An insider once in charge of failing banks lifts the lid on banking
Harrison Young has held senior banking jobs around the world, from the US and UK to China and Australia. In Prudence and Ambition, he shares what he’s learned.
Harrison Young has had an illustrious career in the world of banking and finance, having started in senior executive roles at major United States banks, then transitioning into a role as a US financial regulator. Young later became a director of the Commonwealth Bank of Australia and served on the court of directors for the Bank of England. His book, Prudence and Ambition, offers a unique blend of autobiography and practical guidance for those interested in a career within the banking sector.
Born and educated in the United States, Young pursued a varied path before entering the banking industry. After five years serving in the US Army and brief stint as a Washington Post reporter, he "stumbled" into the banking world. His first job was at Citibank in 1971, where he quickly rose to become an assistant vice president.
Young's experience in commercial banking was deemed "frustratingly tame," prompting him to join Morgan Stanley in 1975, where he worked for 15 of the 20 largest industrial corporations in the world, as well as various governments and their agencies.
After a stint in Washington, D.C., regulating banks at the Federal Deposit Insurance Commission (FDIC), Young returned to Morgan Stanley in 1994, aged 49. This decision was partly due to his newfound ability to speak Mandarin, which allowed him to take on the role of being the first foreigner approved by the People's Bank of China as a senior officer of a Chinese financial institution. Young served as the vice chairman of Morgan Stanley Asia and later as the chairman of Morgan Stanley Australia.
Throughout his career, Young held a non-executive director position with the Commonwealth Bank of Australia from 2007 to 2017, where he chaired the risk committee. He also served as the chairman of The Conversation. Young believes that banking boards have grown too large and that those serving as board chairs should possess more banking experience. In his book, Young aims to demystify the complex world of banking, explaining the nuances of bank management, governance, and risk management.
Written by urgent.news from The Conversation AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
