50
Interview
PowerList 2008
BANKING oN
ExCELLENCE
Yvonne Ike dislikes quota systems and says the
only real way for minorities to get to the top is by
helping each other out. Uchenna Izundu reports
A
s the Managing Director of the West Africa division at invest- uncorrelated growth rates, and the opportunities for investments
ment bank JP Morgan Chase, it seems unfathomable that to make significant returns if you understand the risk. We also look
Yvonne Ike requires a mentor. at the growth potential.’
But she confesses: ‘I am always seeking excellence and I ask, Yvonne’s Nigerian heritage means she did not escape her
“Who is better than me? Who can look out for me? Who will fight parents’ mantra of ‘hard work’ that underpins her success,
my corner?” People should have mentors within and outside their along with her faith in God, self-belief, and perpetual optimism.
organisations who will always tell them the truth. My mentors look ‘Nigerians haven’t been historically disadvantaged; we have
out for me in all kinds of different ways that I can’t even describe.’ a confidence level and we are fundamentally smart, but our
Yvonne declines to share some of these personal goals she education system fails us,’ she says.
has defined through coaching by organisations such as Aspire The reasons there are not more powerful and influential black
Coaching & Training Ltd, which helps senior female leaders to Britons, in Yvonne’s opinion, can be traced to two factors. The first
reach their potential, in and out work, but says: ‘It has helped me is that ‘we want somebody to make us a leader and I think we need
to better understand who I am and have a clear agenda about to take opportunities more’. Secondly, black Britons need to back
what I want from life.’ up one another more. ‘We need to look out for each other,’ she says,
Yvonne is Igbo from east Nigeria, but grew up in the UK. She ‘and where one of us gets ahead they should bring others in behind
them. We need to share experiences and practices.’
Labour’s recent proposal to promote fairness under the Equality
‘I don’t like anything that Bill is controversial because it would allow firms to discriminate
infers that black people and
in favour of female and ethnic minority job candidates. The
Equalities Minister, Harriet Harman, is determined to improve the
women need help.Too much
demographics of Britain’s workforce and break the glass ceiling that
has prevented so many women and ethnic minorities from attaining
legislation is not a good thing’
top positions. She has suggested that where candidates are of equal
ability, a company could legally be allowed to select a woman over
a man if it wanted to, or vice versa, without the fear of being sued.
has been at JP Morgan for 14 years, and, more recently, has Critics of the initiative argue that merit alone should determine
led multi-million-pound deals to capitalise on the blossoming employment and that white men would lose out on opportunities.
economy of the West Africa region. She sees sub-Saharan Africa Many equal opportunities campaigners believe that addressing the
as an attractive investment proposition because it has ‘great pay gap between the sexes would be more effective.
untapped opportunities’. Yvonne is no great fan of the proposed legislation, either. ‘I have
High commodity prices are boosting domestic growth and my suspicions about the equality law,’ she says. She stresses that she
many African governments are keen to attract foreign investment ‘abhors quota systems’, but wants to see an enabling environment
by stressing their political stability, privatisation schemes, and for diverse people to coexist and thrive in. ‘I don’t like anything that
reform policies. The power, construction, and the oil and gas infers that black people and women need help. When you have too
sectors have been particularly successful at attracting investors. much legislation it swings people the other way and that’s not a good
Nigeria, for example, aspires to be one of the world’s top 20 thing because it doesn’t allow true excellence to shine.’
economies by 2020. Yvonne hesitates to agree that it will happen by Yvonne is married with a four-year-old daughter and admits it is
this date, but stresses that the country has the resources, political hard juggling her private and public roles. Family support has been
will, and interest to succeed. ‘Nigeria would require a growth rate of crucial in bridging the gap and she tells her colleagues about family
13% per year to reach this target and that’s a big step. However, the plans that affect her work schedule so other female employees see
government is showing interest on taking medium steps and I think their children are important and they too can be working mothers.
it could be a top economy in another five to 10 years [from 2020].’ ‘Where women want to have a career and family their
Yvonne says the global credit crunch is affecting investors’ environments should allow them to do that. It is still very difficult
assessment of risk in Africa, although, she says, there has not to find senior women in banking, especially women of colour, but it
necessarily been a direct effect on the ability of the region to was worse a few years ago. I struggle with the concept of equality:
secure project finance. ‘Financial institutions have disappointed not all things are equal. I am more biased towards inclusiveness, so
people globally and I stress to investors the size of the economy, if people can excel this will bring out people of excellence.’
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