Tamao Sasada: Serving as Japan Representative for a Major US Financial Institution

While studying at Keio University, I had the opportunity to study abroad at the University of Melbourne in Australia as a Juku exchange student. This led me to pursue a career as a foreign lawyer as my first step. I qualified as a lawyer in New South Wales, Australia, one year after graduation, and later in New York State. For the three years leading up to 1998, when I joined Merrill Lynch (now Bank of America, BofA Securities), I worked at a major corporate law firm in New York.

I chose the path of a foreign lawyer rather than a Japanese lawyer because the pass rate for the Japanese bar exam was low, which meant there was a high possibility of starting my career late. Additionally, I had little resistance to English environments due to my overseas experience during childhood and middle school, as well as my study abroad during high school and university. I also felt strongly that a global work environment would be easier for women to work in and something I wanted to challenge myself with.

After working as a lawyer in the US and elsewhere, I entered the world of finance. I moved to Tokyo to work for a foreign financial institution in 1998, which was just as management instability and bad debt issues at Japanese financial institutions were beginning to surface, right before the restructuring of the financial industry began.

Also, my grandmother, whom I respected, was a female doctor, and I believe her way of life influenced my career choices.

It wasn't that I started to dislike legal work. My work at the US law firm was mainly Japan-related business, with Japanese financial institutions and business corporations as the main clients. My curiosity grew beyond just supporting clients from a legal perspective; I wanted to understand the perspective of management more, and become better able to understand corporate and financial strategies from the company's side. This became the catalyst for my career change.

I was approached by Merrill Lynch, had my first interview locally, and changed jobs. I was assigned to the Investment Banking Division in Tokyo, a department that helps Japanese corporate clients with fundraising and M&A. It was another start from zero.

The Investment Banking Division is a department that supports the planning and execution of corporate capital raising strategies and provides advice on mergers and acquisitions. Initially, I was in charge of financial institution clients, mainly megabanks, as an "investment banker," but gradually I began to look at business corporations as well. As structural changes in the business environment accelerate, the flow of money is also globalizing. My job is to advise clients on their business development and financial strategies from an international perspective.

I often work on deals covered by the Nikkei newspaper. Because we handle highly confidential information, we are constantly required to strengthen internal management governance, such as thorough information management. It is a business model where bankers can grow together with their clients through various global and domestic projects. While the pressure is high, it is dynamic and rewarding work.

When I first joined, I thought that because it was a major foreign financial institution, the Japanese workplace would also be advanced in terms of diversity. Certainly, looking at the company as a whole, there were many women and multinational employees, and diversity was advanced particularly at the executive level. However, in the Investment Banking Division, the clients were Japanese companies, so there were few women and I often caught glimpses of a very Japanese corporate culture. Now, the number of female bankers has increased, and clients have also progressed in diversifying their talent due to globalization, so the environment has changed significantly.

Instead of fixating on these two identities, I tried to focus on using the strengths of my attributes positively. For example, as you get promoted and your position rises, the number of male subordinates increases. Regardless of gender, if you are in a leadership position, you lead the team, but building a strong team rooted in trust is essential. You cannot do the work alone. The power of colleagues to achieve things together is great, and you experience success as a team. To that end, it is important to have a correct axis and foster an inclusive team and culture where individuals bring their respective strengths to the table. That itself can be done regardless of gender or nationality.

Furthermore, with the globalization of clients and the diversification of business, a broader range of thinking is required from the proposing side. To ensure that clients make the most of the overseas networks and expertise unique to a foreign firm, it is necessary to build relationships of trust with overseas colleagues. This is also an essential element in business, regardless of whether one is Japanese or a woman. I learned this myself in the process of career formation and I share it with my colleagues.

I was appointed in 2019, and I wonder if I received this result because I faced the tasks in front of me with all my might without running away. Where we are today is the result of the solid foundation in Japan built by our predecessors and the accumulation of achievements created by our employees as a team sharing the same values. I always feel a sense of gratitude and a desire to give back.

Bank of America acquired Merrill Lynch during the global financial crisis in 2009, changed its trade name to BofA a few years ago, and our Japan base celebrated its 75th anniversary last year. Especially in the last 10 years, there have been various changes based on a major strategic shift from a traditional securities firm to a bank.

Also, in the last few years, amid unprecedented unforeseen circumstances such as COVID-19, the Russia-Ukraine war, and the manifestation of geopolitical risks like US-China issues, I feel that the way a financial institution should be is being questioned.

On the other hand, the Japanese market has been lively for the first time in a long while, with the Nikkei Average hitting a 33-year high since the bubble era this June. For the Japan base of a foreign financial institution, it is always an important challenge to have the headquarters understand the voices of clients and employees and to increase Japan's presence.

I want to continue efforts to visualize the contributions and potential of Japanese employees and improve the credibility of "Team Japan" in Asia and globally, and give back to the next generation.

In Japan, about 45% are women. Regarding the recruitment of women, we are conscious of it for both new graduates and mid-career hires, and we also put effort into development and retention. For example, if there is a mid-career hiring slot, HR checks whether there are women among the candidates, and efforts are made to include women among the interviewers.

When the personnel announcement was made that both the President and Vice President (Ms. Reiko Hayashi) were women—a first for a financial institution in Japan—we received a lot of wonderful support!

In Japan, where about 30% of employees are foreign nationals, we place importance on building a place where diverse talent can thrive. For example, through five employee networks (Women's Leadership Council, LGBTQ, Inter-Generational, Disability Action Network, and Parents and Caregivers Network), we have created a system for exchanging information and reflecting employee voices. Through these employee networks, we collaborate not only within the company but also with the region and community to solve issues.

D&I is led by our headquarters CEO, Brian Moynihan, who personally chairs the Global Diversity & Inclusion Council (GDIC), which sets the direction for the company's diversity efforts. I am also the Asia representative for this council, and through various activities, I feel how the company incorporates D&I into the core of its management strategy and commits to it from the top down.

This council meets quarterly for two days of discussions related to diversity. It serves as a forum for information exchange, such as analyzing data on female ratios, and recruitment, development, and turnover rates by race and gender for each department, country, and region. The importance of finding value in the wide range of thoughts and opinions generated by diverse talent, and having an environment where employees feel safe to speak up about their thoughts and ideas and take on challenges, is discussed globally through various programs and councils.

Surprisingly, I think Asia is doing its best. In China, the ratio of female employees is high, and in Southeast Asia, the rise of the younger generation is prominent. Women's advancement is a common theme across Asia, but depending on the country, there are also issues such as racial discrimination. Incidentally, in Asia, the country executives for five countries—Thailand, Indonesia, China, India, and Japan—are women. Isn't that a bit surprising?

Yes. There are many internal and external events. Recently, there was a dialogue (an LGBTQ event) with lawyer Evan Wolfson, who won marriage equality for same-sex marriage, which Mr. Komamura also attended at our office. There are many others, and we hold about 50 events a year.

That's right. It leads to new discoveries and learning. Also, from a networking perspective, it's a good opportunity to get to know employees in other departments. For example, among front-office operations, there are departments that have little contact with people in technology or operations. Deepening mutual understanding—that we can drive business precisely because we have the support of administrative departments—also leads to improved governance.

At Bank of America, since the financial crisis, current CEO Moynihan has consistently advocated a "Responsible Growth" strategy. Based on the lessons from the financial crisis, he believes that growing sustainably brings high-quality results.

Also, in recent years, as one of the corporate slogans, the CEO asks employees, "What would you like the power to do?" Even in a rapidly changing environment, how can we enrich the financial lives of our clients, employees, communities, and other broad stakeholders? In the midst of asking what a company and its employees should be for that purpose, we have D&I and sustainability initiatives that we practice as pillars of our management strategy.

Yes. To put it in a Japanese way, you could say that a concept close to "Sanpo-yoshi" (benefit for all three parties) exists within the company's DNA. As a financial institution, it is vital to stay close to our clients and provide advice that makes them think of us as a trusted advisor.

I think such government initiatives and goal settings are wonderful. However, the important thing is the process, right? It tends to become a matter of just making up the numbers to achieve numerical targets. Personally, I think that might be okay at first. It is also important to make the pool of potential female candidates as large as possible.

That's right. I think there are various measures, but let me introduce an initiative at our company. For example, there is a system called Male Advocacy. It is a system where male employees at the middle management or director level take ownership of pulling up junior women, and it is also linked to the evaluation of those men.

When women say, "I don't want to do it because no one has experienced it before," if there is a system that pushes them by saying, "The person who chose you took a risk to select you," the number of women who accept the challenge will increase.

As the number of female managers increases, it becomes easier for people to think, "That senior colleague is doing it, so I want to try it too." Having a role model is very helpful for junior women.

It might be happening naturally. Men have started telling me so as well, and while it makes me happy, it also makes me feel a sense of responsibility.

I wasn't in the Athletic Association, but I was a very healthy child (laughs). Anyway, it was always fun. I am a returnee from Malaysia and a graduate of Keio Girls Senior High School. The free atmosphere of the girls' high school was refreshing, the relationship between teachers and students was good, and it was a wonderful environment. When I entered university, there were many different kinds of people, and it was even richer in diversity. I feel truly grateful to have friends around me with whom I still have close relationships even after graduation.

I think it's a school that values individual strengths. Exactly independence and self-respect. It's free, and I think the sense of belonging to the school is strong. Loyalty is high, and many people are proud to be Keio students. That kind of power leads to strong networking and organizational strength. There are many people with the potential to be active globally, and for graduates, it is a comfortable environment where they can speak a common language.

However, I also feel that just that is not enough. There might be areas where I feel there should be more diverse places where people can be active.

Go out of your comfort zone. I often tell my team, "Let's step out of our comfortable environment and take on challenges." Have a spirit of challenge and leadership, believe that what you have decided is the best decision, and move forward. Also, having experienced the COVID-19 pandemic, it is important to be agile (able to respond quickly to change).

Recently, the rapid evolution of AI such as ChatGPT has been talked about, but the next 10 years will see much faster changes than before. I think we are entering an era where we are required to make decisions with a sense of speed. Regarding careers, there are things you won't know until you try, but please take it easy thinking "it will work out somehow," keep your curiosity, believe in yourself, and do your best.