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PRIVATE BANKING AT CITI How the future of work and other forces impact private banking ... Chana Schoenberger and Ida Liu Original article: https://www.americanbanker.com/leaders/fireside-chat-with-ida-liu-global-head-citi-private-bank Burgess COMMENTARY I have watched this carefully a couple of times ... and while it is a more modern conversation than one that might have happened say 20 years ago, or 50 years ago, in some ways it is exactly the same. It is exactly the same in that there is a foundational assumption that a modern business is still 'good enough' if it does what its clients want and delivers a decent ... and growing ... profit for the company's investors. The fact that the clients and the investors are maybe less than 5% of the population (or maybe much less) is not part of the corporate calculus. I want to imagine ... and in fact promote ... the idea that this level of concern about all of humanity rather than merely the top few percent would change the world for the better and do it at scale and fast. For some reason this does not seem to be on anyone's agenda. I got to look at this material because I wanted to hear what was going to be said about ESG. I am one of relatively few people who see the popularity of ESG as a powerful initiative to decouple environmental (E) and social (S) impact from profit performance. E and S impacts should not be mixed up with governance (G) which is not a metric of performance but rather an element of management approach. Making sure the linkage between profit performance and environmental impact and societal impact is as weak as possible is a useful way of keeping profit performance and stockholder value the primary goal of business. The triple bottom line talked about in the 1990s was the right way to think about business performance not ESG!!!!!!!!! Peter Burgess | ||
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How the future of work and other forces impact private banking
January 20, 2022 3:56 PM Picture-in-Picture Creating a sense of community among the clients of Citi Private Bank worldwide is one of the goals for Ida Liu, its global head. 'That's one of the most special things about being a private bank client is the community, that network that you're a part of,' Liu said. In the effort to achieve that, the private bank is working to re-imagine how it engages with clients digitally. 'We're trying to keep it interesting,' she said. Besides the more common podcasts and webinars, the private bank has hosted virtual events such as a cooking class and art class, which have drawn participation from clients across Asia, Europe, Latin America and North America, just as Liu had hoped. 'The clients don't just want to hang out with you. They want to hang out with each other,' she said. Virtual might not be a substitute for live gatherings, but it offers its own advantages. 'You can still mix and mingle. You can still get to know people in a virtual format,' Liu said. 'And interestingly, you get more participation from all the countries.' Liu shared her thoughts on this and more in a wide-ranging discussion that touches on the economy, the state of private banking, the future of work, ESG and cryptocurrencies.
| The text being discussed is available at | https://www.americanbanker.com/leaders/fireside-chat-with-ida-liu-global-head-citi-private-bank and |
