Shattering Two Ceilings: What Top Asian Women in Financial Services Have Learned on the Way Up

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Top Asian Women in FinanceThere is a phrase that Ida Liu now CEO of HSBC Private Bank returns to when she talks about her career. “I have a double ceiling,” she has said, “the glass ceiling on one side and the bamboo ceiling on the other.”

Ida Liu built her career at Citi around this insight. After years in investment banking in New York and Hong Kong, she detoured through the fashion industry — serving as Global Head of Sales and Marketing at designer Vivienne Tam before returning to finance with an idea: a Fashion, Retail and Entertainment practice at Citi Private Bank, followed by the creation of the firm’s North America Asian Clients Group. Her cultural fluency, her language skills in Mandarin and Spanish, and her understanding of Asian ultra-high-net-worth families became a competitive differentiator that propelled her from managing director to Global Head of one of the world’s most prestigious private banks. Today, as CEO of HSBC Private Bank — which she has described as the one institution she would have considered joining — she oversees $566 billion in invested assets and customer deposits, with her background as a central part of her value proposition.

It is a formulation that captures the particular challenge facing Asian women who have risen to the top of financial services and the Fortune 1000. They have had to break through not one barrier, but two: the persistent underrepresentation of women in senior finance roles, and the equally stubborn phenomenon that leaves Asian professionals clustered in technical and mid-level positions while remaining conspicuously absent from boardrooms and C-suites.

Yet a remarkable cohort of Asian women has done exactly that, ascending to roles that were unimaginable a generation ago. Their paths differ, from investment banking to asset management, from private wealth to regulatory fintech but their hard-won lessons form a coherent body of wisdom for women navigating the same terrain today.

A new book, Walk Away: Step Out to Step Up by Singapore-based author and executive Sally J. Clarke and US based co-author Deborah Overdeput, adds a compelling dimension to that wisdom. They gather the stories of high-achieving women across Asia who discovered that sometimes the most powerful career move is not pushing harder, but instead stepping back with clarity and intention to then reach their goals more effectively.

The Landscape: Progress, But Not Parity

The headline numbers tell an optimistic story. Yie-Hsin Hung, president and CEO of State Street Investment Management, leads one of the world’s four largest asset managers with more than $5 trillion in assets under management. Lisa Su runs AMD. Susan Li is CFO of Meta. These names have become shorthand for a generation of Asian women who have reached the commanding heights of corporate America and global finance.

But the structural picture is more complicated. According to a 2023 study by KPMG and Ascend, a global network for Asian professionals, directors of Asian ancestry hold just 6.4% of Fortune 1,000 board seats, far below their share of the educated workforce. Research by MIT Sloan’s Professor Jackson Lu has found that East Asian Americans in particular advance to senior roles at lower rates than both white and South Asian peers, a disparity that persists even after controlling for qualifications. The bamboo ceiling, a term popularized by Jane Hyun in her 2005 book Breaking the Bamboo Ceiling, is not a relic — it is a present-day reality, shaped by cultural stereotypes, implicit biases, and leadership frameworks that were never designed with Asian women in mind.

“We’re chipping away at the glass ceiling,” Liu observed recently. “But when it comes to the bamboo ceiling, there’s still a lot of work to do.”

A Cultural Nuance: Visibility Is Not Vanity: It is Strategy

One of the most consistent themes among Asian women who have reached the top of financial services is the deliberate decision to make themselves seen and heard, even when cultural upbringing inclined them toward restraint.

Ida Liu has spoken openly about conducting “elevator pitch sessions” through Citi’s Asian heritage network, coaching Asian women in the art of self-advocacy. The inherited norms of humility that serve as virtues in many Asian families such as being modest, not boasting, and deferring to the group can quietly derail careers in an industry where visibility and sponsorship are currency.

“Communication is key, and networking is everything,” she has said, describing the advice she wishes she could give her younger self.

Yie-Hsin Hung’s trajectory illustrates what deliberate visibility can achieve. A mechanical engineering graduate of Northwestern and MBA from Harvard, she spent years at Morgan Stanley and Bridgewater before becoming CEO of New York Life Investment Management in 2015 — where she became the highest-ranking Asian American and female executive at the parent company. She was the first woman and first Asian American to chair the Investment Company Institute’s Board of Governors in its eight-decade history. These firsts were not accidents. They were the product of sustained engagement with the networks, associations, and platforms that allow leaders to be recognized beyond their immediate organizations.

The lesson is practical and simply put, attend the conference, join the board, take the speaking engagement, even when the instinct is to let the work speak for itself. In financial services, work rarely speaks loudly enough on its own.

Build Relationships Across, Not Just Up

Traditional career advice emphasizes the importance of senior sponsors and sponsorship remains genuinely critical, particularly in an industry where promotion decisions are often made in rooms that exclude the candidates being discussed. But the Asian women who have reached the top of financial services have often distinguished themselves by investing equally in lateral relationships: peers, direct reports, colleagues in adjacent functions.

Yie-Hsin Hung has described her leadership philosophy in terms that go beyond conventional hierarchy. She has spoken of the importance of “engaging people’s hearts” alongside their intellects, of leading organizations that live and breathe their values, not merely execute their strategies. At State Street Investment Management, she introduced performance management processes centered on career conversations and real-time feedback, and launched leadership development programs that explicitly teach communication skills and emotional intelligence. She has made building a diverse leadership team a stated priority, noting that the senior leadership of her organization is now more than half women.

The Walk Away contributors echo this orientation toward community and reciprocity. As Clarke writes in the book’s framing, recurring refrains heard from high-achieving women across continents include the necessity of mentorship, the importance of building networks, and the value of lifelong learning. These are not soft supplements to technical excellence; they are the architecture through which Asian and Asian American women in finance have most reliably built the sponsorship, the visibility, and the trust that formal credentials alone rarely confer.

The implication for women building careers today: the relationships you cultivate with people at every level and the reputation you earn as someone who develops others, not merely outperforms them will matter as much as any individual achievement when senior roles are being filled.

By Nicki Gilmour, founder and CEO of theglasshammer.com and Evolved People Coaching.

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Pooja Mishra Prahlad: Partner, Head of Americas Equity Structuring, Goldman Sachs

Pooja Prahlad“Leaders should hold complexity without the temptation to collapse it,” says Pooja Mishra Prahlad. “They should want to look at things from different perspectives and think deeply to earn the answer.”

As a partner at Goldman Sachs with more than two decades in the industry, Prahlad’s call to slow down, reflect, and resist the easy path is a throughline for how she moves through the world. She leads with curiosity, comfort in ambiguity, and a conviction that the best things, whether careers, relationships, or ideas, are built with time and intention. Now as Head of Americas Equity Structuring, she continues to be energized by innovation, by the people around her, and by a belief rooted in her own unlikely journey and her father’s before her: a single opportunity given to the right person at the right moment can change the trajectory of generations.

An Unexpected Arc

Prahlad grew up in a world far removed from Wall Street. As the daughter of a Naval officer, she spent her childhood moving across India, living in identical government-issued houses, and attending the same schools as her neighbors, in a community where, as she puts it, “nobody ever discussed money or invested in the stock market.”

That upbringing, Prahlad says, turned out to be more preparation than limitation.

“The life I led in India was a great foundation for being able to adapt to a new set-up and new people. The Indian Navy is very diverse. You have people from all over the country with regional differences and language differences, a diversity born of meritocracy working towards a greater good. There is so much celebration of that in the culture.” This has led her to fundamentally believe that a truly meritocratic organization breeds a diverse environment.

Like many academically strong students in India at the time, Prahlad studied computer science and worked briefly at a software firm. But she quickly realized something was missing. ” Even though I enjoyed the intellectual challenge of problem-solving, I wanted to have more of the advisory piece.”

Business school brought Prahlad to a Goldman Sachs internship in London, and it proved transformative. The energy of the equity trading floor, and the combination of analytical rigor with constant interaction, felt like a natural fit.

“It ticked all those boxes of a job that involves thinking, but also working with a lot of people,” explains Prahlad. She joined full-time in 2005 and has been at Goldman ever since.

Innovation at the Epicenter

Today, as a partner leading equity structuring, Prahlad builds bespoke solutions for clients navigating a rapidly shifting landscape.

“It sits at the epicenter of a lot of innovation,” she says. “In my job, I have a vantage point to a changing landscape — market structure changes, regulatory changes, macroeconomic changes. And you get to read the tea leaves of what it means for clients.”

The other thread running through her work is the one she didn’t anticipate loving as much as she does: the trusted advisor relationship. “It’s a real privilege to work with clients and have them not just rely on you for expertise, but to rely on you for counsel. That’s become more and more meaningful as I’ve grown in my career.”

Her North Star

When asked who has inspired her most, Prahlad speaks movingly about her father. His own life followed an improbable arc, from a small village with no local high school to higher education, a Navy career, and later aviation, all made possible by a relative who chose to support his education.

“What is amazing about his journey is I never saw him allow struggle to rest heavily on him. He was so bright, but also so funny. You would have never known what his journey had been.”

The lesson Prahlad took from her father’s example is one she returns to often: “What people remember is who you are with them and how you treat them.”

The second lesson shapes how she leads today: “It’s possible to change not just one person’s life, but generations after them, by giving someone an opportunity.”

That belief now shapes how she approaches her own role. Reflecting on her rise to partner, Prahlad challenges the idea of a replicable formula. She credits a willingness to embrace innovation, change and discomfort, and the mentors and sponsors who opened doors at pivotal moments.

Not All Doubt is Counterproductive

As a mentor, Prahlad notices one theme that surfaces repeatedly: self-doubt. Her take on it is more nuanced than one might expect.

“Not all self-doubt is bad. It’s healthy to doubt your opinion without doubting your ability. It can make you want to work harder. It can make you think more deeply about the consequences of your actions to others. Our culture sometimes demonizes a little bit of doubt, but it’s not necessarily bad.”

The problem, she says, is when it tips into paralysis. “Confidence comes with action. Take a step in the direction you want to go, then take another step, then take a third step. If you fail – fail fast, that’s the best way to overcome the doubt and lead to clarity.”

Earn the Answer

When Prahlad speaks about leadership and the future, her focus consistently returns to responsibility, both to ideas and to people. She believes the financial industry is in a generational moment of change, shaped by new technologies, evolving approaches to risk, and shifting models of capital allocation. Within that landscape, she offers three principles.

First: sit with complexity. “Resist the pull toward quick, serviceable answers. The distance to an answer is so short now, especially with AI. It’s easy to stop there, even when it’s not the best answer…Spend time to earn the answer.”

Second: stay curious. “As you grow in your career, you end up teaching more than learning. It’s really important to stay curious and create the time for that.”

Third: bring people with you. “If you want to go far, you can’t go alone. Having conviction in your view, articulating your vision clearly, building trust and earning people’s followership over a long period of time require investment of time and energy. They are not a quick solve.”

Opportunity Can Change Everything

Outside of Goldman, Prahlad’s life remains anchored by her family, now by her husband and thirteen year old son. “Whatever the demands of the day, my husband and my son are where I return – in every sense of the word. I learn from them constantly – they both move through the world with a hunger to understand it. They keep me honest about what growth looks like”.

The same spirit extends into her broader commitments. Prahlad sits on the board of the American India Foundation, focused on livelihood and education for women and children in India, and supports the Nudge Foundation, which works with communities living in ultra-poverty. Their missions mirror the chance once given to her own family.

“The world has more talent than it has opportunity,” she says. “Anything that I can do to bring opportunity to people who have the desire to transform their lives is very important to me.”

In a fast-moving, efficiency-driven world, Prahlad embraces depth: depth of thought, of relationships, and of responsibility. She is a leader guided by curiosity, sustained by people, and anchored in the conviction that opportunity, when offered thoughtfully to the deserving, can change everything.

“I genuinely believe in what I bring to the table,” she says. “But it is also important to recognize that through the arc of life, there were discrete moments where people came in and did their bit. It’s my turn to do that now, for people who come after me.”

By Jessica Robaire

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Five Ways Your DiSC Profile Can Make You a More Effective Leader

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5 Ways Your DiSC Profile Makes You a More Effective leaderAt a certain point in your career, honest feedback becomes surprisingly hard to come by. Not because people around you lack opinions (they may have plenty) but because hierarchy has a way of softening, managing, and redirecting those opinions before they reach you. The higher you rise, the more curated your information environment tends to become.

That means you may be making daily decisions about how to communicate, how to lead your team, and how to show up in the room with less real data about your impact than you think. Waiting for candid feedback that the culture is unlikely to deliver isn’t a strategy. Actively seeking structured ways to see yourself clearly is.

Psychometric assessments, used well and debriefed with a skilled coach, are one of the most effective tools for doing exactly that. In a recent piece Beyond the Performance Review: The Assessments That Build Self-Aware Leaders we introduced four tools our coaches at Evolved People Coaching use most often. Here, we take a closer look at one: the DiSC assessment, and what it specifically opens up for leadership effectiveness and team development.

What DiSC Actually Measures

Unlike assessments that focus on aptitude or potential, DiSC is behavioral; it describes how you tend to act, not what you are capable of. It maps four dimensions: how you respond to challenge and control (Dominance); how you engage and energize people (Influence); how you handle pace, change, and stability (Steadiness); and how you approach accuracy, detail, and process (Conscientiousness).

If you’ve read Thomas Erikson’s Surrounded by Idiots, you’ll recognise these as the Red, Yellow, Green, and Blue profiles. Erikson’s core premise is worth holding: communication happens on the listener’s terms, not the sender’s. DiSC makes that dynamic visible.

Here are five ways that translates into more effective leadership.

1. It Shows You the Gap Between How You See Yourself and How Others Experience You

Most senior leaders have a clear sense of their strengths. Fewer have an accurate read on how those strengths land when overused, in the wrong context, or with someone whose style differs sharply from their own.

Consider a leader who scores high on Steadiness — Erikson’s Green. She may pride herself on being calm and consistent. But Greens tend to internalize conflict, and under pressure can become passive and hard to read. In a moment of organizational turbulence, that composure can register not as steadiness but as disconnection and without awareness of how her style is landing, she has no way to address it.

DiSC gives you a framework for asking not just what am I doing? but what is that creating for the people around me? — which is a different, and more useful, question entirely.

2. It Helps You Communicate With People Instead of At Them

Communication failures at senior levels are rarely about clarity or intent. They’re almost always about style mismatch, delivering messages in the way that makes sense to us, without accounting for what the person across from us actually needs.

A high-Dominance leader (Erikson’s Red) who values directness and speed will experience a detailed, context-heavy briefing as burying the lead. Reds want information that is succinct and results-focused. Meanwhile, a high-Conscientiousness colleague  (Erikson’s Blue) who needs the full reasoning before committing may experience a bottom-line-first approach as dismissive. Neither is wrong. They are operating from different defaults with no shared language for naming the difference.

DiSC provides that vocabulary. Once you can identify someone’s style, even approximately, you can make targeted adjustments: leading with data for the person who needs it, creating space for dialogue with someone who processes out loud, getting to the point with someone already three steps ahead. Small shifts, but they compound significantly over time.

3. It Shows You How Your Style Plays Out Across the Real Work of Leadership

One of the most useful sections of the DiSC report we offer at Evolved People Coaching covers management: how you direct and delegate, motivate, develop talent, manage up and how your tendencies shift under stress.

That last piece matters more than most leaders realize. Erikson is instructive here: under pressure, default behavior doesn’t soften, it amplifies. Reds become more demanding. Yellows become more chaotic. Greens become passive-aggressive. Blues become hypercritical. Knowing which version of yourself shows up when the stakes are high and how that lands on your team is some of the most valuable self-knowledge a leader can have. The report makes these tendencies specific and situated, which is what makes them actionable.

4. It Turns Team Friction Into Useful Data

Style differences shape team dynamics in ways that slow progress, create tension and impact team effectiveness, especially when there’s no shared framework for naming what’s actually happening.

Erikson is direct about which combinations create the most friction: Red and Green are opposites: one fast, task-focused, and blunt while the other is slower, relationship-oriented, and conflict-averse. Yellow and Blue create a different kind of tension: one shoots from the hip, the other wants precision and finds the energy exhausting. These aren’t personality flaws. They’re predictable collisions between people operating from different defaults.

When DiSC is used at a team level, those dynamics get named. The team member who seems resistant to change may simply be a high-Steadiness profile that needs more context and transition time. The colleague who dominates every meeting may have a high-Influence style that generates real energy but needs structure to channel it. Both become navigable the moment they’re visible. Our team development workshops use DiSC as a starting point for exactly this, helping to move teams from recurring frustration toward a common framework for understanding where the friction is coming from.

5. It Expands Your Range Without Requiring You to Perform Inauthenticity

DiSC is not asking you to become someone you’re not. Erikson makes this point firmly: you cannot and should not try to change someone’s fundamental behavioral profile. A Red will not become a Green. Attempting to force that creates frustration on both sides.

What DiSC offers is awareness of the difference between your core behavior, how you act when nothing external is shaping you, and the adapted version you bring to professional contexts. Most leaders have more range than they use, particularly under pressure, when the instinct is to narrow and fall back on what has always worked.

A leader who defaults to independence can learn to build in deliberate moments of consultation. One who defaults to collaboration can practice holding a position when the room pushes back. Over time, that adaptation stops feeling like effort and starts feeling like genuine range.

A Closer Look Is Worth It

DiSC is not a clinical instrument and its advocates wouldn’t claim otherwise. What it is, particularly when debriefed well, is a practical window into the behavioral patterns that shape how you lead, communicate, and show up under pressure. For leaders who want concrete insight into their impact, it is consistently one of the most actionable starting points available.

If you’re ready to close the gap between the leader you are and the leader you intend to be, we’d welcome a conversation. Visit evolvedpeoplecoaching.com to explore our coaching programs and team development workshops, or reach out directly to discuss whether DiSC is the right place for you to begin.

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Powering the Future: Laura Magyar, Patomak Global Partners

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Laura Magyar

By Jessica Darmoni

“You should always ask,” says Laura Magyar, Partner at Patomak Global Partners, as she talked about her time at the U.S. Securities and Exchange Commission (SEC). She asked and was subsequently approved to spend a year abroad working at the United Kingdom’s Financial Conduct Authority (FCA) during her tenure. “You don’t lose anything by asking.”

In an era defined by rapid financial innovation and shifting regulatory landscapes, Magyar’s career stands as a testament to courage, adaptability, and vision. Her journey, from a young professional in Chicago to a global leader shaping the securities industry, offers more than an inspiring success story. It provides a blueprint for future generations navigating industries where change is the only constant.

Redirection, not Rejection

Magyar’s career began in Chicago at one of Merrill Lynch’s top-producing offices. As a Series 7 registered sales assistant, she gained early exposure to the inner workings of financial markets and developed a deep understanding of client relationships and revenue targets.

“During my time at Merril Lynch, the Financial Consultant that I worked with was considering moving to management, and we discussed having me take over his book of business. However, as time went on, it became clear that he was not going to transition to another role, and I needed to decide if I wanted to be on the financial advisor track or pivot.”

She chose to move in another direction. While working full-time, she attended law school at night. Her initial goal was to become a defense trial attorney, but financial realities reshaped that ambition. She recognized that her industry experience was not a detour, but an asset. Instead of abandoning finance, she deepened her expertise in it.

“Many of my professors worked at the SEC, and I was encouraged by them to apply for a role there,” she says. At the time that I was applying for a position, the SEC was receiving hundreds of resumes for positions, and unless you knew someone working there, the chances of someone reviewing your resume and calling you for an interview were slim.”

Many would have interpreted that as a closed door, but Magyar treated it as a delay.

She joined a Chicago law firm as an associate. While most of her work focused on securities litigation matters, she also handled CFTC-related matters. Looking back, she recalls that many of the engagements she worked on as a consultant after leaving the SEC were CFTC rules and regulation matters.

Protecting the Integrity of the System

Finally, on a frigid Valentine’s Day weekend, she flew to Washington, D.C. to interview for an attorney role in the SEC’s Office of Compliance, Inspections, and Examinations. She got the job, and that opportunity became a 15-year tenure that would define her leadership style and influence.

In Washington, she rose to Branch Manager, working on high-profile issues. Her work intersected with significant market events, including investigations related to the Flash Crash and the Knight Capital (KCG) trading incident. These were moments that tested the resilience of financial markets and demanded accountability. Through them and countless other market events and investigations, she saw firsthand how regulation is about protecting the integrity of the system. Working on these matters also evidenced the strong collaboration across SEC Divisions (e.g., enforcement, Trading and Markets, Exams).

While at the SEC, Magyar created a program to examine SEC-registered foreign-domiciled broker-dealers. She led her teams in examining firms outside the U.S. for compliance with SEC rules and regulations. It also sparked her desire to work internationally, and she boldly asked the Division Director if she could spend a year at the United Kingdom’s equivalent of the SEC, the FCA. There was no stipend. No housing support. No financial incentive. She had to fund the move herself and find a place to live when the exchange rate was nearly 2:1.

“In addition to the cultural differences, I was able to experience firsthand the differences in regulatory approaches.”

Magyar worked for six months in the Division of Supervision and six months in Enforcement, gaining a comparative lens that would later shape her strategic thinking.

A Proactive Pursuit of Opportunity

When she returned to Washington, leadership had changed. The Division Director who had approved her Secondment had left, and both new and existing leadership did not see the benefit of this opportunity or the knowledge she brought back.

“Not only did I feel I had to prove that my year abroad had been worthwhile, but I faced the reality of government career progression,” she explains. “Positions open only when someone leaves, and even then, advancement is uncertain.”

Rather than wait indefinitely, she made another bold move into the private sector, joining Promontory Financial Group (now owned by IBM). There, she learned the intensity of consulting, which included short deadlines, strong personalities, constant pressure to secure projects, and managing billable hours.

“Networking became essential,” she said. “It was up to me to build relationships so that I always had a pipeline of work. Significantly challenging, while my experience was in securities, I did a lot of work related to commodities/CFTC and banking. So, I learned a lot, and this further expanded my toolbox.”

When IBM acquired Promontory, she transitioned again, joining Patomak Global Partners, founded by SEC Chairman Paul Atkins. The firm’s securities focus aligned perfectly with her background. Ironically, her first major project centered on swap dealers regulated by the Commodity Futures Trading Commission (CFTC), which required her to get up to speed on the relevant rules, regulations, and best practices quickly.

While she now leads the firm’s Securities Compliance Practice, she learned to build complementary teams, bringing in specialists when necessary and eventually hiring in-house talent to preserve both expertise and revenue. Regulation, she realized, is never static. It demands continuous learning, humility, and the courage to admit when new voices are needed.

That philosophy is central to how her work will impact future generations.

“Adaptability is a leadership superpower. The next generation of financial leaders will not thrive by mastering one static domain,” she says. “They will need flexibility, openness to change, and the willingness to evolve alongside the markets.”

The Responsibility of Leadership

Though Magyar never formally had coaching, she recognizes the huge value in mentoring and finds opportunities to mentor junior staff and share feedback. She understands that experience has compounding value—and that the responsibility of leadership is not merely to perform, but to prepare others.

Magyar’s story is about one woman’s ascent in finance and law, but also about reshaping the relationship between innovation and regulation. It is also about proving that integrity and ambition are not opposing forces and showing future generations, especially young women in finance and law, that courage, curiosity, and conviction can open doors once thought closed.

Her legacy will not be measured solely by the cases she handled, the practices she built, or the revenue she generated. It will be measured by the relationships she builds, the young leaders she supports, and by the generations who learn that asking boldly and embracing change are not risks—they are necessities for shaping the future and a successful career.

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