BACKSTORY: Wayne Epstein of Standard Bank

Wayne Epstein, head: Standard Bank Personal & Private Banking Moonshots

What’s your one top tip for doing a deal?

Apart from being clear on intended outcomes and looking for a sustainable outcome rather than a “win at all costs” deal, my top tip is to listen carefully and ask clarifying questions. Quickly getting to a counterparty’s “no deal” barriers makes negotiations simpler and helps you know what needs solving.

What was your first job?

My first experiences in the working world were waitering at the local Spur and starting my own matric extra lesson and matric dance chauffeur business with some friends. My first full-time job was on the chartered accountant (CA) track, doing academic articles at Wits University. I spent my first year of articles lecturing third- and fourth-year CA students before joining PwC as an audit clerk.

How much was your first pay cheque, and how did you spend it?

It was roughly R6,000 after tax. On the day I received it, I took my parents out for dinner to say thank you for the sacrifices they had made to get me to that point.

What is the one thing you wish somebody had told you when you were starting out?

You don’t know as much as you think you do. Be humble and learn every day.

If you could fix only one thing in South Africa, what would it be?

I would focus on the quality of education. I believe that confidence soars, doors open and entrepreneurialism flourishes where quality and practical education exists. I believe this is the “ticket to the game”.

What’s the most interesting thing about you that people don’t know?

I am fascinated by psychology and spend time researching the topic, mostly by reading and exploring YouTube. It often takes me down the route of what tends to bring out the worst in the human character. I am also a huge fan of rock music and have an enviable vinyl record collection.

What’s the worst investment mistake you’ve made?

Letting my optimism get the better of me — believing, while dabbling in contracts for difference, that “up” is the only available option, without properly understanding the downside risks.

What’s the best investment you’ve ever made? And how much of it was due to luck?

My best investments have been in the significant relationships in my life — my family, friends and colleagues. Two standouts are my wife (I still can’t believe my luck) and my Moonshots co-head.

What’s the best book you’ve read recently and why did you like it?

Three books I highly recommend are: Chaos Monkeys by Antonio García Martínez; Never Split the Difference by Chris Voss; and The Psychology of Money by Morgan Housel.

What’s the hardest life lesson you’ve learnt?

The only person you can really change is you. Your attitude and outlook are choices you can make, and these can define you.

What phrase or bit of jargon irks you most?

I’m a sucker for jargon. TLAs (three-letter acronyms), corporate speak and jargon can reveal a tremendous amount about how people think.

What is something you would go back and tell your younger self that would impress them?

You finally did learn to play guitar but unfortunately, no, you are not a world-famous rock star.

If you were President Cyril Ramaphosa, what would you change, or do, tomorrow?

Apart from differing ideologically about a few geopolitical issues, I think the president is doing a good job, given the position he is in. I am a fan of the ideals set out in the 2030 sustainable development goals, so I would use these as my beacons to direct my actions and goals, while being ruthless to cut wasteful spending.