With uncertain first quarter revenue numbers and continued organizational restructuring, many corporate and commercial banks have been reluctant to address the market with any noticeable aggression.

 

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Key global Corporate and Transaction Banking themes:

With uncertain first quarter revenue numbers and continued organisational restructuring, many corporate and commercial banks have been reluctant to address the market with any noticeable aggression. This is likely to be continued into the second quarter. Hiring activity is liable to remain biased towards cash and trade at the expense of funds services and custody.

In our last update we commented that the lines between product, service, operations, technology and digital remain fluid within corporate and transaction banking. We continue to see headcount reductions in the front office allowing for the redeployment of resources to the middle and back office.

In some cases the further integration across enablement, infrastructure and the business is highlighting bench-strength gaps. This is particularly visible across the transaction banking technology and operations leadership that is required to maintain today’s technology and infrastructure (including addressing cost and efficient requirements), while concurrently driving technology innovation and development.

Although most concepts remain in PoC phase, or restricted to a specific geography, several advancements have already been made including more efficient cross-border payments and digitised fund distributions platforms. As a result, we are seeing increasing collaboration and partnership between banks and fintechs, including banks investing in start-ups to generate innovation for their own businesses. Talent that can bridge the gap will continue to be in demand.

A greater emphasis on customer experience and differentiation through innovation – technology, product and services – is driving front office hiring requirements. With banks becoming more solutions orientated, there is a greater focus on multifaceted bankers who are capable of structuring bespoke solutions, as well as being able to sell, which is (particularly in emerging markets) stretching an already limited talent pool.

In previous updates we have highlighted the movement of corporate and transaction banking (business and functional) talent away from more traditional players to the payments, technology vendors and fintech sectors.
Although this movement continues, and joining more entrepreneurial platforms remains attractive to many, activity is diminished.

Contrastingly more traditional players are keen to secure talent that has spent time in less traditional organisations as they look to bolster their innovation and digital capabilities. Local and regional banks remain active acquirers of front office talent as they seek to deepen leadership ranks and enhance in-market / in-region offerings with global players investing in technology and platforms as they seek to compete in local markets.

Key global Corporate and Transaction Banking appointments:

  • Ian Haywood has been appointed Head of Banks for the UK and Ireland at ABN AMRO previously he was a Director of Debt Capital Markets Treasury at Future Williams & Glyn Team.
  • Craig Skein has left ANZ as Head of Transaction Banking for Hong Kong, Japan and Korea to pursue other interests.
  • Jennifer Boussuge has been appointed by Bank of America to be its Treasury Fulfilment, Service and Operations Executive for Global Technology and Operations in New York.
  • Matthew Davies is promoted to Head of GTS for the EMEA region at Bank of America, whilst Paul Taylor, who is Head of Sales for EMEA GTS, is taking on broader responsibility as Head of Global Corporate Sales for GTS.
  • Claudine Gallagher has been appointed by BNP Paribas as Head of Americas. Previously she was Head of Securities Services for North America.
  • Paul Farrell has been promoted to Head of Sales and Relationship Management for Corporate Trust in MENA at BNY Mellon.
  • Stephen Doyle has been appointed Head of UK Institutional Relationship Development for Asset Servicing at BNY Mellon. Doyle re-joins BNY Mellon following a year and a half with Société Générale where he was Head of Institutional Sales for the UK and Ireland.
  • Daniel Verbruggen and Bana Akkad Azhari have been promoted to the business leadership team at BNY Mellon. Verbruggen will continue to be responsible for relationship management in Europe, and Azhari for the Middle East, Africa and the Commonwealth of Independent States.
  • Mariano Urquiola left Santander to take on the role of Director at Cargill Argentina, and will be responsible for the structuring of transactions in the Southern Cone (including Chile, Argentina, Paraguay and Uruguay).
  • Soh Ee Fong is expanding her role as Head of Securities and Fiduciary Services at DBS to build the bank’s client management and implementation capabilities, taking over from Lum Yin Fong, Head of Global Product Management who will be retiring.
  • Anthony Miller has been appointed CEO for Australia and New Zealand at Deutsche Bank, replacing Michael Ormaechea, who is retiring.
  • Adrian Rigby has been appointed COO for Global Trade and Receivables Finance at HSBC.
  • Vinay Mendonca has been appointed Global Head of Product and Propositions replacing Vivek Ramachandran who is moving to a new role in Commercial Banking, also at HSBC.
  • Inwha Huh has been appointed as HSBC’s Global Head of Structured Trade Solutions. Previously she was the Head of GTRF for the US. Whilst, Surath Sengupta has been appointed Global Head of Trade Portfolio Management and Patricia Gomes has been appointed Regional Head of GTRF for the US and Canada.
  • Terence Chiu has been appointed Head of Commercial Banking at HSBC Hong Kong, replacing Albert Wong who is retiring.
  • Frank Fang joins HSBC as Head of Commercial Banking for China. Fang re-joins HSBC having been Deutsche Bank’s Head of Corporate Banking for China.
  • Rohit Sawhney, the transaction banking veteran, has been appointed Country CEO for India Ratings, the domestic subsidiary of Fitch Ratings. Sawhney was previously at RBS as its Head of Global Transaction Services for the APAC region.
  • Mark Milders joins ING as Head of ING Group Investor Relations, succeeding Malcolm Brown who is taking up the role of project lead for Strategy and Innovation at ING Wholesale Banking.
  • Sridhar Kanthadai has been appointed Head of Transaction Banking for APAC at JPMorgan, joining from Standard Chartered where he was the Head of Transaction Banking for Greater China and North East Asia.
  • Neil Foulkes has been appointed Head of Global Transaction Banking for South East England at Lloyds Bank.
  • Md Farid Kairi has been appointed Head of Transaction Banking at Maybank whilst continuing the role as Deputy Head of Global Markets for the bank. John Wong, the previous Head of Transaction Banking has moved into a strategic markets role.
  • Vivek Batra joins MUFG as Regional Head of Transaction Banking Sales for Asia and Oceania from DBS, where he was Group Head of Sales for GTS. Vivek replaces Ken Stratton, who moved into an independent consulting role.
  • Raymond Li has been appointed Head of Financial Institutions for East Asia at MUFG, joining from BNP Paribas where he was Head of Financial Institutions for China.
  • Gabriele Schnell joins Société Générale as Head of Payments and Cash Management in Germany, joining from HSBC. Schnell replaces Bart de Boer, who has been appointed Head of Corporate Cash Management in Switzerland.
  • Jess Villarina also joins Société Générale as Head of Payments and Cash Management in the US, joining from Barclays where she was Director of Global Cash Management.
  • Nick Diamond has left Standard Chartered as European Head of Transaction Banking Sales to pursue an independent treasury consulting role.
  • Soon Huat Tng joins Standard Chartered as Director of the Structured Solutions Team covering ASEAN, having previously worked in Asia Pacific Structured Commodity Finance at ANZ.
  • Adam Sporn joins State Street as Head of Enhanced Custody Business Development, joining from BNY Mellon where he was Head of Business Development for the Bank’s principal securities finance program.
  • Huny Garg joins Swift as Global Head of Trade and Supply Chain from Standard Chartered, where Garg was Regional Head of Trade Finance for MENA.
  • Cédric Derras has been appointed by UniCredit as Global Head of Cash Management, replacing Thomas Dolenga, who has left the bank. Simone del Guerra has been promoted to Global Co-Head of Transactional Sales, whilst Alfredo Bresciani, previously their Global Trade Finance Sales coordinator, has been appointed Co-Head of GTB Italy.
  • Jafar Amin has been appointed by Wells Fargo as Regional President for APAC, covering Corporate and Commercial Banking and Financial Institutions.

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