Know Your Value: Q&A with Citi's Ida Liu

For over 200 years, Citi has supported Progress Makers and their ideas, recognizing the powerful role they play in business and in their communities. As the leading global bank, we pride ourselves on the diversity of thinking we bring to bear for our clients, and know that our success relies on the exceptional talents of our people.

Citi engages in a number of leadership development programs at all levels of the organization. “We believe in enabling our colleagues’ progress with opportunities to excel and grow along their career path, so we continue to have more diverse perspectives at all levels – this is core to our culture and simply good business. We’re thrilled to support new partnerships that empower and champion emerging women leaders,” says Mary Ann Villanueva, Director of Global Branding & Sponsorships and Citi Women sub-committee head.

The first such partnership is with Know Your Value, a program with NBCUniversal News Group and Mika Brzezinski, co-host of msnbc’s flagship morning program Morning Joe. The Know Your Value program explores how female aspiring leaders can get their worth at work and create the lives they want along the way, and will be hosted in five U.S. cities in 2015 including Philadelphia, Washington, D.C., Chicago, Boston, and Orlando.

Ida Liu, Managing Director, Citi Private Bank Head of North America Asian Clients Group, was a speaker on the April 10 Know Your Value program in Philadelphia. After the event, I caught up with Ida and asked her a few questions.

1. Describe one “Know your value” moment in your career? (A story of where you stepped up, were validated in some way, etc.)

I started my career in mergers and acquisitions investment banking focused on the Technology, Media and Telecommunication industries. After almost seven years in investment banking, I made a huge career switch and moved into the fashion industry. I ran a women’s fashion design company and during my time in the fashion industry, every fashion designer would ask me “What stocks should I buy? What bonds should I buy? How should I invest my wealth?” I had an A-HA moment where I discovered a void in the marketplace for wealth management solutions to the fashion industry. I put together a business plan and pitched the concept to Citi Private Bank and joined Citi almost 10 years ago as the Head of the Fashion, Retail and Entertainment practice – a business that we built rapidly and successfully.

Both times, when I switched direction in my career, I was taking a risk and stepping out of my comfort zone – from investment banking to fashion, and from fashion to private banking. But both career moves were certainly “Know Your Value” moments.

Two takeaways from those “Know Your Value” moments were that you always have to ask for what you want – if you don’t ask, you won’t get it! And to be willing to take risks, step outside of your comfort zone and think outside the box.

2. What are your top tips for negotiating?

- If you don’t ask for it, you won’t get it!

- According to The Confidence Code by Katty Kay & Claire Shipman, research has shown that men ask for the next job, promotion or raise when they are 60 percent ready for it, while women wait until they are 100 percent ready. Be willing to raise your hand for bigger and better … sooner.

- Think about the full picture – there are many negotiation points to a package, not just compensation.

- Understand what your company/client needs are and demonstrate your value-add and unique strengths.

- Know Your Value – know where you are vs. the rest of the market.

- Prepare, prepare, prepare!

3. Oftentimes we need to take risks to succeed. What are your suggestions for getting back on track after a failure?

We won’t be well rounded professionals if we always succeed and never experience setbacks. Failures are opportunities to develop, learn and grow. View them that way and don’t be hard on yourself. Remember, we are all human and everyone makes mistakes. It’s how we deal with the mistakes and failures that distinguish leaders from the rest.

4. What are you reading now?

I read two books recently – “Knowing Your Value” by Mika Brzezinski and “The Confidence Code” referenced earlier. I was on a panel with Katty and interviewed by Mika for her Know Your Value conference sponsored by NBC on April 10 in Philadelphia, PA. I read the books to prepare for the panel and they are full of solid and excellent advice for women. As I read the books, I was highlighting the important points and ended up highlighting every page! The key takeaways from the books were: own your success (and don’t be apologetic for it!) and always be confident.

5. What one thing would you recommend to professional women entering the work force?

I would encourage everyone to get involved with their communities and the causes they love, or participate in company sponsored networks, if they have them available as we do at Citi. As you know, I am actively involved with Citi Women, our company-wide effort that you work closely with, that is designed to attract, develop, advance and retain female talent at all levels of the company. Through our initiatives, we seek to unlock the combined potential of women and Citi. As part of Citi Women, we have several programs that target high-performing female managers and executives, which have successfully supported women’s advancement and retention at Citi. These programs demonstrate the importance of sponsorship, mentoring and networking opportunities in advancing women’s careers.

As you know, I also serve as Chair of the Citi Women’s International Women’s Day (IWD) celebrations globally. We have been celebrating International Women’s Day for the past five years - this year we had over 220 client events in 90 countries. This year’s IWD theme was “Connecting Women. Inspiring Change. Making Progress,” and our programs focused on how women have made progress both in their professional and personal lives.

Minecraft mobile builds towards desktop version with latest update

Minecraft: Pocket Edition 0.12 adds features including hunger, the Nether and ocelots.

The smartphone and tablet edition of Minecraft is now much closer to its desktop and console versions, after developer Mojang launched one of the biggest updates in its history.

The Minecraft: Pocket Edition 0.12 update adds some prominent features that had previously been missing from the mobile version including hunger; sneaking and sprinting; the game’s Nether zone; and tameable ocelots.

Mobile gamers will also be able to play against people on PCs using the new Windows 10 version of Minecraft, and use physical controllers paired with their iOS device. The update has also launched for Windows Phone, with Android to follow.

The update is a significant moment for Minecraft’s Pocket Edition, which reached the milestone of 30m sales in January 2015, but has always lagged behind the versions for computers and consoles in its features.

The game has been improving rapidly, though, in response to its increasingly large audience: many of whom have only ever played Minecraft on a mobile device.

Previous significant updates included 0.95 in July 2014 which added infinite worlds, caves and wolves, and 0.11 in June 2015 which added a skins feature for players to customise their characters.

Mojang announced plans for the 0.12 update at its Minecon conference in July, with the addition of The Nether getting the biggest cheer from the thousands of attendees.

The next major improvement will be full use of the virtual redstone material to create circuits that transmit power, which Mojang promised would come in a Pocket Edition update by the end of 2015.

The developer, which was acquired by Microsoft for $2.5bn in 2014, is also planning to launch its Realms service – where players pay a monthly subscription to manage their own private Minecraft servers to play on with friends – for the Pocket Edition.

Mojang is also working with developer Telltale Games on a new “narrative-driven adventure” called Minecraft: Story Mode, which is expected to debut by the end of 2015.

Top Ten Effective Negotiation Skills

Job descriptions often list negotiation skills as a desirable asset for job candidates, but the ability to negotiate requires a collection of interpersonal and communication skills used together to bring a desired result. The circumstances of negotiation occur when two parties or groups of individuals disagree on the solution for a problem or the goal for a project or contract. A successful negotiation requires the two parties to come together and hammer out an agreement that is acceptable to both.

Problem Analysis

Effective negotiators must have the skills to analyze a problem to determine the interests of each party in the negotiation. A detailed problem analysis identifies the issue, the interested parties and the outcome goals. For example, in an employer and employee contract negotiation, the problem or area where the parties disagree may be in salary or benefits. Identifying the issues for both sides can help to find a compromise for all parties.

Preparation

Before entering a bargaining meeting, the skilled negotiator prepares for the meeting. Preparation includes determining goals, areas for trade and alternatives to the stated goals. In addition, negotiators study the history of the relationship between the two parties and past negotiations to find areas of agreement and common goals. Past precedents and outcomes can set the tone for current negotiations.

Active Listening

Negotiators have the skills to listen actively to the other party during the debate. Active listening involves the ability to read body language as well as verbal communication. It is important to listen to the other party to find areas for compromise during the meeting. Instead of spending the bulk of the time in negotiation expounding the virtues of his viewpoint, the skilled negotiator will spend more time listening to the other party.

Emotional Control

It is vital that a negotiator have the ability to keep his emotions in check during the negotiation. While a negotiation on contentious issues can be frustrating, allowing emotions to take control during the meeting can lead to unfavorable results. For example, a manager frustrated with the lack of progress during a salary negotiation may concede more than is acceptable to the organization in an attempt to end the frustration. On the other hand, employees negotiating a pay raise may become too emotionally involved to accept a compromise with management and take an all or nothing approach, which breaks down the communication between the two parties.

Verbal Communication

Negotiators must have the ability to communicate clearly and effectively to the other side during the negotiation. Misunderstandings can occur if the negotiator does not state his case clearly. During a bargaining meeting, an effective negotiator must have the skills to state his desired outcome as well as his reasoning.

Collaboration and Teamwork

Negotiation is not necessarily a one side against another arrangement. Effective negotiators must have the skills to work together as a team and foster a collaborative atmosphere during negotiations. Those involved in a negotiation on both sides of the issue must work together to reach an agreeable solution.

Problem Solving

Individuals with negotiation skills have the ability to seek a variety of solutions to problems. Instead of focusing on his ultimate goal for the negotiation, the individual with skills can focus on solving the problem, which may be a breakdown in communication, to benefit both sides of the issue.

Decision Making Ability

Leaders with negotiation skills have the ability to act decisively during a negotiation. It may be necessary during a bargaining arrangement to agree to a compromise quickly to end a stalemate.

Interpersonal Skills

Effective negotiators have the interpersonal skills to maintain a good working relationship with those involved in the negotiation. Negotiators with patience and the ability to persuade others without using manipulation can maintain a positive atmosphere during a difficult negotiation.

Ethics and Reliability

Ethical standards and reliability in an effective negotiator promote a trusting environment for negotiations. Both sides in a negotiation must trust that the other party will follow through on promises and agreements. A negotiator must have the skills to execute on his promises after bargaining ends.

California taxis can sue Uber over ads claiming safer service, judge rules

Taxicab companies can sue Uber over its advertising claims, a judge has ruled. Photograph: Andrew Caballero-Reynolds/AFP/Getty Images

A federal judge has ruled California taxicab companies can sue competitor Uber over advertising statements that it offers the safest rides on the road.

The San Francisco Chronicle reports that taxicab companies accused the ride-hailing company of false advertising for stating in ads and online postings that its background checks were the most thorough and its services the safest in the business. The statements implied, and sometimes explicitly declared, that conventional taxis were less safe.

Taxi companies say their review of prospective drivers is far more thorough. They say they use fingerprint checks and government criminal records that Uber does not employ and require their drivers to take a driver safety course and a written exam.

US district judge Jon Tigar of San Francisco rejected Uber’s attempt to dismiss the suit on Friday and said much of it could proceed.

Eurozone struggles to find joint response to Greek referendum

Chancellor Angela Merkel and President François Hollande after a crisis meeting in Paris. Photograph: Etienne Laurent/EPA

 Greek banks are to remain closed until Thursday at the earliest, it was announced, with ATM withdrawals rationed to €60 daily.

“The prospects of a happy resolution of this crisis are rapidly diminishing,” said the British chancellor, George Osborne, after speaking to some of the key policymakers. “If there is no signal from these meetings that Greece and the eurozone are ready to get around the table again, we can expect the financial situation in Greece to deteriorate rapidly.”

The commission had nothing positive at all to say about Sunday’s Greek referendum, while Germany’s increasingly hardline social democratic leader, Sigmar Gabriel, warned that Greece was on the brink of insolvency.

He accused Tsipras, the radical leftist prime minister who outmanoeuvred the rest of the eurozone with his plebiscite, of ruthlessly pursuing the Greek national interest at everyone else’s expense. His message suggested a Grexit was now inevitable as he stressed the need for EU humanitarian programmes to forestall social implosion in Greece.

Tsipras is expected to table new bailout proposals on Tuesday to eurozone leaders meeting in Brussels after he ditched the flamboyant Varoufakis. Over five months of negotiations, Varoufakis, a leftwing economist and neophyte politician, has rubbed his interlocutors up the wrong way, persistently arguing he is right and everyone else is wrong when it comes to dealing with the Greek debt crisis.

The detail of Sunday’s voting patterns left no doubt about the devastating verdict and the challenges it now presents to Europe’s leaders. Around 80% of voters under the age of 34 voted no on Sunday.

Germany’s Gabriel said the Greeks had simply rejected the single currency rules, while Matteo Renzi, the Italian prime minister, delivered a cri de coeur lamenting the desperate situation the eurozone and the EU now found themselves in.

“Two political building sites need our work urgently, in European capitals and in Brussels,” he said. “If we stand still, prisoners of rules, regulations, and bureaucracy, Europe is over. Reconstructing a different Europe will not be easy … The first one is Greece, a country in very difficult social and economic conditions. Meetings tomorrow will have to indicate a conclusive solution to this emergency.”

Merkel has taken a hard line with Greece since Tsipras announced his snap referendum 10 days ago, while the French have been much more accommodating towards Athens. A brief statement issued after the leaders had dined together on Monday evening showed little sign of the two main EU leaders bridging their differences.

There were no signs either of movement from the eurozone towards the main demands from Athens – a new deal writing down the Greek debt mountain, as urged last week by the International Monetary Fund.

German government sources said there would be no debt reduction measures offered and that it was up to Greece, which ended negotiations with its creditors 10 days ago and called the referendum, to make the next move.

“In light of the decision by the Greek citizens, the conditions to start negotiations on a new aid programme are not met yet,” said Merkel’s spokesman, Steffen Seibert.

Valdis Dombrovskis, the most senior European commission official in charge of the euro, said the referendum result risked leaving everyone a loser. “The no result unfortunately widens the gulf between Greece and other eurozone countries … There is no easy way out of this crisis. Too much time and too many opportunities have been lost.”

A day of frantic politicking in Greece, and internationally, left few clues as to what happens next. Tsipras has persistently surprised and out-manoeuvred his opposite numbers, but without securing any net gains for a country in the throes of financial collapse. Greece’s bank holiday and the rationing of ATM withdrawals to €60 a day was extended until at least Thursday.

The country’s banks are entirely dependent on the European Central Bank to keep standing and last night the ECB toughened it stance towards Greece’s banks by demanding they put up more collateral in return for the emergency liquidity allowance which has been keeping them afloat. The ECB said its government council is “closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area”.

Tsipras spent much of the day with other Greek party leaders, resulting in the five-party national consensus behind his negotiating strategy committed to debt restructuring. Tsipras’s leftwing Syriza, and his rightwing nationalist coalition partner, Anel, were joined by centre-left Pasok, liberals To Potami, and centre-right New Democracy.

Tsipras’s ‘new’ proposals are likely to lean heavily on his recently tabled third bailout ideas, which call for €29bn in new loans over a two-year period under the eurozone’s ESM permanent bailout fund, combined with a debt swap that would see the ESM buy up Greece’s obligations to the European Central Bank and convert this into longer-term loans at cheaper rates. Greece would have to commit to many of the austerity measures that were roundly rejected by voters on Sunday.

Gabriel, however, emphasised the problems of devising a new bailout under the ESM, whose rules are more exacting than those for the eurozone instrument used for the previous bailouts since 2010.

The ESM rules say that a bailout can be considered for a eurozone country if its financial plight imperils the stability of the euro area as a whole. Many argue that this is not the case with Greece, that there is little risk of contagion and destabilisation of the broader currency area. But no one really knows.

EU states agree framework for pan-European data privacy rules

All 28 member states of the Council of the European Union have to agreed to new European data protection laws that could see tough new regulations unified across the whole of the EU.
The changes would allow for a pan-European framework for privacy and the handling of European citizens’ data, instead of the current scenario where data privacy is regulated by watchdogs in the country of operation within Europe such as Ireland.
The changes were put forward by the European commission three years ago and form a crucial step towards a single digital union. The European parliament filed its agreement in principle over a year ago, but the Council of the European Union, where each country’s government has representation, has struggled to come to agreement.
Latvia’s minister for justice, Dzintars Rasnačs, said: “Today we have moved a great step closer to modernised and harmonised data protection framework for the European Union.”
The agreement comes in the last week of Latvia’s presidency of Council of the European Union. The negotiations going forward will be the responsibility of Luxembourg as it takes over the presidency of the council.
Monique Goyens, director general of the European Consumer Organisation said: “EU laws are now lagging behind the pace of technologies and business practices. Our personal data is collected, then used and transferred in ways which most consumers are oblivious to. An appropriate update must put control of personal data back in the hands of European consumers.”

“This new regulation is the opportunity to close gaps, ensure robust standards and stipulate that EU laws apply to all businesses operating here.”
While some welcome clearer and more unified rules and regulations, lobbying, which has delayed proceedings, has shown that some aspects of the proposal have companies worried.
Of particular contention is a clause that would allow users to sue companies who process data, such as cloud storage providers, as well as those that own it or collect it. Companies including Amazon and IBM have warned that it could kill off Europe’s cloud computing industry.
Many US technology companies have based their European operations in Ireland, including Facebook and Google. Current laws mean that if one data protection authority clears a company’s actions and regulates compliance with local laws, informed by European law, that company can then operate in any European member state without the need to clear its actions in each country.
The EC put forward new regulation that would toughen European law, which would in turn toughen data privacy laws in European nation states. But the proposal could also see the formation of a single nominated authority that could rule on large or politically contentious data protection issues.
Facebook and Google are subject to both legal and regulatory challenges over data privacy. The latest action is a lawsuit from the Belgian privacy commission which deemed that because Facebook operated an office within its country could answer to its regulation not just Ireland’s data protection authority where it is headquartered.
“I am very content that after more than three years of negotiations we have finally found a compromise on the text. The new data protection regulation, adapted to the needs of the digital age, will strengthen individual rights of our citizens and ensure a high standard of protection,” said Rasnačs.
The agreement will lead to a “trilogue” beginning next week between the EC, the European parliament and the Council of the European Union on each of their amendments to the EC’s proposal.
Deputy commissioner from the Information commissioner’s office David Smith said: “It is encouraging that these discussions are scheduled to start next week, though it is likely to be well into next year before they are completed. We can then expect a further two years before any law is implemented, to give people time to prepare for the changes.”
How tough the new laws and regulation becomes will be up for debate. The idea of a single data regulator - a one-stop-shop - for large issues has been popular in theory. What form that would take will be crucial for companies such as Facebook and Google operating in Europe.
Under scrutiny are proposals regarding: unambiguous consent for any data collection, such as tracking for adverts; limits to the ability to use data for purposes other than those for which it was collected, such as profiling; and a strengthened “right to be forgotten”.
The Council of the European Union has agreed new fines for breaches of EU privacy and data protection law could be up to €1m or 2% of the company’s global annual turnover. The European parliament would have them as high as €100m or 5% of turnover.

Gender imbalance in tech sector must change for startups to thrive

“It’s not OK not to understand the internet anymore,” said Martha Lane Fox during her recent Richard Dimbleby Lecture broadcast live on the BBC. During the speech, the tech champion attacked the UK’s digital divide, the lack of understanding of the internet among UK politicians and the under-representation of women in technology companies. In her opinion, what is needed is a new institution – she suggests the name doteveryone.org – which could tackle these problems head on.
“Let’s create a new institution and make Britain brilliant at the internet. We need a new national institution to lead an ambitious charge – to make us the most digital nation on the planet,” she said.
Across the country, entrepreneurs took note of Lane Fox’s words. She was one of the leading lights of the first wave of dotcoms, creating Lastminute.com, along with Brent Hoberman. She remains an inspirational figure for many business people, particularly women working in the tech space. Among these is Jess Butcher, co-founder of “augmented reality” app maker Blippar, who says: “Martha’s comments around the lack of women in technology particularly resonate as, like her, I feel that technology suffers from a monumental diversity problem which negatively effects both the culture and the output of the sector.”

Lane Fox says she wants to put women “at the heart of the technology sector”. She says sexism is rife in the technology and investment industries – she experienced it firsthand when she was fundraising for Lastminute.com. One investor, apparently more interested in her personal life than the revolution she was spearheading, bluntly asked: “What happens if you get pregnant?”
For Jess Stephens, chief marketing officer at cloud messaging service SmartFocus, such attitudes are all too common. “I would go out on a limb and say that every woman who works in the tech industry has an anecdote similar to the story that Martha Lane Fox used at the start of her lecture. Inappropriate remarks based on your gender are par for the course and represent obstacles that you must overcome as woman in the tech world,” she says.
But if the gender imbalance in the tech industry is to be addressed by the creation of a new institution, what methods should it employ? Entrepreneur and investor Mark Pearson, who founded and sold MyVoucherCodes.co.uk, says he welcomed much of Lane Fox’s speech, but he is concerned that doteveryone.org would employ positive discrimination, which he feels is counterproductive. “No single group should be at the ‘heart’ of it,” he said. “I have twins – a boy and a girl – and I want each to grow up as ambitious and unafraid to succeed as the other. The UK won’t be brilliant at the internet until we stop trying to implement quotas and genuinely celebrate and insist upon the best from the next generations.”

The importance of addressing skills shortages was stressed throughout Lane Fox’s speech and there is little doubt that the UK has a problem. A recent report suggested the UK needs an extra 150,000 workers with digital skills every year and demand only looks set to increase.
Business owners struggling to find staff could hardly agree more with Lane Fox on this point. Jack Bedell-Pearce, managing director of data centre company 4D-DC, says he regular faces the challenge of hiring good staff: “As an employer, we’re still not seeing the relevant skills filtering through from schools and universities. We need kids with a basic knowledge of coding, networking and server infrastructure development.

“It sounds daunting but the earlier you get them thinking about IT not as a social media experience, but in terms of code, networks and connected servers, the sooner they will understand the potential of the internet.”

But the creation of a body, which is presumably publicly funded, raises many questions. Lane Fox avoided laying out a clear blueprint for doteveryone.org, although she did suggest an organisation that was entrepreneurial at heart and far removed from the culture of a government quango.
Laurie Wang, founder of women’s tech entrepreneur group W Kollective, believes this is the right way to do it. “To maximise the institution’s potential, I believe it should be innovative, adaptable and have an open architecture. Very similar to how a startup would be run, in fact, fostering the flow of creative ideas with the flexibility to adapt to the constantly evolving digital landscape,” she says.

Lane Fox expressed considerable concern about the ability of politicians, whose “lack of knowledge breeds fear”, and who are regularly haunted by the words “Government. IT. Failure”. The failure of government to get things right with IT projects leads many in the business world to wonder if a public body is the right approach.

Joe Mathewson, founder of education tech firm Firefly, says the UK internet industry doesn’t need more quangos or government institutions. “For Britain to be better on digital and for British companies to challenge the American heavyweights, we need a fundamentally non-governmental solution,” he says. “We need to create a commercial environment which encourages entrepreneurs, from school age and above, that supports digital businesses and helps them grow.”

The UK has a strong startup scene, but in global terms it lacks big hitters. Lane Fox said among the top 100 visited websites in the world, there’s only one from the UK – the BBC – which comes in at number 74. So what, then, are the chances the UK can, in Lane Fox’s words, “leapfrog every nation in the world and become the most digital, most connected, most skilled, most informed on the planet”? There are many big challenges to overcome, but most entrepreneurs believe a combination of education, greater inclusion and entrepreneurial spirit are the way forward.

However, some argue that it’s not just a matter of inspiring schoolchildren and hoping things will trickle through. Richard Rolfe, co-founder of National Coding Week, worked as a teacher until his early 50s but subsequently taught himself to code and now works with adults to help them do the same.
Rolfe says: “It is a myth that the internet, digital skills and the world of tech belong to the youngsters. There are plenty of entrepreneurs and digital professionals who have adapted to the digital revolution, but there are many who think that digital skills are hard to learn.
“If her plan is to succeed, it needs to genuinely reach out to and embrace people of all ages, all members of society.”
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