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Facing challenge of credit crunch
In the latest in our regular series profiling the leading business figures of Leeds, we meet Kath Myers, Yorkshire Bank's integrated Financial Solutions head for Yorkshire and the North East
Tell us about your formative years
I am the second of five children, with two brothers and two sisters, brought up as part of a large family, initially in the North West mining town of Leigh.
We were a poor family although I never had any concept that there was a shortage of money. My Dad was a bus driver and Mum stayed at home with us. They worked extremely hard to give us a happy, shielded childhood.
One of my fondest memories of my dad, who died ten years ago, is that whenever I phoned him and said "It's only me", he would always tell me "What do you mean 'only me'? There's nothing 'only' about you."
My dad was very proud of all of us – he always carried my business cards to give out to people he met. He was a typical example of his generation in that he was very clever but did not have the opportunities which became available to his children.
Tell us about Yorkshire Bank and how you came to it
I joined Yorkshire Bank straight from school at 16. I had only intended for it to be a summer job or a fall-back option in case I failed my O-levels. I passed but by the end of the summer I was already so heavily involved in Yorkshire Bank that I forgot to leave!
Even back then, Yorkshire Bank had a modern outlook and the culture and people were great so I decided to stay, although I still thought it would only be temporary. However, as time went on, it was clear that I could develop academically at the bank while earning money at the same time. To me, this was a no-brainer! The bank's forward-thinking culture made it relatively easy to study for business qualifications while working.
These were still the days when the girls did shorthand and typing at night classes while the boys did banking exams on a day-release basis.
I thought: "Why should I give up my evenings to do shorthand and typing when I could do day release for banking qualifications?" That one thought changed my life and led me into banking rather than an administration role.
My current role as head of iFS (integrated Financial Solutions – our business banking division) for Yorkshire and the North East is broad and demanding, combining responsibility for strategy and day-to-day operations. I lead a team of about 350, of which more than half are in managerial positions.
The management of risk, both credit and operational, forms a significant part of the role. Succession planning, training, development, recruitment and disciplinary issues all fall within my remit.
I work full time and working hours are extremely long, although I do try to manage my diary to get home to put the children to bed as often as possible. I have to juggle every day to balance work with spending time with my kids, but it's worth it.
Explain your business philosophy
I believe that it's essential, whenever possible, that people really enjoy their job. Work is so demanding these days that it's a huge part of many people's lives, so it is important that it inspires them. Life is too short to spend so much time and energy on something which you do not really enjoy. In an ideal world this would be the case for everyone and, as a manager, I think it is a critical aspect of strong performance.
Honesty and empathy are also core business philosophies. Colleagues and customers will respect you more for your transparency; regrettably, too many people in business have hidden agendas. In management, I believe that it's important to share something of yourself with your employees so that they can see your passions and principles and come to understand you as a person.
If you weren't doing the job you are doing now, where might you be – or like to have been?
I do have two minor regrets. One is not having gone to university. I regret missing out on the social aspect of uni, which I believe helps shape you and gives you a unique experience.
Had I not followed my chosen career at the bank, I would love to have been a doctor. The academic challenge of medicine appeals to me, as does the chance to help people by caring for them. It is a profession where you can make a major difference in a very direct way.
What do you feel are the major business issues which affect Yorkshire and the country in general?
The credit crunch is a very real issue and, coupled with rising energy and fuel costs, is creating an increasingly challenging situation for some businesses.
One cannot minimise the tough climate that businesses are now operating in and this isn't set to disappear any time soon. However, the underlying economy is still growing and Yorkshire is bearing up relatively well.
As a business community, we need to remain steadfast and confident. Constantly talking the problem up creates the very real risk that people will be depressed into believing that a recession is unavoidable, when growth is still forecast for the UK this year.
Mortgages are a good example. Some people are waiting to buy properties in the belief that they will not be able to get a mortgage when in fact mortgages are still very much available to those with an adequate deposit and solid financials.
These are tough times. Yorkshire businesses need to keep their nerve and rely on our values of hard work, honesty, fair play and entrepreneurial flair to see them through.
If you had the power to tackle the issues listed above, how would you go about it?
I think that we need to work with the media and the business community to develop a more balanced approach to the economic picture. It needs to be made clear that the country isn't about to collapse and that funding is still available.
Public confidence is at a very low level and, every day, another bad news story comes out. We need to work together to balance this out with the positive and rebuild confidence.
There are always cycles and, unexpected and unpleasant though it may be, this is just another example.
Looking at the banking sector in Leeds, what do you feel are the challenges it faces currently and how will you be addressing them?
Banking sectors are usually as good as their business communities and visa versa. Leeds is a world-class financial and legal centre and has businesses and entrepreneurs that have proved they can compete on the global stage.
The credit crunch is a problem imported from the US which has impacted the Leeds banking sector just as it has throughout the UK and further afield. It is a challenge. It is one which will take time to work through but will be overcome with the steadfast, sensible approach for which Yorkshire is known.
Similarly, at Yorkshire Bank, we are negotiating the credit crunch by maintaining the prudence and caution for which we are known and by making sure that our customers know that we are absolutely open for business and here to help them.
Deals are still being done, mortgages are still being offered, albeit at a reduced number, and the economy will come through this wiser and ultimately stronger.
Who in the world most impresses you a) in business and b) in life generally?
US businessman Jack Welch, formerly of GE Electric. He is wise, a straight talker and a great people leader – all traits that I greatly admire.
In life, generally, my mum really inspires me because she is such a trooper. She manages to be so strong but a tender, caring person at the same time. She never judges any of us but is always there when needed.
She is also great fun. I try and emulate her kindness and selflessness in how I am with my own children.
Even now at 71, she is very active and would be the first to go on a rollercoaster ride or waterslide. She knows what's important in life and has a wonderful ability to treat everyone in the same, totally genuine way.
Away from the office where are we most likely to find you?
I work very long hours and so every minute of my free time is spent at home with my children.
I'm usually either at the local swimming pool watching my son swim or in the water with my young daughter, at my son's rugby games, or just at home playing with them.
You're hosting a dinner party and can invite one extra person from history – living or dead. Who would you ask, and why?
Former US President Bill Clinton (pictured). I saw him speak at the Yorkshire International Business Convention a few years ago and he is amazingly charismatic.He has an electric aura and you could feel the excitement in the room just from his presence. I've never seen so many grown men line up for an autograph!
MY CV
KATH MYERS
Banking – entirely with Yorkshire Bank, having joined at 16. Career has included retail banking, credit, training, marketing and business banking, as well as project work.
MBA specialising in Financial Services; Fellow of the Chartered Institute of Bankers.
Appointed Yorkshire Bank's integrated Financial Solutions head for Yorkshire and the North East in January 2005, running a multi-disciplined team covering business and private banking and specialist areas such as invoice finance, asset finance, treasury, wealth and international, responsible for 350 staff.
Married to a firefighter and mother to two young children, Mitchell and Anya.
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