The exit of Kathy Shih from UBS leaves a gaping hole at the Swiss bank. finews.asia's Editor-at-large Shruti Advani looks back on what the Asian wealth doyenne taught women in finance.
Few industries globally are defined by their female leaders as much as the private banking industry in Asia is. In the age of #MeToo, when we need constant reminders of how resilient women are, it is with sadness that I write of the retirement of one of the industry’s best.
Kathryn Shih was already a legend in Asian banking circles when we first met in 2010. She didn’t use that as an excuse to be any less courteous or respectful of me, a cub reporter.
Rock-Bottom Rent
Always on time, and always with a printed brief in front of her, our first meeting was an accurate indicator of how evolved all our interactions would be.
Legend has it Shih negotiated rock-bottom rent for the bank’s breathtaking seafront IFC offices. And yet, when giving me a tour of the premises, she detailed the provenance of every piece of museum-worthy art that hung on the walls.
Tough, Respected
As the grand doyenne of UBS Asia, she got to choose what artwork would be moved from Switzerland to the Asian offices and she had certainly picked wisely.
«She is tough but immensely respected,» says a former employee of the bank in Hong Kong. «You could count on her to come through in front of a client which is more than you can say for most managers,» he elaborates.
Crisis-Tested
This could be the reason Shih outlived most managers in an organization known as much for its politics as its products.
«During the global financial crisis, Kathy and Amy Lo gathered employees and asked them for their loyalty and their faith. When Kathy was done speaking many of the managing directors at the bank today had tears in their eyes,» she says.
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