“It is important to have a place
where you feel comfortable and
can be your whole self and bring
it to work, that will bring better
results to the whole company.”
Choosing a path
A culture overhaul is evidently
needed across the board. For some
of the biggest and oldest institutions this is no easy feat, however
many are starting to see the light.
“Working in a bank today is very
different from how it was eight or
nine years ago, banks are not the
preferred destination for millennials, middle-aged folks, or anyone at
the end of their careers,” said John
Weisel, deputy global banking and
capital markets leader, EY.
State Street CEO Jay Hooley,
explained to Global Custodian
earlier this year that banks need to
“eliminate the more routine administrative and operational work by
“Young kids coming out of college
don’t want to do that work,” he
added. “They want to do things
that are less administrative and
operational and more analytic and
Deutsche Bank’s head of global
securities services and head of
GTB EMEA ex-Germany, Satvin-
der Singh, believes that despite
“A CULTURE CHANGE IN AN
ORGANISATION TAKES A
executive vice president and head
of Global Markets EMEA, State Street
the younger generation and that
success will attract talent.
“If you are a young talented individual and there is a choice of divisions you want to work for, the one
you choose will be the one which
is successful, has a track record of
delivery, is getting investment and
is also looking at the world from a
different place,” said Singh.
“The new Fin Tech space, artifi-
cial intelligence, data mining and
the use of technology; if you are
a talented individual that is the
kind of business you want to put
Singh also recognised the ways
which ways banks can attract and
retain the millennial generation.
“The challenge for us is retaining
them and making sure they have
the next position and the next
position after that,” added Singh.
“If someone comes into a front
office function, giving them the
ability choose from technology or
operations as part of their career
While trying to embrace millen-
nials and new Fin Tech talent, one
industry expert did warn about
going too far, believing that the
right mix is essential.
Collaboration is the name of the
Margaret Harwood-Jones, global
head of securities services at Stan-
dard Chartered, stressed that while
there should be an emphasis on
the next generation, the industry
must take advantage of the current
experienced talent pool.
“Our industry is one that needs
a huge amount of knowledge and
experience,” she said.
“I would still hold that working
across various regions in various
sectors means the need for knowledge and experience is critical.
“Inevitably though if we are
to drive new and fresh thinking
we need different ideas and so I
believe that the right mix between
the younger generation and those
with experience is needed.”
It’s not just about employing the
best talent, but also interacting
with new Fin Tech companies.
An audience poll at Sibos revealed that 86% of participants believed partnerships with Fin Tech
firms are vital for future success.
Most banks are investing in or collaborating with Fin Tech firms.
Cindi Murray, head of digital
transformation at Bank of America
Merrill Lynch stressed that banks
could no longer handle all activities
in-house and that collaboration
“I don’t think that the banking
industry has any intent of developing everything in house, we are not