Private Inspiration: Q&A with Jin Yee Young of Credit Suisse Private Banking
Our Private Inspiration series recognizes and celebrates the triumphs of women in the world of private banking.
In this edition, we speak to Jin Yee Young, Credit Suisse Private Banking’s Managing Director and Market Group Head for Singapore and Malaysia.
“Companies are making an
effort to have a more diverse workforce. Data has shown that having [diversity] puts the company in a better position to make progress.”
Career
Current role
I have taken on a few roles in the past 18 years at Credit Suisse. I am currently Managing Director, Market Group Head for Singapore and Malaysia, overseeing Credit Suisse’s private banking relationship management team.
Additionally, I head the Credit Suisse team in Zurich that serves clients from South Asia.
Beyond those roles, I am also CEO of SymAsia Foundation, a dedicated philanthropic arm of Credit Suisse to help clients do good.
Career highlights
Throughout my career, I have been given the opportunity to cover various markets, including Taiwan, China, Hong Kong and Japan, before moving into senior management roles in the South Asian markets. I had to step out of my comfort zone as I moved from market to market, but I was encouraged by how easily I could adapt to and manage my roles. In private banking, this type of movement is relatively uncommon, so I feel fortunate to have been given such opportunities in my career. This is a testament to Credit Suisse’s commitment to internal mobility to ensure all employees have opportunities to thrive within the bank.
Career lowlight
When I moved around different markets, I learned that I could not use the same leadership style that I had used previously. I also found it important to acknowledge that every role – from relationship manager to team leader to market leader – is very different. At every stage of a role change or a promotion, you have to overcome the tendency to replicate what you did previously and learn new strategies that fit that role.
I came to realize that culture and people change over time as well. A great learning point for me was understanding that you have to be flexible and willing to adapt all the time. You have to be willing to recognize any weaknesses, learn and continuously seek improvements.
Personal
Out of office
For me to take care of my family and my team members, I must first take care of myself. I make every effort to eat well, exercise regularly, and try to live my life in a structured way. Having a routine and developing a good set of habits is important to me and boosts my energy levels – which people notice.
I used to be a competitive gymnast, and I am proud to have represented Singapore in two Southeast Asian (SEA) Games in 1989 and 1991. When it came to training, I was on a very regimented schedule, and this got me into that mode of always having structure in my life. I applied what I learned from that experience to my professional and personal life, which has worked well for me.
Lockdown wind-down strategy
Exercise kept me going during the pandemic. Whenever I’m down or feel tired, I work out. I have a home gym, so I cannot make excuses when I cannot leave the house. This is a great way to help me wind down and keep me energized.
Time away from work is also important for me, even if just for two hours. I had the opportunity to spend more time with my three teenage children, which really takes my mind off work. I try to dedicate that time fully to them and avoid looking at my laptop or my emails. I picked up this routine during the pandemic and stuck with it, and it is continuing to help shape my days in a positive way.
One personal objective this year
It’s really to continue having family time in the evenings. In the past, by the time I got home from work, my children would already have had their dinner and were winding down. Communication is the most important thing, and I want to be present for my children. I discussed with my boss that I want to make sure that I leave work by a specific time so I can be home for dinner. Doing so reflects the bank’s culture of inclusion and focuses on supporting employees in their careers – this is truly part of Credit Suisse’s DNA.
Outlook
Response to the COVID-19 crisis
I manage several hundred people, and, except for my Zurich-based team, this typically involves face-to-face interactions. I found face-to-face interactions more efficient as it was a lot easier to directly manage any sudden issues. However, with the COVID-19 pandemic, the bank has transitioned to remote working. Even though the situation is gradually improving, in the Singapore office, we continue to have half of the team in the office while the rest work remotely.
As a digital-ready bank, Credit Suisse is prepared for all kinds of situations; and with the pandemic, it is clear that this is the right strategy. I have learned to adapt to virtual communication by talking less and listening more. This also means making a conscious effort to connect with my management team more frequently to stay engaged. Similarly, my team leaders are undergoing a big change, especially in how they communicate with their team members. To adapt to challenges, we have to let go of the one-way communication that we are used to and listen to our employees when they are expressing their needs, and we have all adapted well to the new environment.
Trends this year
Everything happens for a reason. Remote working has opened up many opportunities and provided the bank with different ways of seeing things. I am very passionate about women’s rights in the workplace, and I am involved with a group called the Singapore Women’s Network, which has around 1,000 members. When striking a balance between home and work life, the ability for people to work from home has created a situation where women can feel free to take up responsibilities that they previously were not able to. I think this trend is a great start to maximizing the capabilities of our female colleagues, especially so at Credit Suisse, as we believe that an inclusive environment enables each unique individual to achieve their full potential.
Another trend that I see gaining traction is the increased involvement in environmental, social, and corporate governance (ESG) causes after the pandemic. In the past two years, the bank’s sustainable assets under management in Private Banking Asia Pacific experienced robust growth, demonstrating that as sustainability becomes increasingly important to the bank’s clients, ESG-related products and solutions have become an integral part of the bank’s offerings. Society, as a whole, has come to realize that climate change should be one of the key issues to focus on. As such, for businesses to be forward-looking, they have to focus on ESG as well.
Greatest opportunities this year
Credit Suisse sees opportunities in sustainable investing solutions. There is growing interest from Asia Pacific clients for a wide variety of sustainable solutions, and they are demanding more innovative solutions in this space.
On a more personal scale, I believe that you cannot sell ESG solutions without doing the work yourself, so I set an example by practicing ESG-friendly habits. I personally minimize the use of plastics, avoid printing large quantities of documents, avoid food wastage by preparing my meals, and become vegetarian. These habits, while small, go a long way, and there’s a great opportunity to move things forward this year.
The role of technology
Even with the pandemic, clients still want to consume financial services anytime, anywhere, the way they want and when they want. To recognize increasing interest in sustainability, Credit Suisse encourages our clients to “go green” and go paperless. We also diligently works on the latest suite of products and services that are tailor-made to our clients’ needs and pushes them out through our digital private banking platform, which we pioneered in the Asia Pacific.
Technology is an essential component as we switch to adapting our businesses to working remotely. In the past, many people in the private banking space were resistant to new technologies out of a fear that tech will replace them. However, the effects of the pandemic have shown us that technology is here to stay and can be used in helpful, non-disruptive ways. We need to step outside of the box and see technology as a tool that we can leverage to serve our clients better.
Inspiration
How banking can drive inclusivity
Companies are making an effort to have a more diverse workforce. Data has shown that having [diversity] puts the company in a better position to make progress. Even through the pandemic response, it is evident that countries led by women have had better and faster responses to containing the situation. Awareness is essential and having a different perspective is one of the key drivers of change.
In Credit Suisse, the bank has in place initiatives to support our staff and our clients. Internally, the bank had set its Global Gender targets and aims to increase the percentage of women in the bank from 38% to 42% globally by January 2024. Externally, the bank uses data and insights through conversations and investment opportunities such as the Global Women’s Financial Forum and the Credit Suisse Gender 3000 report by the Credit Suisse Research Institute to identify the challenges faced and help solve them.
How individuals, companies, and society can drive change
There has to be a shift in mindset that embraces more diversity, particularly in promotions and leadership roles. It is also important that companies embrace hybrid work situations for women in the workplace to accept new responsibilities that they were previously hesitant to take on due to family commitments. At Credit Suisse, creating an inclusive workplace that embraces all diversity dimensions is at the center of the bank’s priorities. The bank always ensures that all its employees feel that they belong at Credit Suisse and are proud to work here.
As individuals, I strongly believe that we are capable of being agents of change. When I moved into different markets throughout my career, there were instances where I was the only female in management. This made me realize the importance of nurturing female talent in the workplace. There are many opportunities to mentor women and encourage them to be bolder and go further in their careers. The change starts with us.
Advice for your younger self
Be courageous, and do not be limited by the perceived glass ceiling. The sky is the limit; you just have to take risks and go for it. Know what you want. You have to have a purpose in mind, and purpose is what drives passion. Take care of yourself physically, mentally and emotionally, so that you can have a sustainable and fulfilling career.
The information and opinions expressed herein reflect the opinion and views of the interviewee at the time of writing; they are not necessarily representative of the views of Credit Suisse.
Interested to find out how Bloomberg can help with your private banking needs? Find out more.