Ken Costa was in Johannesburg on 28-29th February speaking on the subject of God in the workplace at the ‘Radical Christianity’ conference hosted by Rhema Church. It was the first time in 40 years since Ken had publicly addressed an audience, commenting that such a multi-racial gathering would have been illegal during his days as a student leader at the University of Witwatersrand.
Ken Costa has been invited to speak at the Ivy League Congress on Faith and Action. The conference will be held at the Omni New Haven Hotel at Yale, April 11-13, 2008.
Also invited from the UK is Baroness (Caroline) Cox. The Emcee for the Congress will be Eric Metaxas, author of New York Times bestseller Amazing Grace: William Wilberforce and the Heroic Campaign to End Slavery.
The Ivy League Congress on Faith and Action 2008 is expected to be the largest gathering of Christian Ivy League students, staff, faculty, alumni, parents, and friends in history. The weekend is designed to increase people’s vision and ability to advance the kingdom of Christ in their vocations and society.
The Plenary sessions aim to motivate delegates to change the world for Jesus Christ and keep Christ Lord of all, with a realistic expression of the costs associated with being used of God to build His kingdom.
Some extracts from Lunch with the FT.
Ken Costa and I take in the pink marbled splendour of The Ritz Restaurant in London. The winter sun streams through the window behind us. In the distance, a pianist tinkles away at “Goodbye Yellow Brick Road”. “So you bought this place?” I say. “My very good friends and clients did,” he says – his very good friends and investment banking clients being the Barclay twins, Sir David and Sir Frederick, who bought The Ritz in 1995. “I rather like supporting clients. I think it’s always useful, you know.”
…The restaurant is filling up now. Our starters are excellent. Costa keeps an eye on the new arrivals. Let us talk about your years as a student leader in South Africa, I say. “Ah, you jog me with nostalgia for those days,” he says. Costa was president of the students’ council at the University of the Witwatersrand in Johannesburg, a hotbed of white student radicalism. “Being a young 20-year-old, I had a burning passion for justice, and the injustices of the apartheid system were horrible in every way, mostly because of the dehumanising effect – curiously, not only on the recipients but also on those who were meting it out. We, the students, became the vanguard of agitation against the government.”
They were exciting times, but frightening ones, too. “You’d hear knocks on the door from strange policemen.” Did that happen to him? “Yes.” Friends were locked up. One, Ahmed Timol, died after falling from a 10th floor window while under interrogation in Johannesburg’s notorious John Vorster Square. “There were some very brave and courageous people,” he says. His associates included Steve Biko, the black student leader, who also later died while in police detention. “He was the outstanding leader of our generation,” Costa says.
…Costa’s family, farmers of Lebanese origin, were not political. What turned him against apartheid? He boarded at an all-white Christian Brothers school in Pretoria. One day the students heard that a Chinese boy would be joining them, but he never turned up because the law did not allow it. “I was deeply offended by that,” he says. With this came the “realisation that we were an entirely privileged group of people and that we never had normal contact with black people”.
…Costa is, today, not just a Christian. He is chairman of Alpha International, an interdenominational programme that has spread around the world. More than 10 million people have attended Alpha’s relaxed meals and introductions to Christianity. What convinced him of Christianity’s rightness? He pauses to turn down a waiter’s offer of another drink. “Well, it was a case of being persuaded. Claims that were made by Jesus were, in fact, true.”
It is unusual in Britain to find people talking openly about religion. Alastair Campbell, Tony Blair’s press spokesman, said: “We don’t do God.” Blair himself, who recently became a Catholic, said he never discussed his faith while in office because people would have considered him a “nutter”. Costa insists this is changing. “There is a greater openness than ever before for people to discuss the issues of religion. We do do God. We talk about it.”
Costa last year wrote a book called God at Work, examining workplace issues such as ambition, disappointment and money from a Christian point of view. As he talks, he draws on business terms. The Bible is “the prospectus”, as in, “That’s what the prospectus sets out, from Genesis to Apocalypse.” City work puts family life under stress, particularly when you are in the middle of a bid, but “it’s the trend that matters” – in other words, you can give your family more time when the deal is done.
…Is it true that he has read the Financial Times and the Bible every morning for over 30 years? It is true, he says, adding: “The only question is: which comes first?” And which does come first? The FT? “I know.” He gives a naughty giggle. “Awful.”
As the World Economic Forum gets underway in Davos, Ken Costa writes in The Times.
The banking crisis, politicial tensions and the threat of terrorism fuel international fear…
The annual gathering of Davos is always a stimulating way to start the new year, offering a chance to discern the critical trends lying ahead for the global economy. Beyond the eclectic seminars and high-visibility plenary sessions that frame the formal agenda for the meetings, it is always fascinating to find out what the underlying, and often unexpressed, key issues are.
Tellingly, the closing session of this year’s forum, to be led by Tony Blair, is on the unsettling, if prevailing, topic of: “Why are we afraid of the future?”
I am particularly looking forward to the debate on two topics that have been given high prominence this year: sovereign wealth funds; and the role of religion in the global economy.
Tony Blair will be spearheading a discussion on the implications for the global economy of religion and faith communities in the world. It will need his skills to steer the discussion on faith and modernisation, something that is never easy when the debates are theological and not economic.
Will faith-based societies be a restriction or an advantage in developing the global economy? As the corporate landscape changes, and companies become more involved in the communities of the developing world, new corporations will emerge in strongly religious societies. So the debate on the relationship between the business community and the faith-based world can only intensify.
Davos is ahead of the curve by giving this debate the prominence it deserves. Many institutions lack the basic tools for undertaking co-operation, dialogue and effective decision-making in the context of intensely held religious views. Davos could help in creating such a model and so helping to diffuse one of the most serious fears for the future.
Ken Costa has been invited to speak at the Rhema Conference 2008: Radical Christianity, near Johannesburg.
The conference takes place from the 26th to 29th February at the 7,600 seater auditorium at Rhema Church in Sandberg, taking place over 4 days with approximately 4000 delegates attending. Other speakers include Brian Houston from Hillsong, Joseph Prince, John Bevere and Jentezen Franklin.
Ken will be speaking at two workshops and a breakfast event.
Rhema Church is South Africa’s largest church and is led by Pastor Ray McCauley.
Click here for flyer.
Nicky Gumbel, the vicar of HTB and pioneer of the Alpha course has interviewed Ken Costa, the author of God at Work for a series of Podcasts based on the subjects from the book.
The series includes topics such as stress, tough choices, ambition and why work matters.
‘How do we do life?’
This was the question posed to the congregation by Ken during a recent service at Holy Trinity Brompton. The answer? ‘It’s a choice.’
You can listen to the talk here.
To subscribe to HTB Sunday Talks, click here.
Following his departure from UBS and on gardening leave until he starts with Lazard, Ken Costa has been in South Africa, where he was interviewed by Business Day.
‘Costa is on gardening leave — not that you’d know it. The first day of the 57-year-old’s trip back to SA is peppered with work. As the man who earlier this month ended his three-decade career with Swiss investment bank UBS sits down in the coffee shop of Sandton’s Michelangelo hotel, a former colleague from UBS comes over and greets him…
On Black Economic Empowerment
“Social transformation is not linear. Economic transformation is not linear either. There are bumps in the road. Models have to be tried and tested and seen how they work and how they fulfil changing objectives. My own view is that, give or take some examples, phase one has been a remarkable success. How it morphs into stable, sustainable, long-term investment is, of course, the question of the day.”
On Subprime Lending
How, then, does a Christian banker view the excesses that are now apparent in the collapse of the US subprime lending market, where greed led bankers to lend money to people who could not afford it and greed led people to borrow money that they had no hope of repaying?
“The markets overreact. It is the nature of markets to do so. And irresponsibility, uncontrolled greed, or irrational exuberance — call it what you wish — take hold of markets and these have to be corrected. At the moment, we’re inundated with knowledge, but we are knowledge-long and wisdom-short. There is a premium on pursuing wisdom, but it doesn’t always work in the capital markets.”
Read more here.
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.
God at Work is developing a course, which will look at some of the issues discussed in the book, for use in small groups. Please contact us if you're interested in receiving more information about this.
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God at Work has been featured in The Times, Radio 5 Live, the FT and Business Day.
