Page 6 - Crossroads: September 2015 | Issue 9

Steve and I work so well together. For the United States, I see my responsibility less as oversight than as supporting Steve so he can be the strongest and best he can be as U.S. CEO. He’s doing a great job. Recently he grabbed hold of an issue and formulated consensus for resolution with amazing speed. He has created momen- tum and a head of steam — and Tokyo is appreciative.
What is your assessment of our busi- ness in Latin America?
We have to work hard to increase our profile and generate more revenue. Currently, more than 85 percent of Americas revenue comes from the United States. Colombia, Peru, and Chile (which has a AA rating) are doing well, while other Latin American countries are going through difficult times. Volatility is com-
mon in emerging economies, but the overall growth potential is high. In the past, we used to set goals as though high growth would continue for years, but we need to be prepared for the inevitable cycle of ups and downs and take a prudent approach. We should remain conscious of the volatility of the econ- omy and the markets, read the signs, and take advantage of the growth periods while managing the downturns. If we do this, we’ll be successful.
Any final words?
Unless we’re strong in our local markets, we can never be strong globally. Every- thing we do “on the ground” in the Americas contributes to the success of our global company. That’s something we should always keep in mind and be proud of.
Steve Cummings
A new man in a new role, Steve brings leadership experiences in many areas of bank- ing that position him to help our company grow. His appointment reflects both the increased trust and autonomy that Head Office in Tokyo is giving to the Americas and the confidence that all stakeholders feel about the business environment in this region.
As our first American CEO, what kind of legacy do you want to leave behind?
Steve: While “legacy” isn’t really a personal concern, I do hope to help us take the next step in becoming a serious force to be reckoned with in this market. That step involves being more relevant. We’re at a critical stage of development now, with a long history of successes behind us and big dreams ahead. We have tremendous opportu- nity and support from our shareholder to expand business in ways we haven’t even begun to develop. My hope is that after my time, people will look back and say this team truly put MUFG on the map in the United States and the Americas. I want to make sure the next CEO can step right in and keep the momentum going.
How do our many businesses coalesce into a single unified company?
At the front-line client level, some businesses should be integrated and some should not. Retail and wholesale are clearly different, for instance. But our foundation should be as one bank, with one culture of integrity, respect, and high performance. On the business-unit side, I think we need to clarify how we work as a team to identify, attract, and serve clients. We have a great model in the combined capability of Union Bank and the corporate bank. That model helps us serve clients in every type of business
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Crossroads
Steve Cummings