Anya Schnoor's path to upward mobility

On March 7, 2010 this newspaper carried a story titled 'Anya Schnoor, not afraid of the top job' and today we see where the savvy banker is making even more significant strides on the way to the top. She left the island last Wednesday for Canada where she will be undergoing some six to 12 months of intensive training and preparation that stand her in good stead to head Scotiabank's operations in any of its 50 locations worldwide.

Last Monday, prior to her departure, in an interview with Outlook Schnoor reflected on her journey from 1993 to the present and plans for the future.

Her desk is almost bare now and the office shows signs of its occupant's imminent departure; she is obviously a woman on the move. Schnoor said when she first set foot in a banking institution, she never saw this day coming. However, she knew that Scotiabank was a place one aspired to be because "it was the biggest bank; the best bank, the bank that had been around the longest and the bank that had done the most to Jamaica and the one that had played the most important role in the country's development".

Rite of passage

In our interview last year, Schnoor had said she would love to get some experience in the Caribbean market of this development; she told Outlook it's almost like a rite of passage to pass through the Canadian head office. There you get to meet and interact with the senior executives you only previously spoke to by telephone.

"You gain their insight and it's good for my personal development," she said, adding that in life one has to be willing to take risks and look for new opportunities to advance.

She is looking at the exciting prospects in her future and at how fast her five years in the Scotia Group have flown. "I have been focused on the wealth management and insurance sides of the bank but my superiors now want me to learn more about the retail, corporate and commercial banking aspects of the business, so those will be my main areas of focus for training in Toronto," Schnoor said.

Fast-paced career

Schnoor's career in banking has moved at a fast pace, just over 40 years old, she made her debut in the sector in 1993. And not being someone who likes monotony, she is happy with the pace. "I can't sit still for long, I love new projects and assignments and it was exciting to be there for the building of the group's wealth-management arm and the acquisition of DB&G. I enjoyed the process of laying the foundation ... hiring the right people and building a team that can lead the company whether I'm here or not."

Schnoor is proud of the gains the bank has made on the investment side and rates them as one of the best in the business. Since the Jamaica Debt Exchange (JDX), they decided on a particular path that put new regulations in place along with a new set of products that would ensure growth.

Today, the group controls 64 per cent of the unit-trust market. "We launched the Caribbean income fund in October 2009 and and now we have over six million under management; our Jamaican-dollar unit-trust fixed-income portfolio is now over 17 billion up from four billion in 2009 and we are the number-one performing fund from 2008-2010," she said.

"We weathered the JDX very well by working closely with all concerned to ensure that it wouldn't affect the country negatively. I am proud that it was during my tenure as president of the Securities Dealers' Association that the members approached the finance minister and we all worked to ensure that the process was executed smoothly," Schnoor said with candour.

But in spite of Jamaica's economic stability, there are rumblings in Europe and at the time of writing, the daily protests were still escalating on Wall Street in New York over the mismanagement of the financial sector. Outlook asked Schnoor for her take on the situation and the consequences for Jamaica. She cited the large unemployment and underemployment plaguing the United States for far to long. "No one from the financial sector is being held accountable and the people feel that someone needs to take the blame."

Painful experience

The outspoken banker said Jamaica went through the same thing with Financial Sector Adjustment Company (FINSAC) and the people affected are now showing their pain in the enquiry. In the '90s, no one was held accountable and we were not sure who was to blame so that is how the people in those protests are feeling, she opined. To that end, Schnoor said that our concern now should be that we (Government) focus on the International Monetary Fund (IMF) programme and do the right things that they promise to do.

She noted that elections tend to put things on hold but Jamaica does not have that luxury now, "get it (elections) out of the way so that it does not prevent us from doing right for the country whether that be extending the agreement or renegotiating it to the benefit of all concerned".

As far as the current downward trend in interest rates go, Schnoor said there is a floor, so we cannot go much lower or that could lead to negative real returns. That could cause people to begin thinking of converting their dollars, luckily for us the US rates are also low. She sees the rates as a positive for consumers who now have the power to bargain with their bankers as the market is so competitive. "This is a good sign for the economy, there is stability in the exchange rate and the Government must be proud of that; it is positive, in all my years in banking, I have never seen this level of stability.

What if...?

So is the move to Canada the final step in preparing Schnoor to take up the top job at Scotiabank Jamaica? And if that were so, would she embrace the opportunity?

"Everything in my career so far has led to this point; I have a proven track record of work in Jamaica, I have gained experience here, so whether it's here or in another country, I could impart my knowledge to any organisation. It the opportunity arose, I would be excited to lead," she said.

And make no mistake, the soca-party lover will definitely be home for next year's carnival.

barbara.ellington@gleanerjm.com