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Volatility might challenge some C-suite executives. But not Lisa McGeough, the top banking boss at HSBC U.S.
The seasoned executive, who previously spent several years at Wells Fargo and Morgan Stanley, has seen the impact of trade wars, financial downturns, and significant political events such as Brexit. In her time in the banking industry, she has witnessed eight major financial crises.
Having been in the banking industry through several ups and downs, McGeough tries to tune out the noise to focus on controlling what can be controlled.
“Don’t waste a good crisis,” McGeough told Fortune’s Diane Brady on Tuesday at the Most Powerful Women International Summit in Riyadh. “My most favorite leadership roles are ones that I’ve been leading through transformational change and market volatility.”
In the context of the broader Middle East region, which is a mixed landscape of peace and unrest, McGeough said that the region’s immense potential also comes with navigating some of its uncertainties.
“Yes, there is political instability around and in the region. But I think going back, [in] my 35 years, I don’t remember when there maybe wasn’t political instability in some part of the world,” the HSBC U.S. CEO said.
Earlier this month, Saudi Arabia committed to investing $600 billion in the U.S. in various sectors, including technology, energy, healthcare, and more. U.S. would, in turn, provide $142 billion worth of defense equipment to the Gulf country.
A promise of $600 billion represents roughly 60% of the Kingdom’s GDP, and could hugely boost the American economy and HSBC’s business, too.
“We (HSBC) bank 90% of the Fortune 100 companies in the U.S., and we bank them from the innovation stage all the way up to global multinationals—they are investing in Saudi also,” McGeough pointed out.
While there are reasons for optimism, the HSBC boss also said that tariffs had clearly prompted investors’ concerns about what would happen next. Right after President Donald Trump’s so-called “Liberation Day,” there were more blank sailings (or canceled shipments) than during the COVID-19 pandemic, McGeough said.
For now, she’s watching how U.S. GDP growth impacts the global growth forecast and how Asian economies, such as China and India, fare.
Being the boss can be ‘lonely’
During her conversation with Fortune’s Brady, McGeough said that as a woman, she wasn’t allowed to be a trader or to play Liar’s Poker, a game associated with Wall Street culture where traders bet on the numbers appearing in the serial number of U.S. currency.
“Back then, you learned to sink or swim,” she said. “When you’re on a trading floor, you start at zero every day.”
As she navigated the high-pressure banking industry, she learned to be communicative, make decisions quickly while limiting risks, and be resilient.
McGeough advises women progressing in their careers to be “tactical” in whatever they do.
“Being a CEO can be lonely at times, so you have to sort of surround yourself with a board of advisors who can be helpful to you. I think it’s being extremely strategic about the role you want,” the finance chief added.
Other highlights from the MPWI Summit:
Julie Sweet, CEO of Accenture: “My own inspiration is a plaque on my wall that says, if your dreams don’t scare you, they’re not big enough.”
Lubna Olayan, Chair of the Corporate Board of Olayan Group: “I was the first woman working in our company … I started quite early and I made it to CEO, and I was the only woman for 18 years.”
This story was originally featured on Fortune.com
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https://fortune.com/article/hsbc-banking-ceo-waste-a-good-crisis-mpw-summit/
Prarthana Prakash
