their middle-management team and workers. She is very proud of the slogan that they indeed deliver every day with every communication, and it’s called the Can Do. And it’s all about positivity; it’s all about dreams; it’s all about the ability to do the good things, to make changes. So, that’s something that they’ve done already. All they need to do is to continue with this to sustain it in the long-term. 

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Goldman banker hired by the Citi bank

Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York.

The pair will work closely with industry teams covering healthcare, industrials, natural resources and clean energy transition (NRCET), technology and communications. Leyenaar-Huntingford helped in the establishment of the Goldman’s infrastructure franchise in her time at the Wall Street bank. They will team up with Citi’s Iberia co-head of banking, capital markets and advisory (BCMA) Jorge Ramos will continue to be a senior member of the global infrastructure franchise.

The infrastructure sector is poised for further growth, according to the memo. The memo was released by Citi’s global co-heads of the alternative assets group Anthony Diamandakis and John Eydenberg, and its EMEA head of BCMA Nacho Gutierrez-Orrantia. There was significant private investment demand across the globe to deal with environmental, energy, transportation, waste, communication, digital and other social needs.

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Banks make slow progress on UK gender pay

Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial services sector has shown one of the largest genders pay gaps in Britain. The lack of women in senior jobs is the main reason.

Pay gap data from 21 major financial institutions showed a narrowing in their average mean gender pay gap. This is just 0.4 percentage points. Banks alone had a pay gap which narrowed by one percentage point. Ann Francke, chief executive of the Chartered Management Institute said that the UK’s financial services industry has often been singled out. It really does have to get its house in order. Goldman Sachs had the widest gender pay gap in the year to April 2020. Goldman posted a gender pay gap of 51.8%. The bank told the staffs that narrowing the gap further was a critical priority. A spokesperson for banking lobby group UK Finance said, that there is clearly more still to be done.

FTSE 100 insurers Prudential, Legal & General and M&G reported a widening in their pay gaps. Prudential’s UK gender pay gap widened to 45.2%. M&G also reported a widening in its pay gap in the most recent year to 30.5%. The M&G spokesperson said that they are determined to narrow their gender pay gap and will do this by achieving better representation of women in all roles at all levels of our organization. Legal & General’s mean gender pay gap widened to 30.8%.

The insurer said that the legal & general is tackling the underlying causes of its pay gap. This is by creating a more diverse workforce and a more inclusive culture through sustained, long-term action. Admiral had a gender pay gap last year of 12.8%. The 21 firms surveyed were Barclays, HSBC, Lloyds, NatWest, Standard Chartered, Bank of America Merrill Lynch, Goldman Sachs International, JPMorgan, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, PGMS (a Phoenix unit), abrdn, Schroder Investment Management, St James’s Place, Legal & General, Prudential, Admiral Group, Aviva and M&G.

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BOJ to lower inflation target-Japan’s finance minister

Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare an end to deflation. In his final news conference as finance minister, Aso said that he proposed to Governor Kuroda that, with oil prices falling this much, it would be hard to achieve 2% inflation. Hence, the target must be lowered at some point. He stated this by referring to Bank of Japan (BOJ) chief Haruhiko Kuroda.

Aso also said that the governor said he would do his best to achieve the target. This is stated by adding that policymakers must scrutinise at some point, why the BOJ’s inflation target of 2% has not been met. The remarks highlight how the government and lawmakers distanced themselves from the BOJ’s target years ago, despite central bank reassurances that achieving the target was possible by maintaining or increasing stimulus.

Aso was deeply involved in negotiations with the BOJ. After Kuroda took over as governor, he deployed a massive asset-buying program. This is for pulling Japan out of deflation. Aso supported the BOJ’s stimulus efforts. He is a member of the cabinet. And also, had raised many doubts that monetary policy alone can reflate the economy out of the doldrums. New Prime Minister Fumio Kishida is set to form a cabinet.

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