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“I consider myself extremely lucky that I got to experience so many different roles and constantly acquire new skill sets, without having to switch jobs. I was fortunate to find the right employer, who trusted me with responsibilities and allowed me to learn on the job.” Kaku Nakhate makes it sound as simple as that when asked about her ascent to the top rungs of the banking industry, more specifically investment banking. President and India Country Head at Bank of America, Nakhate is also among the last few women still ruling the roost in the highly competitive world of banking today.
She recalls how, at one point, there were seven or eight women CEOs making all the important decisions, particularly in the area of non-performing assets. While that golden period of powerful women bankers may now seem far into the past, Nakhate is confident of a return to the good old days soon. “The younger generation of female workers is less hesitant in demanding their right to equality as compared to women in our generation. There has been a transformation in attitude, and that is absolutely great for society. But we need more women’s participation in the workforce, especially at the senior level,” she says.
A few must-haves
The czarina of investment banking urges women to speak out more about their work and choose a career they are passionate about. “Women are generally less vocal about their achievements as compared to their male colleagues. They need to come forward and highlight their contributions. I also think one should enjoy his/her work. For women, it is extremely important because we tend to be more passionate. If we do what we like, then opportunities are limitless. If you are not happy with your role early on in your career, then you should make a conscious effort to find something that you like and switch,” she advises.
So, how easy or difficult was her own journey?
Nakhate recalls her first job at DSP Merrill Lynch, one of India’s oldest financial services firm, on the research side before moving to equities. “As a fresh MBA graduate, I had offers from a number of multinational corporates and banks. But I chose DSP. If I get a chance to do it all over again, I would still choose DSP.”
From equity sales she rose through the ranks to head the equities business. A few years later, she became head of equity and debt markets. When Bank of America acquired DSP Merrill Lynch, Nakhate rose to the level of country executive at the bank. That’s when she also began focusing on investment banking.
She describes it as the best thing that could have happened to her. “I had to roll up my sleeves and learn almost everything from scratch.”
Persistence pays
Except during the formative years in her career, she rarely found her gender to be a stumbling block, she says. “I was always treated with respect and gained significant experience during my time “in the ring” (trading floor of stock market). The only challenge I faced was with a few institutions that were not very receptive to opinions from a woman. In those situations, a male colleague would accompany me to the meetings,” she reminisces.
Some would not even look at her when she presented her ideas during the meetings. “To be honest, it did bother me initially,” Nakhate admits. “I used to wonder why they would not listen to me, because I had worked hard, did my research, consulted my seniors, and come up with advice that I felt was in the best interest of my clients.”
It was at this juncture that Nakhate fell back on one of her most critical learnings — the importance of being persistent.
“It took me almost a year and a half, but I finally convinced them to have faith in my abilities, and since then my contributions were always acknowledged and appreciated,” she says with an amused smile.
She also recalls something that she often tells her son: Do not always seek instant gratification. “If you do your job honestly, work hard, then appreciations will eventually follow.”
Passionate go-getter
Colleagues, friends and contemporaries describe Nakhate as passionate, hardworking, decisive, and tenacious. “What stands out about Kaku is her ability to take her team along. If Kaku has grown in her space, so has everyone who has been with her on the journey,” says a senior executive in the financial services space who has interacted with Nakhate on a few deals.
“My ‘one team, one dream’ motto is known to everyone who has worked with me. As a leader, it is my responsibility to get everyone together to deliver the common goal. Only then, I will be able to ensure that the franchise continues to outperform,” Nakhate explains, attributing this learning to her experience in the markets sector.
Yet another quality that sets her apart from peers is her willingness to go the extra mile. For instance, at the peak of the pandemic, when deals were slowing, Nakhate spearheaded the $5.7-billion Facebook–Jio Platforms transaction, with Bank of America representing Facebook. It was among the first few deals that were closed through video conferencing, which was still a novelty in the investment banking world at a time when bankers took pride in overseas trips to close transactions.
Orix’s stake acquisition in Greenko was another memorable transaction for her, as also the billion-dollar investment by TPG Rise in Tata Motors’ electric vehicle arm. This also happens to be one of the largest global deals in the EV space.
Word of advice
So, what does it take to be Kaku Nakhate? Just follow your dreams, she says; this was exactly what her father, too, had told her when she was growing up.
She wrapped up our meeting with two important takeaways for aspiring women leaders.
“Once you find your passion, keep acquiring new skill sets. Don’t be afraid of challenges; they will always be there,” she says, urging women to be problem solvers and open to learning new things every day. “A true leader is not defined by his/her title but the respect he/she commands. If you are confident about yourself, don’t be shy to raise your hand for a new opportunity.”
On the importance of mentoring, she says, “While mentors are valuable, having sponsors within the system is extremely crucial for growth and career progression. The sponsor can serve as a sounding board for your ideas and advocate on your behalf. A sponsor can be your brand ambassador within the company.”
With that, she was off to tend to the next big deal in the works.
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