Lessons from an Investment Banking Trailblazer: A Conversation with David Lam of Deloitte Corporate Finance in Canada
December 16, 2024In The Investment Banking Leaders Podcast
THE INVESTMENT BANKING LEADERS PODCAST
EPISODE 23 - DAVID LAM, Vice Chair and Managing Partner at Deloitte Corporate Finance in Canada
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Watch onIn this week’s installment of The Investment Banking Leaders Podcast, our host Peter Nieberg welcomes guest David Lam, Vice Chair and Managing Partner at Deloitte Corporate Finance in Canada. With a career spanning decades, and numerous high-stakes deals, David offers invaluable insights into the world of investment banking and leadership. Below, we delve into the key themes and advice shared by David, highlighting his journey, leadership style, and the philosophy that drives his success!
Introduction to David Lam
David Lam is not just a seasoned investment banking professional, but an entrepreneur at heart. From managing fast food franchises right out of college to leading mergers and acquisitions (M&A) efforts at Telus, David’s career trajectory is as diverse as it is impressive. Since joining Deloitte in 2006, he has significantly contributed to the growth of their corporate finance practice in Canada, marking him as the first Asian to lead a financial institution in the region.
Entrepreneurial Journey and Lessons
David’s entrepreneurial spirit was evident early on when he carved out a niche in the quick service retail industry. His ability to navigate the thin margins of the industry instilled in him the importance of precise execution and a self-employed mentality. These lessons have been instrumental in his transition to finance, allowing him to treat every position as a personal business.
Building a Personal Brand and Authentic Leadership
A significant takeaway from David’s career is the emphasis on being genuine. He advises against attempting to emulate others, emphasizing the importance of finding one’s path and leveraging one’s unique skills and strengths to succeed. For aspiring leaders, David encourages a continuous journey of self-discovery, self-reflection, and honesty, with a focus on embracing one’s uniqueness.
Success and Strategy
Leadership isn’t just about strategy for David. As a leader, he prioritizes setting clear directions and creating conditions conducive to his team’s success—transparency, accountability, and psychological safety being key elements. He distills complex strategies into simple goals: working on meaningful projects, nurturing the next generation of leaders, and enjoying the process.
Culture and Recognition
At Deloitte Corporate Finance, culture is more than shared values; it’s about executing these values daily. David’s focus on retaining and building a legacy that transcends generations is central to their strategy. Simplifying strategy into relatable and achievable goals has cultivated a positive and effective culture.
Client Relationships and Trust
Navigating client relationships in investment banking involves more than delivering results, it’s about building trust. David speaks on the importance of making consistent ‘deposits’ into these relationships, ensuring a strong foundation of trust before withdrawing in critical times.
Opportunities and Challenges for Leaders
Today’s leaders have the unique chance to blend financial success with social impact. While challenges like mental health and cultural integration persist, the focus remains on creating a place of belonging and purpose for rising leaders.
Future of Investment Banking
Looking ahead, continuity in M&A activities and succession issues are anticipated to drive the industry, despite challenges such as geopolitical instability and economic changes. Moreover, the impact of generative AI on complex advisory roles remains an area to watch, offering exciting yet uncertain potential for transformation.
Final Remarks
David Lam’s insights provide a masterclass in leadership, authenticity, and the importance of strategy in investment banking. By tuning into this podcast episode, listeners will gain a deeper understanding of how to foster a successful career and lead with purpose in the finance industry.
To explore these insights further, we invite you to listen to the full episode here. The lessons and personal anecdotes shared by David Lam are not only inspiring but also remarkably practical for those navigating or aspiring to lead in the investment banking world. From entrepreneurial drive to leadership success, discover what it takes to rise above challenges and remain at the forefront of the industry.
