ING will be cutting its Dutch workforce by 1,700 full-time equivalents (FTEs) over a three-year period in a bid to refocus its retail business. The job cuts are expected to yield annual gross savings of approximately $336.5 million (€270 million) starting in 2018, say bank officials. The cost of the layoffs will require a pre-tax… Read More >>
Co-Founder to Lead Wall Street Horizon
Wall Street Horizon, a provider of single-stock event calendar data services for institutional investors and traders, has named Bruce R. Fador president and chief commercial officer. Fador co-founded the company together with Barry L. Star, managing director, in 2003 and has been an executive advisory board member since 2013. His mission will be to “help… Read More >>
Genpact, Lombard Risk Target Collateral Management Woes
Genpact, a specialist in business processes, operations and technology, and Lombard Risk Management, a collateral management services vendor, are joining forces to help firms optimize increasingly expensive collateral management operations, officials say. A new collaboration between the two will integrate Genpact’s Collateral Agreement and Reference Data Services (CARDS) and Lombard Risk’s COLLINE collateral, clearing, inventory… Read More >>
New EDM Council Chairman from HSBC
The Enterprise Data Management (EDM) Council has elected Peter Serenita, HSBC’s chief data officer (CDO), as chairman of the EDM Council’s board of directors, officials say. Serenita’s election “comes at a particularly critical time for the practice of data management in the financial services industry,” the EDM Council says in a statement, as “banks and… Read More >>
Q&A: No Defined Standards Yet for Derivative Valuations
Manuel Ibarra, who works in counterparty portfolio management at Morgan Stanley, took time out from his schedule to answer FTF News’ questions about the derivatives valuation processes. Ibarra underscores that his answers are his alone and do not reflect the opinions of Morgan Stanley, its parent company or affiliates. Before Morgan Stanley, Ibarra worked as… Read More >>
The Age of SEFs Stumbles Forward
It’s been just over a year since swap execution facilities (SEF) inauspiciously opened for business on Oct. 2, 2013 – “A day that I’ll never forget,” in the words of one SEF operator present at the SEFCON V conference on Wednesday. Panelists at the event, sponsored by the Wholesale Markets Brokers’ Association, highlighted how far… Read More >>
KYC Joint Venture Hires from Goldman Sachs
Markit | Genpact KYC Services, the joint venture from Markit Ltd., a provider of financial information services, and Genpact Ltd, a specialist in designing and running business operations, has reported the appointment of former Goldman Sachs executive, Jon May, as CEO. May, who will join Markit | Genpact KYC Services in January 2015 and be… Read More >>
Fines, Regs Push Firms Toward Legal Entity Data
Post-crisis regulatory reforms are putting immense pressure on financial services firms to overhaul their ability to manage client and legal entity data, an area most firms had been content to ignore until recently, according to a new white paper. Conducted by market research firm Aite Group and commissioned by the DTCC, the paper outlines the… Read More >>
Infosys Names General Counsel & Intends to Hire 2,100
Outsourcer Infosys has appointed industry veteran David D. Kennedy to serve as executive vice president and general counsel for the company and as executive officer of the company for the purposes of SEC Reporting, officials say. The company has also announced an effort to add 2,100 employees to its ranks, including many recent graduates and… Read More >>
HSBC Hires from BCG for Group COO
Andy Maguire will be joining HSBC Holdings as its new group chief operating officer (GCOO) and group general manager on Dec. 1, 2014, officials say. Maguire will be leaving his post as a senior partner and managing director for the London office of the Boston Consulting Group (BCG). Maguire will replace Sean O’Sullivan, who is… Read More >>
