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Now featuring a New Preface on The Eurozone Debt Crisis Praise for Banker to the World No one knows better nor has and better experience across the globe over the last 40 years in diagnosing and managing risks involving sovereign countries and major corporations In today's world risk is a major external element in managing the strategy of a business This book is clearly and simply written It's a must for all managers and all leaders who aspire to excel in the global game Ram Charan co author of the bestseller Execution The Discipline of Getting Things DoneBill Rhodes has been much than a banker As Citibanks's long time ambassador to the world he's been both a diplomat and a surrogate government official for several countries Both heads of companies and heads of state have not only sought his advice but relied on him to make deals and he has delivered time and time again This little book tells you how Everyone or at least everyone that matters in international finance knows Bill Rhodes And after you read this amazing memoir you'll know him and his undauntable personality too Alan Blinder Gordon S Rentschler Professor of Economics and Public Affairs Princeton UniversityOnce the immediate worry of a string of bank failures has abated Berlin and Paris should then go about the business of restructuring errant countries' bank loans The global community has been through this before For a primer Angela Merkel Nicolas Sarkozy and David Cameron should read the short breezily written but instructive book Banker to the World Leadership Lessons from the Front Lines of Global Financeby now retired banker Bill Rhodes who uarterbacked numerous complex restructurings Steve Forbes What's German for TARP ForbescomRhodes's recollections are lively and richly detailed replete with glimpses of top ranking personalities from the world of banking and government interacting under pressure and they provide a rare window into how these important but normally secretive operations of high level international finance actually work Whether America's bankers will run their firms responsibly in the future remains an open uestion They would do well to have people like William Rhodes in their senior management and next time around to listen to them The New York Review of BooksMr Rhodes was one of the few members of the financial establishment to sense that the world was on the brink of a calamity in 2007 most of the prophets of doom were either academic theoreticians or maverick financiers In Banker to the World Mr Rhodes succeeds in hammering home three lessons that we need to take to heart if we are to have any chance of navigating the troubled waters that lie ahead Bankers to the world like Mr Rhodes are buffetted from one unpredictable storm to another They are forever on the verge of being ruined by events And they rely on the seat of their pants as much as the power of their intellects Mr Rhodes is rightly proud of his record in defusing debt bombs and calming financial storms Let's hope that his successors will be able to make similar boasts in the decades to come The Wall Street JournalBill Rhodes has been the consummate insider in international issues for than three decades He influenced US and foreign policies on trade exchange rates and foreign debt resolution Leaders around the world have benefited from Bill Rhodes's advice This book gives readers an honest review of the events and of the political leaders who made the key decisions Professor Martin Feldstein Department of Economics Harvard UniversityBill Rhodes has made it his life's work to bring common sense to the most serious international problems On something I know firsthand the Brady Plan Bill's steady support and energy were invaluable to its conclusion This comes as no surprise that's what he always does Nicholas Brady former US Secretary of the TreasuryBanker to the World a book exceptionally well titled is an illuminating lesson in leadership diplomacy vision and tenacity It will be reuired reading at all levels of finance Henry Kissinger former US Secretary of StateOnly one person could have written this book At Citibank for 50 years Bill Rhodes was a key decision maker in the negotiations that took place in indebted countries in the wake of Mexico's default in 1982 He also was one of the few bankers who saw the recent 'Great Recession' coming His memoir is a must for anyone who wants to recapture the behind the scenes details of this important recent era of banking history Robert Mundell Nobel Laureate and Professor Columbia UniversityA must read Bill Rhodes has seen it all and his experiences and lessons learned are invaluable for all those involved in international relations and finance Some of the lessons are applicable to problems being faced in the Euro zone and other advanced economies today He was one of the few who predicted what we now call the Great Recession and was called a Cassandra by many at the time But like Cassandra he was right Nouriel Roubini Cofounder and Chairman Roubini Global EconomicsWilliam Rhodes' book is an important and interesting one and something that those who want to understand the past and present better would do well to read A highly talented banker and wise statesman Rhodes' book is essential reading as a history business and life lesson ForbescomShould be reuired reading not only for other bankers but also for Washington's would be reformers of Wall Street but most of all for the ordinary lay citizens dismayed by the persisting panic American SpectatorAn absorbing read Foreign AffairsIt should be reuired reading not only for other bankers but also for Washington's would be reformers of Wall Street but most of all for the ordinary lay citizens dismayed by the persisting panic American SpectatorAnyone interested in learning what lessons the emerging markets restructurings might hold for Europe should read William Rhodes' book Banker to the World John Dizard Financial TimesIt's hard to uibble with what Bill Rhodes has accomplished That much is obvious from the veteran Citi banker's career battling the world's major financial crises He reviews many of them in Banker to the World a well paced account of his 50 years in the business He eschews a traditional memoir in favor of a didactic approach the book's subtitle is 'Leadership Lessons from the Front Lines of Global Finance' Antony Currie ReutersBreakingviewsVeteran banker Bill Rhodes who received The Banker's lifetime achievement award in 2007 has just published a book called banker to the World leadership lessons from the frontlines of global finance As Mr Rhodes was at the centre of countless debt workouts and restructurings in than five decades at Citi these are lessons that younger bankers should definitely learn The BankerAbout the BookIn than five decades with Citi William Bill Rhodes the firm's former senior vice chairman and senior international officer has worked with senior business leaders statesmen and strongmen and brokered immense financial deals while looking across the table at finance ministers and up the barrels of guns trained on him He has earned the cooperation of Fidel Castro over cigars and the admiration of Rupert Murdoch who said of Rhodes By dogged hard work Bill forms important and great relationships Everyone knows Bill Everyone trusts BillFrom these and other experiences Rhodes has learned a lifetime of lessons about managing amid crises and important how to lead prudently decisively and effectively to prevent crises from ever happening in the first place In Banker to the World Rhodes presents his collected wisdom best practices analysis and anecdotes in one essential volume on the creation of value through leadership and on the importance of leading by one's valuesDramatically illustrated by than two dozen examples Rhodes's principles offer an excellent foundation for leaders at all levels Having honed his skills in high level negotiations around the world including those with the Sandinistas heads of state and corporate CEOs in situations ranging from the opening of post apartheid South Africa and the defusing of the Latin American debt bomb to the forestalling of the nationalization of Citi assets in Venezuela Rhodes dispenses invaluable advice including Lead boldly and decisively Know when to disregard caution for caution's sake and always insist on a neutral negotiating atmosphere Anticipate problems by visualizing their impact Get ahead of risk by taking a comprehensive view of potential obstacles Confront problems directly and proactively When faced with a critical situation going directly to its epicenter is what turns a crisis into an opportunityYou may not be presented with challenges such as restructuring a nation's multibillion dollar debt or dealing with Zimbabwean president Robert Mugabe But in Banker to the World Bill Rhodes gives takeaway lessons on leading with character tact and determination that any manager executive or government official will use again and again to evaluate challenges anticipate responses and be decisive in navigating crises of any size


10 thoughts on “Banker to the World

  1. says:

    This is an overall interesting book but just on a very dry topic in my opinion It is written by William Rhodes who worked at Citigroup for over 5 decades and was a senior chairman at the firm for several of them He shares his experiences going through several financial crisis's and his role in each and every one of them He uickly became an expert at restructuring sovereign debt of countries such as Argentina Nicaragua South Africa Israel Brazil Warsaw etc and also of cases such as Rupert Murdoch's company You get to see first hand the tough negotiations that went on behind the scenes when Rhodes was negotiating with the leaders of these developing countries many of which would end up making empty threats to him whether it be on his life nationalising Citi etc and Rhodes talks time and time again of never backing down You have to hand it to him as he was chosen time and time again to head up these Restructuring committees on the behalf of all the banks Although he was working for Citi he was often the sole person reponsible for negotiating in the interests of the 100 banks or so who were creditors to these countries Rhodes shares lessons throughout the book such as how important it was to obtain feedback from each bank to make them feel like they had skin in the game even though Rhodes knew what the final outcome was going to be how important it was to fly over to these countries to face these leaders face to face to confront the issues how he wouldn't let people break for the night until all the negotiating was done as people eventually give in and how important it is to really understand a country's culture history as he explains several situations where having this knowledge base allowed these countries' leaders regard him highly and ultimately resulted in a deal getting done This was key to seeing how in the banking world when you are a senior member at the firm you truly do need to be extremely well rounded to fully succeed in these jobs and no longer just knowing how to finance companies is enough to be successful You have to hand it to Rhodes as he played an important role in Restructuring and saving several countries and he talks about how he worked 16 hour days 7 days a week often so can't knock the guy who is putting those hours at his senior level Also was interesting to hear how Rhodes pushed hard for a Citibank and Bank of America merger and how close that deal was close to getting done The banking landscape would be completely different today if that went through as Bank of America was a powerhouse in the west and Citibank was a powerhouse in the east however Travelers Bank came through and that merger sheded those plansAgain if you find the sovereign debt crisis interesting this is a great read for you as you will get a perspective of how the sovereign debt crisis at various countries has been handled the past 5 decades


  2. says:

    If you fancy reading a short and concise book on how major banks work to resolve sovereign debt crises with developing countries around the world you can not do any better than reading Wiliam R Rhodes' Banker To the World This retired senior vice chairman and senior international officer of Citigroup and Citibank knows about international banking arrangements and how bank officials and governmental economic ministers think than a whole coterie of economists and bankers Traveling hundreds of times between foreign nations including Mexico Argentina Brazil South Korea Venezuela and many others during financial crises that endangered world economies Mr Rhodes along with teams of dedicated bank officers government officials and executive national leaders arrived at innovative and ultimately successful solutions to what seemed to be intractable problems Through consensus building and pushing the envelope when necessary amazing financial arrangements could be established that allowed foreign nations burdened with mountains of debt to grow their economies and become participants in the private euity or bond markets to finance their economies This meant that such entities as International Monetary Fund or the World Bank would not need capitalization as much from fully developed economies as the US Britain France or Japan to pour additional monies into these troubled developing economies That is a good thing for US taxpayers and this book clearly and with interesting examples goes through that history The author shows that Capitalist solutions work and do get the job done This book should be reuired reading for up and coming politicians who bandy about Socialist solutions to economic growth and betterment of the concerned populations


  3. says:

    This was a great read filled with many good insights on global finance banking and how to effectively work with teams from all over the world to solve macro economic challenges with dire conseuences I also appreciated Rhodes’ account of the economic relations we the United States have enjoyed with China for many years I wish Bill Rhodes was a much better storyteller because that would have made reading cover to cover much easier Nevertheless the patience was worth it