Banker to the World: Leadership Lessons From the Front Lines of Global Finance

by Rhodes, William

• ISBN13: 9780071704250
• ISBN10: 0071704256
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-04-04
• Publisher: McGraw Hill

Summary

Essential crisis management lessonsand a whole lot morefrom one of the world's leading financial authoritiesThere are few financial leaders who have a more blue-chip reputation than William Rhodes, the current Vice Chairman of Citigroup. In his more than five decades with Citi, Rhodes has been on a first name basis with every important central banker in the world, and negotiated critical debt restructurings, nationalizations, and acquisitions, both on behalf of Citigroup and as a representative of Western banks in general. And inBanker to the World, Rhodes delivers a landmark narrative, written from the point of view of a man who has, literally, shaped how the world uses money.Rhodes taps into his virtually unmatched perspective on global finance to give us gives fresh insight into the troubles facing Citigroup and, indeed, all financial institutions throughout the world. He illuminates the recent economic crises of the past two years, and, perhaps more importantly, pinpoints the probable root causes of future troubles. Finally, Rhodes shares a wealth of fascinating anecdotes, such as when he negotiated with submachine gun-wielding Sandinistas in Nicaragua, and the time he won a box of cigars in a wager with Fidel Castro.By the book: The crisis management lessons of Bill Rhodes Lesson # 1:Exhibit bold decisive leadership Lesson # 2:Envision problems early Lesson # 3:Act Proactively Lesson # 4:Timely executionLesson # 5:Seize opportunities Lesson # 6:Understand local cultureLesson # 7:Build consensus and innovate Lesson #8:Stand up for what is right

Author Biography

In more than five decades with Citi, William “Bill” Rhodes, the firm’s former senior vice chairman and senior international officer, has worked with senior business leaders, statesmen, and strongmen and brokered immense financial deals while looking across the table at finance ministers . . . and up the barrels of guns trained on him. He has earned the cooperation of Fidel Castro over cigars and the admiration of Rupert Murdoch, who said of Rhodes, “By dogged hard work, Bill forms important and great relationships. Everyone knows Bill. Everyone trusts Bill.” From these and other experiences, Rhodes has learned a lifetime of lessons about managing amid crises—and, more important, how to lead prudently, decisively, and effectively to prevent crises from ever happening in the first place. In Banker to the World, Rhodes presents his collected wisdom, best-practices, analysis, and anecdotes in one essential volume on the creation of value through leadership—and on the importance of leading by one’s values. Dramatically illustrated by more than two dozen examples, Rhodes’s principles offer an excellent foundation for leaders at all levels. Having honed his skills in high-level negotiations around the world—including those with the Sandinistas, heads of state, and corporate CEOs in situations ranging from the opening of post-apartheid South Africa and the defusing of the Latin American “debt bomb” to the forestalling of the nationalization of Citi assets in Venezuela—Rhodes dispenses invaluable advice, including: • Lead boldly and decisively: Know when to disregard caution for caution’s sake—and always insist on a neutral negotiating atmosphere. • Anticipate problems by visualizing their impact: Get ahead of risk by taking a comprehensive view of potential obstacles. • Confront problems directly and proactively: When faced with a critical situation, going directly to its epicenter is what turns a crisis into an opportunity. You may not be presented with challenges such as restructuring a nation’s multibillion-dollar debt or dealing with Zimbabwean president Robert Mugabe. But in Banker to the World, Bill Rhodes gives takeaway lessons on leading with character, tact, and determination that any manager, executive, or government official will use again and again to evaluate challenges, anticipate responses, and be more decisive in navigating crises of any size.

Table of Contents

Foreword	p. XI
Acknowledgments	p. XVII
Introduction	p. XIX
Lead Boldly and Decisively: Facing Down the Sandinistas of Nicaragua, The Middle East and Israel, and Getting the Deal Done in China	p. 1
Anticipate Problems By Visualizing Impact: How ôWindows on Riskö Shielded Citibank from the Asian Crisis, a Phone Call Helped Save Uruguay, and Rupert Murdoch Came to Like Bankers	p. 29
Execute in a Timely Fashion: Managing Citibank's 1991 Loan Crisis, Creating ôCritical Massö during the Latin American Debt Crisis, and Implementing Argentina's Brady Bonds	p. 55
Take Prompt, Comprehensive Action: Tracking Down Mexico's Finance Minister, Getting Brazil to Restructure Its Debt, and Managing South Korea's Financial Crisis and Its Free Trade Pact	p. 79
Defy Intimidation-Stand Up for What's Right: Facing Down Robert Mugabe, the Threat of Argentine Nationalization, and Insisting on Collective Action Clauses	p. 113
Weiji-Seize Your Opportunities: Citibank's Expansion in Eastern Europe, Argentina's Default, and Not Merging with Bank of America	p. 147
Know the Culture, History, Customs, and Language: Avoiding Nationalization in Venezuela, The Latin American Debt Crisis, and Expanding in China	p. 173
Build Consensus and Use Innovative Ways to Solve Problems: Supporting ôPrior Actionsö for Turkey, Creating Consensus on Committees, and Implementing the Brady Plan	p. 199
Postscript	p. 233
Index	p. 237
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