'Wrong gender, color, country' - India-born Aiyengar, JPMorgan's rising star

February 5, 2014

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Washington, Feb 5: Fifteen years ago, when Anu Aiyengar went for an interview to become a mergers and acquisitions banker at a major Wall Street firm, she got a stark, disappointing message.

"You have three strikes against you," Aiyengar, who was born in India, recalled the interviewer telling her. "How can I hire you? You are the wrong gender, wrong color and wrong country."

Aiyengar, now a managing director at JPMorgan Chase & Co (JPM.N), is seen as one of the rising stars within the largest U.S. bank's M&A group, advising clients in sectors ranging from retail to industrials.

Over the past 15 years at JPMorgan, she has worked on around $200 billion worth of transactions. Last year, she advised on such deals as auto parts retailer Advance Auto Parts Inc's $2 billion purchase of General Parts International Inc, and office supply company Office Depot Inc's $1 billion acquisition of rival OfficeMax Inc. JPMorgan was ranked No. 2 in M&A deals by value globally last year.

Being a woman, she said, has proven to be an advantage in connecting with clients, so much so that many become friends or mentors. "Maybe it's stereotypical, but I do feel that listening skills are pretty important," she said.

Former OfficeMax CEO Ravi Saligram said Aiyengar gained his trust with her analytical skills and because she spoke her mind.

"She's not afraid to push back," Saligram said. "She was not a ‘yes' person."

Still, Aiyengar said she rarely comes across other women in her business, a reflection of how corporate America and Wall Street remain male-dominated, even if the kind of overt prejudice that she experienced fifteen years ago has receded.

Women made up 15.6 percent of top executives and managers at U.S. investment banks in 2012, compared with 17.7 percent in 2007, according to annual studies published by the United States Equal Employment Opportunity Commission (EEOC).

Elizabeth Nesvold, a managing director at the women-owned M&A advisory firm Silver Lane Advisors, has a similar story to tell. Nesvold, who has been a banker for more than two decades, said it took 16 years until she sat across from another female senior banker during deal negotiations.

Nesvold said she also thinks being a woman helps at times.

"Sometimes clients have told me things that I am 100 percent sure they would have not told a man," Nesvold said. "The work-life balance is challenging, while we see a lot of young women come into the profession, we do not see that many senior women stay the course."

Aiyengar said she makes an effort to find that balance. Married for 18 years with no children, Aiyengar, who remains an Indian citizen, said she finds relaxation through Indian classical dance and tries to stay in touch with friends and family outside of banking. She also tries to mentor younger women bankers.

"I am very passionate about having more women in broader financial services, and especially banking, not just M&A," she said.

Aiyengar herself benefited from mentors such as Eric Stein, JPMorgan's head of investment banking coverage for North America, who helped her with everything from learning how to building deal models to the intricacies of American football.

"He spent six hours on a white board teaching me how to set up a model," she said. "My basic checking models are still set up the way he originally taught me."

Stein said it is rare to find a banker who can handle a wide range of deals, from financial services to retail. Teaching her American football, however, was another matter.

"There is no doubt teaching her football was more difficult, but part of the reason was I tried to convince her to join me in being a Buffalo Bills fan," Stein said. "I am proud to say she is getting there after close to 20 years, and much more quickly than I have picked up on cricket."

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News Network
April 16,2020

Brussels/Amsterdam, Apr 16: As the novel coronavirus continues to wreak havoc in the western world since its outbreak in Wuhan last December, researchers believe that the Chinese leadership is trying to absolve President Xi Jinping by using a section of the western media to influence public opinion globally.

"There are clear indications that China is conducting activities in a persistent and systematic manner to influence public opinion-making, academia, think tanks and political decision-making among the member states of the Belt and Road Initiative (BRI) in general and western capital cities in particular," Siegfried O Wolf, Director of Research at Brussels-based think tank South Asia Democratic Front, said.

Some western media say some Chinese officials were secretly aware that they were facing a pandemic from the new coronavirus but allowed Wuhan to host a mass banquet for tens of thousands of people and millions began their annual trip home for the Lunar New Year celebrations.

The pandemic has since then affected 210 countries and territories around the world. Over 2 million people have been declared positive in which over 134,000 lost their lives.

"The frequency and extra-ordinary large scale of Chinese sponsored events in European political hubs, like in Brussels, and the subsequent media coverage can be seen as evidence for Beijing's public diplomacy efforts. However, the rising skepticism within the EU regarding Xi Jinping's development projects and the emerging questioning of Chinese sources funding Free Universities, like the one in Berlin, shows that this strategy produced mixed results so far," Wolf said.

He added, "However, one must also state that these efforts helped China to gain certain leverage among many non-Chinese media, western as well as non-western ones. Today, we can observe that China's political leadership tries to instrumentalise this influence for a major image campaign to distract from the fact that it carries the initial responsibility for the dramatic spread of COVID-19 by holding back key information."

Wolf also said that the current internal dynamics in China, like the shirking of responsibilities by the local authorities, are most-likely part of a twofold strategy. Firstly, there is the strategic component - namely, to reaffirm to the general public that the Communist Party of China is still in full control of the situation. The second strategic pillar is one of 'whitewashing'.

"Concretely, Beijing's obvious aim is to distract the domestic and international attention from the real, but hidden causes of the Coronavirus outbreak and its potential reputational and political consequences for Xi Jinping and his BRI," he stated.

Yoana Barakova, a Research Analyst at European Foundation for South Asian Studies (EFSAS), an Amsterdam-based think-tank, said, "The death of Dr. Li Wenliang, one of the very few medical professionals who tried to warn the world in December 2019 about the looming threat, sparked widespread condemnation around the international community in early February. Yet, little did he know that his legacy would continue much later after his demise, with the emboldened Chinese government trying to cover up its missteps through hardcore censorship after being exposed for undermining and underestimating the initial danger."

The researchers believe that the deterioration in press freedom under Jinping's regime has become more evident in recent days, with local authorities trying to control the state narrative by cosmetically placing media's focus on government's superficial attempts to tackle the crisis.

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News Network
February 19,2020

Beijing, Feb 19: The death count from China's new coronavirus epidemic jumped to 2,000 on Wednesday after 132 more people died in Hubei province, the hard-hit epicentre of the outbreak.

In its daily update, the province's health commission also reported 1,693 new cases of people infected with the virus.

This brings the total number of cases in mainland China past 74,000.

Most of the cases are in Hubei, where the virus first emerged in December before spiralling into a nationwide epidemic.

Wednesday's jump in the death count was an increase on Tuesday's figures, although the number of new cases reported in Hubei were the lowest for a week.

A study released by Chinese officials claimed most patients have mild cases of the illness.

Outside of hardest-hit Hubei, which has been effectively locked down to try to contain the virus, the number of new cases has been slowing and China's national health authority has said this is a sign the outbreak is under control.

President Xi Jinping, in a phone call with the British prime minister, said China's measures were achieving "visible progress", according to state media Tuesday.

However, the World Health Organization has cautioned that it was too early to tell if the decline would continue.

On Tuesday the director of a hospital in the central Hubei city of Wuhan became the seventh medical worker to succumb to the COVID-19 illness.

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News Network
June 11,2020

Jun 11: The total death toll in the US from the novel coronavirus pandemic could hit the grim figure of 200,000 by September and expecting a dramatic decrease in COVID-19 cases in the country will be a "wishful thinking , an eminent Indian-American professor has warned.

Ashish Jha, the head of Harvard's Global Health Institute, told CNN on Wednesday that he is not trying to scare people to stay at home rather urged everyone to wear masks, adhere to the social distancing rules and called for ramping up testing and tracing infrastructure.

Anybody who's expecting a dramatic decrease in cases is almost surely engaging in wishful thinking. And if it (COVID numbers) stays just flat for the next three months, we're going to hit 200,000 deaths sometime in September and that is just awful, Jha said.

Jha said the 200,000 death toll is not just a guess . Currently 800-1000 people are dying daily in America from the virus and all data suggest that the situation is going to get worse.

We're gonna have increases, but even if we assume that it's going to be flat all summer, that nothing is going to get worse... even if we pick that low number of 800 a day, that is 25,000 (deaths) a month in three and a half months. We're going to add another 88,000 people and we will hit 200,000 sometime in September, Jha said.

The United States is by far the hardest-hit country in the global pandemic, in terms of both confirmed infections and deaths.

According to data by the Johns Hopkins University, the number of coronavirus cases in the US currently is nearly two million and about 112,900 people have died in the country, the most in the world.

When asked about an improvement in states like New York, which had been the epicenter of the COVID19 pandemic in the US, Jha said while coronavirus cases are declining in New York, New Jersey, Connecticut and Massachusetts, the numbers are increasing in states such as Arizona, Florida, Texas, North and South Carolina while the country as a whole is pretty flat.

He said, people should take measures as that will help suppress the virus and ensure people could get back outside safely but he voiced concern that this was not the situation in reality.

We're not doing that and so we're going to unfortunately have another 25,000 deaths a month until September, and then it'll keep going. It's not going to magically disappear. We've got a turn around. This is not the future I want, he said.

Jha said he had expected the situation to improve in the summer months but on the contrary the numbers have continued to rise even in the warm weather.

Summer was supposed to be our better months - warmer weather, people outside, a little less transmission. This is not the time (summer) I was expecting a lot more cases. We're seeing a lot more cases, especially in states like Arizona where the numbers look really scary, he said.

Jha added that he was hopeful that maybe the summer months would give us more of a break. I think I may have been too optimistic on that.

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