Alumni Spotlight Stories: Chu Zhou

Chu was a finance-major student in NUS Business School, and also an active contributor in the student union, where she assumed the roles of Vice Marketing Director of NUSSU’s Business Committee and Account Manager of the DBS-NUSSU Debit Card. She attained international exposure through her student exchange program in Stockholm School of Economics and her adrenaline-driven solo back-packing trips. Starting as a summer intern in Credit Suisse, she has accumulated 8 years of experience in global markets operations, ranging from settlements, middle office, corporate actions to operational risk. She has recently relocated to Hong Kong for a securities lending trading role in Bank of America Merrill Lynch.

Q: Back as a student, what were your career aspirations and how did those shape your career today?

Initially, I was interested in both marketing and finance but gravitated towards finance because I was drawn to the intense intellectual stimulation and complex technicalities in that field. I wasn’t sure of the specific role that I would like in banking so my plan was to simply get my foot in the door. After my summer intern stint in Credit Suisse, I returned as a graduate analyst and was fortunate to have a taste of the different roles in global markets operations. In my second year, I worked in stock loan middle office and was captivated by how exhilarating it was – super dynamic, fast-paced, market-driven and it required one to multitask at a 120% concentration level! Interestingly, I was hired into the stock loan middle office in Bank of America Merrill Lynch a few years later by someone who used to be my counterparty in Credit Suisse. I knew that I would make it to the front office one day, despite the many failed attempts in applying for those roles. This time, I was offered the securities lending trading role without me striving for it. It became clear to me that as long as you stay convicted, work hard to deliver above and beyond and most importantly have fun, opportunities will knock on your door.

Q: What is a typical day like in securities lending trading?

Securities lending, as the name suggests, involves the borrowing and lending of securities such as stocks and bonds to facilitate short-selling. The availability, liquidity and cost of collateral of the securities determine the borrow rate of the securities. The securities lending desk comprises of 2 teams – supply and demand. Supply desk works with external lenders to bring in inventory at favorable rates while demand desk “pushes” the inventory out to our clients at higher rates, earning a spread. Clients who wish to short sell would send in a “locate”, which is a request to borrow the security. A typical day begins with reading and gathering market color, approving client locates and borrowing securities from lenders to fulfill clients’ needs. Throughout the day, we also work with operations, technology, finance, risk and legal to resolve issues or work on strategic business initiatives.

Q: What are some of the skills and attributes that you think are required to excel in the large banks such as Credit Suisse and Bank of America Merrill Lynch and how can they be cultivated?

This may sound counter-intuitive but your character and personality matter much more than your academic achievements. Don’t let your external circumstances define you – you have the liberty to craft your own story. Be it gaming, cooking, photography or dragon-boating, pursue your passion relentlessly. Always be in your element, because whenever you are, you radiate positivity and the energizing effect will be a major source of motivation for you in all aspects of life. Be authentically interesting, because people will naturally be drawn to you and before you know it, opportunities will be coming your way.

Another important attribute is adaptability. If you are in a graduate program, take the opportunity to try as many different things as possible in the organization – from job rotations, charity projects to all kinds of employee network events. You may not enjoy everything, but do them nonetheless because the difficult or challenging journeys are often what we need the most in cultivating personal and professional maturity. In my case, things weren’t pretty when I was posted to a function against my wishes. I had to drag myself to work but at the end of the day, this experience was probably one of the most pivotal in helping me develop resilience and remain convicted in my goals.

Q: Looking back at your days as a student, is there any particular advice you wish you had received back then?

Exchange is a must. Do crazy things like solo backpacking, hitch-hiking, bungee-jumping and ski-diving. Give yourself room to be completely free and you will come alive! It could be as simple as reading a book at a cafe or getting lost in a museum. You will never regret the amazing journey of self-discovery.

The other thing that people should really stop doing is to compare yourself against others. I used to be so caught up in comparing my grades, internships and job offers with others that I got extremely miserable! Over time, I learned that you are your competition. Do not be intimidated by others. You are authentically you. Crafting your own story is what really matters because in the long run, the people who are important to you will stick around for who you are. It is normal to feel frustrated at times. Whenever you are not at your best, take a breather and do things that make you happy. Enjoy the process, because the best is yet to be.