Tuesday, February 7, 2012

Corporate banker in Japan: 'I don't see much innovation coming out of the UK' | Joris Luyendijk

1:46 PM | Posted by Free Game Zone | | Edit Post



a vice president of a major Western bank in Tokyo, against cultures of the Bank of Japan and West

. This

in monologue is part of a series of maintenance people in the financial sector all about their careers

We meet at the center of Tokyo on a Saturday in January. Casually dressed for the weekend, it's a thin man of about 30 years, with a haircut in fashion. Directing the pasta.

"When I travel to New York, I am always impressed by the percentage of white people in the banks of this country. Here in Tokyo, which is mostly Japanese. However, in London, you have all the people represented. I can go to an office in a major bank and not find one person in the English team. may be from India, Lebanon, anywhere. This is London.

"My work is in the banking business. I am the liaison between my bank and a Japanese global company. Call XYZ Company. XYZ now has operations worldwide . company purchase equipment and semi-finished products from many countries. Collects and manufactured in many countries. sells its products worldwide.

"Imagine the flow of money:. In currencies, across time zones, in all jurisdictions Di XYZ wants to buy a factory in China for tax reasons XYZ can have your" seat of the paper " in a tax haven such as. London, Amsterdam or Switzerland. This means that payment must go through it. Therefore, beginning in yen in Japan, is in sterling or Swiss francs or euros, which originated in the country seat paper. Then it must be converted into dollars because the Chinese renminbi should be paid that way. So pay only moves through four pieces, but at what conversion rate? You have different exchange markets operating in different time zones. The market is closed before the London market opens yen. What days if the transaction is credited? How to watch how the different regulatory systems in the countries concerned?

"We must agree on a fee for it, provide a certificate ... In an operation like this can not at least three other banks. And do not forget the need to" local information. "In some countries government regulations can be very different from how things are done in practice. I must be aware and get important information to XYZ.

"This is just one example, and understand how the global financial transactions become very complicated very quickly. And how a bank with operations worldwide is a great advantage. When businesses Japanese develop on the outside that can not by Japanese banks such as the lack of global networks such it is not good for Japan and we must work harder to change the Japanese companies could do more, I know Japanese managers also taking a course English, but quit when they decide .. just going to have an interpreter so that wherever he goes.
  • "My day starts before 7 when I wake up and check my BlackBerry. Do not really matter where I am to do the job. My office phone is directed to my BlackBerry to do seem as if I was talking about the office. On the way I read things and work of the BlackBerry. I need to know what happened while I was sleeping, the world and XYZ. say that there has been a flood in Thailand. that have affected operations for the local operations of XYZ Company
"For a normal morning between 50 and 100 emails to go. Usually get to the office around 9 am and work until midnight, just before the last train. Work hours often change. Where the office of XYZ with whom I do business is in a completely different time zone, you need to meet your hours.

"For example, European banks are withdrawing from Latin America, because the crisis forces them to retreat. So you can receive a call from the office of XYZ in Brazil, which can more get a line of European credit at your bank. we support them? I can pick up the phone with the office of XYZ in Brazil and Tokyo, and our local office in Brazil, as well as people from our bank here in Tokyo , responsible for Latin America America.

"The intention is to maintain the customer. Any request for XYZ headquarters here in Tokyo or a local subsidiary is happening to me. I turn to my colleagues on daily activities, needs, demands, strategies ... Co Coordination is the key.


Find best price for : --BlackBerry--

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