Business big shot: Ken Costa
‘Ken Costa appeared to be heading for a baptism of fire yesterday as his surprise departure from UBS after a career spanning more than 30 years was announced…
Throughout, he tried to square his devotion to Christianity with his career. This year, he recounted this in his book God at Work. His commitment to good works also saw him act as a trustee of the redevelopment appeal for St Paul’s Cathedral.
This time it will be cultural change he will have to reconcile, building a close working relationship with investment bankers who were regularly on the other side of fierce takeover deals.’
More in The Times.
September 6, 2007
Costa leaves UBS for Lazard
An article in the FT today announced the change of roles for Ken Costa.
‘Lazard, the independent investment bank, on Thursday strengthened its senior ranks by hiring Ken Costa from UBS as chairman of its international arm…
The hiring of Mr Costa comes a year after Lazard created a unified management structure for its European operations in a move designed to end the long-running rivalry between the bank’s London and Paris offices.
Mr Costa joined SG Warburg – now part of UBS – in 1976 and has spent his entire career at the bank. He is well known as a senior adviser with close links to a number of large British companies…
A committed Christian, he also recently wrote a book, God at Work, about reconciling religious belief with global capitalism…’
A friend of the family
Ken Costa likes to quote the Bible’s parable of talents, in which two servants who put their master’s money to work are rewarded, while the one who preserved the capital and took no risk is punished.
The 57-year-old investment banker has lived by the maxim, too, during a 30-year career as a rainmaker. After studying law and theology at Queen’s College, Cambridge, the South African-born banker joined SG Warburg in 1976 under its founder, the late Sir Siegmund Warburg…
More.
Lazard Press Release
In a press release Bruce Wasserstein, Chairman and Chief Executive Officer of Lazard said, ‘Ken Costa embodies the special character of Lazard, I have known him for over 20 years as a banker of unusual talent, integrity and professionalism. With hiring Ken, we reinforce our strategy of servicing clients with the top talent around the world.’
Mr. Costa has been particularly involved in structuring cross-border mergers, acquisitions and divestitures. Mr. Costa also specialises in providing advice to family controlled companies, and has advised a number of Middle Eastern investment companies on acquisitions. He studied law and theology at Queens College, Cambridge.
Banking veteran Costa quits UBS for Lazard
Telegraph article on the move.
September 5, 2007
‘…Whatever happened to moral responsibility among the financial institutions? Do their employees have no conscience at all?
One robust answer to these questions came earlier this year with the publication of God at Work: Living Every Day with Purpose, by Ken Costa, the South Africa-born vice-chairman of UBS Investment Bank, and a 30-year City of London veteran.
It might seem surprising to see a seasoned dealmaker fromone of the world’s toughest professions trying to get a discussion going about God. There is not always a lot of evidence of benign intent in the banking sector…
But Mr Costa is not advocating a softhearted approach to business. He would not have survived at SG Warburg, SBC and now UBS had he ever done so. He reminds us that in the Bible’s parable of the talents (Luke 19: 11-27) it is the two servants who put the master’s money to work who are rewarded, while the one who preserved the capital and took no risk is punished. And he quotes the great Methodist John Wesley, who told his followers: “Gain all you can, without hurting either yourself or your neighbour.”
Mr Costa has written his book because he senses the need for a greater awareness of spirituality even in the heat of commercial battle. The world may be more efficient, but perhaps it is also “more efficiently unfair”. And the - now faltering - recent bull market has made him even more aware of the dangers of excess. “There seemed to be a headlong compassionless pursuit of financial reward without restraint,” he writes…
…at a time when scepticism per-sists about “do-gooding” ap-proa-ches to business, religious faith may offer an alternative values-based code of conduct. The credit crunch of 2007 suggests something other than a market triumphalist free-for-all is needed…
Could Christianity even prove a winning business strategy? The idea might provoke hollow laughter among many in business, even those who consider themselves Christians. Mr Costa, an evangelical Christian, is prepared to be mocked. “If the Christian faith is not relevant in the workplace it is not relevant at all,” he says…’
Read the full article here.
Agu Irukwu, pastor of Jesus House and leader of Mandate Men’s Ministries interviewed Ken Costa for Mandate Magazine - the first Christian lifestyle magazine in the UK aimed at men.
‘Two words sum up Ken Costa ‘high achiever’. Ken is a man at the top of his game, one who oozes a subconcious message that reads ‘I am enjoying life!’
Despite being the Vice Chairman of UBS Investment Bank, one of the largest investment banks in the world, a trustee of the Nelson Mandela Children’s Fund, a member of the Advisory Committee of the London Symphony Orchestra, and Chairman of Alpha International, (arguably the most innovative and effective evangelistic tool on the planet), he somehow finds time to write. His new book, called ‘God at Work’, helps to reconcile with our life purpose the much maligned workplace. As if all that wasn’t enough Ken also finds time to serve as a warden at his local church.
As you can imagine it wasn’t easy securing time with such a busy man, who travels extensively and spontaneously. In this in-depth interview Mandate Magazine delved deep to explore the Ken behind the roles and accolades, the man who literally influences every facet of his realm, and found a man at ease with himself and his domain, relaxed, affable, bright eyed and raring to make his impact on the world.’
Read the full interview here.
Order a copy of Mandate here.
