19 December 2019: This is no time to beat around the bush. RBC’s investor services business has had a horrible 2019. Much as I admire the management team, it has not distinguished itself over the last twelve months. It ended its fiscal year with a kitchen-sink charge that will cover repositioning (primarily the exit from…
Category: Analysis
YOU AIN’T SEEN NOTHIN’ YET Scharf was only BNY Mellon’s CEO for two years – but he left his mark on the firm.
9 October 2019: Nothing sums up the transformation that Charlie Scharf started at BNY Mellon better than a scathing indictment of the bank’s previous digital strategy from Roman Regelman, hired by Scharf in 2018 to spearhead the digital drive. Regelman said in September: “I’ve seen banks that tout what I call the Silicon Valley model.…
Walk This Way – the legacy of Harry Samuel at RBC I&TS
24 July 2019: It is seven years since RBC paid around USD1bn to unwind itself from the investor services joint venture with Dexia that it struck in 2005. Business schools could probably put together a very entertaining case study about the RBC Dexia deal, and the many teachable moments that it yielded. For us, however,…
I Hear You Knocking – a new breed of administrators is on the march
Most likely, you didn’t know much about Intertrust before Stephanie Miller was appointed CEO in 2018. Perhaps you, like me, thought of the firm as a rather dull provider of corporate services, with a small administration business tacked on. Think again. With the USD330m acquisition of Viteos, Intertrust just joined the major leagues. Intertrust describes…