Bull Run

Women are scaling the corporate ladder in the financial world. 

Women are scaling the corporate ladder in the financial sector faster than any other field. Some nationalised banks have close to 50/50 representation at the middle and junior management levels. 

The RBI has two women in crucial positions. Shyamala Gopinath heads the Department of External Investments & Operations and Usha Thorat heads the Internal Debt Management Cell. Similarly, there are women scaling the corporate ladder in other nationalised banks.  

Lalita Gupte:

She is one of the most recognisable managers on the Indian corporate scene. As a member of government appointed committees, Lalita is involved in shaping the future of the infrastructure industry and reforming the banking sector. As Joint Managing Director and Chief Operating Officer of ICICI, Lalita has been a central player in ICICI’s phenomenal growth in recent years. An almnus of the Jamnalal Bajaj Institute, she has been with ICICI since 1971. Her stint at ICICI has seen her rise through the ranks and work in almost every department of the organisation.  

The secret of her success probably lies in the fact that, as a leader, she spends a third of her time on people issues. She has built an environment for her team in which they can work at high energy levels over sustained periods of time. 

She has a word of encouragement for Indian entrepreneurs and feels that the future is bright. She says that economies of scale and cost advantages that India has to offer will fuel an entrepreneurial spirit.  

Naina Lal Kidwai:

She is at the helm of one of India leading Investment houses, Morgan Stanley. Her success as a banker has seen her stand third in a Fortune 500 list of the most powerful women in Asian Business this year. In a male-dominated sector of Investment Banking, Naina Lal Kidwai is arguably a creator of trends. When she shows interest in a company, people sit up and take notice. 

In 1994, when she joined Morgan Stanley, IT was not the rage. It was only an emerging investment area. Naina Lal Kidwai spotted the opportunity and cashed in for her clients. Kidwai is currently involved in finding ways of cashing in on the privatisation of Public Sector Enterprises. If the grape-vine is correct, Air India could be her next stop for Morgan Stanley. 

On completing her graduation in economics, she went to become a Chartered Accountant. In 1982, she graduated from Harvard Business School and was the First Indian Woman on their rolls. Her qualifications and experience have underlined her success, and she readily admits, that gender has rarely been a barrier to her success.  

In 1999, when Morgan Stanley was in trouble with its mutual funds, Kidwai took it by the scruff of its neck and implemented a strategic business plan that was focused on IT investments. Since then, she has been involved with helping Indian IT giants raise capital. Her expertise is largely based on her experience with both ANZ and Morgan Stanley. Her ability to learn from her experience and use that knowledge has seen her scale the corporate ladder rapidly. 

Her success has been credited to her skills at networking with the bureaucracy and the corporate world. She has been at the centre of some of the biggest M&As on the Indian landscape. Her instinct for spotting a deal combined with her ability to predict market trends have allowed Morgan Stanley to dominate.  

RBI, SBI, ITC Bhadrachalam, GTB, Standard Chartered, ICICI, Morgan Stanley…. the list goes on. All of them have women in critical positions and they are charting new waters for their companies. They have reached where they are, through an era that has been marked by change. One of the reasons for their success is their ability to adapt to change and in some cases even create it. Who ever said women do not control the purse strings?

Related reading:

1.“50 Most Powerful Women in Business”, Fortune, September 2000.