This private half-day forum will explore systemic risk and financial stability through in-depth discussion on today’s lending landscape, the impacts of regulatory changes, current state of play with non-performing loans globally, the future for European banking and the impact of a volatile and uncertain geopolitical picture on credit risk.
FT-Fitch Global Banking Conference
The Lending Landscape and Financial Stability Ten Years On
Single Resolution Board
Governor, Sveriges Riksbank and Chairman, Basel Committee
In partnership with
The financial crisis brought the global economy to the brink. Sparked by the collapse of the US mortgage market in 2007, it culminated in the fall of banking behemoths across the world, including Wall Street giants Bear Stearns and Lehman Brothers. The recession that followed has been dubbed “the worst in living memory” and its economic effects - low growth, clogged bank balance sheets, trust deficits and political upheaval – linger all over the world.
In the ten years since the collapse, the causes of the crisis have been tirelessly scrutinised. Policy makers have scrambled to close loopholes within the system, and to mitigate the risk factors associated with the crisis. And by all accounts, the financial sector does look comparatively safer and stronger. But a decade on, have we fully learnt the necessary lessons for safeguarding a large and complex financial and economic system? Have banks and their regulators done enough to reduce systemic risks going forwards? Are there new loopholes, hidden in plain sight?
Samy Harraz was appointed Head of Policy Coordination and International Relations at the Single Resolution Board in 2015. He manages setting policy surrounding the new resolution regime and coordinates liaison with relevant stakeholders in Europe and beyond. Prior to joining the SRB he worked at FMSA (the German resolution authority) and before that as an investment banker, corporate strategist and Chief Country Officer in London, Geneva, Frankfurt and Athens. He read Archaeology of the Ancient Near East at the Freie Universität Berlin, and was awarded a Master's degree in Management from Glasgow University.
Sylvie Matherat became a member of Deutsche Bank’s Management Board on November 1, 2015. She is the bank’s Chief Regulatory Officer in charge of Regulation, Compliance and Anti-Financial Crime. She joined Deutsche Bank in 2014 as Global Head of Government & Regulatory Affairs.
Ms Matherat came from Banque de France where she was Deputy Director General and responsible for regulation and financial stability issues, payment and settlement infrastructures, banking services, and the Target 2 Securities project. She previously held various positions at the Banking Supervisory Authority and in the private sector.
She studied public law and finance at the Institut d’Etudes Politique de Paris, France, and holds a master degree in law and political sciences. She was awarded the Legion d'Honneur in 2014.
Stefan Ingves is Governor of the Sveriges Riksbank and Chairman of the Executive Board. He was appointed Chairman of the Basel Committee on Banking Supervision in 2011. Mr Ingves is also a member of the ECB General Council, of the Board of Directors of the Bank for International Settlements and Governor in the International Monetary Fund. He has previously been Director of the Monetary and Financial Systems Department at the International Monetary Fund, Deputy Governor of the Riksbank, Director General of the Swedish Bank Support Authority and Director General for the Financial Markets Department at the Swedish Ministry of Finance. He holds a PhD in economics.
Alison Rose is the Chief Executive of the Royal Bank of Scotland’s Corporate, Commercial and Private Banking business and a member of the RBS Executive Committee. She leads over 10,000 people and is accountable for market-leading brands such as Coutts and Lombard. She has worked at RBS for over 20 years and prior to her current role, was Head of Europe, Middle East and Africa, Markets & International Banking. Previously shortlisted for the 'most influential woman in investment banking' award by Financial News, Ms Rose is a passionate supporter of diversity and executive sponsor for the bank’s employee-led networks. She also champions NatWest’s Entrepreneur Accelerator programme, an innovative initiative supporting start-up businesses across the UK.
Benjamin Weigert has been Director General of Financial Stability since 2016, having joined the Deutsche Bundesbank a year previously. Between 2009 and 2015, he worked at the German Council of Economic Experts, latterly as Secretary General of the Council. He received his PhD from the University of Konstanz in International Economics and completed the doctoral program “Quantitative Economics and Finance” in 2007, having worked for the Chair of International Economics in Giessen from 2004 to 2007 and before that as a research assistant at the Chair of Economic Theory in Konstanz. He began his career at Deloitte, having gained a degree in Economics from the Technical University of Dresden with a focus on International Economics, Managerial Economics and Econometrics.
Clare Woodman is Chief Operating Officer of Morgan Stanley International & Co-Global Chief Operating Officer for Morgan Stanley’s Institutional Securities Group and is a member of the Firm’s Global Operating and Management Committees.
Ms Woodman is a board member of Morgan Stanley International and a number of European subsidiaries and committees. She is also co-chair of the European Franchise Committee and a member of the MS International Foundation, the Firm’s charitable trust entity.
Ms Woodman is a member of the Banking Standards Board and a non-executive director of TheCityUK and AFME (the Association for Financial Markets in Europe). She is also a member of the Worshipful Company of International Bankers, a City of London livery company.
Ms Woodman joined Morgan Stanley in 2002 as a lawyer specializing in Banking and Derivatives for Global Capital Markets and Investment Banking in EMEA between 2006 and 2009. She was previously a lawyer with Clifford Chance in London and New York between 1993 and 2000.
Additionally, Ms Woodman was appointed as a non-executive Director of Euroclear plc (“PLC”) and Euroclear SA/NV (“ESA”) in March 2011. She is a member of the Nominations & Governance Committee and of the Remuneration Committee of PLC and ESA.
Monsur Hussain leads Fitch’s Bank regulatory research and publications, and is actively involved in investor outreach. He has published articles on regulation topics in professional magazines and has represented Fitch at conferences and seminars. Prior to joining Fitch, he worked as a regulatory policy expert at global investment banks, including Bank of America Merrill Lynch and Deutsche Bank. Mr Hussain read Modern History with Economics at the University of Manchester, and received a postgraduate qualification from the Manchester Business School.
Dame Colette Bowe
Dame Colette Bowe has worked in the City, in regulation and in Whitehall. She is Chairman of the Banking Standards Board (BSB) and also Chairman of the Associated Board of the Royal Schools of Music. She serves on the boards of the UK Statistics Authority, the Nuffield Foundation and the Department for Transport. She is a Visiting Fellow of Nuffield College, Oxford. She has been chairman of Electra Private Equity plc and of Ofcom. She has also served on the boards of Morgan Stanley International, Axa Investment Managers, Goldfish Bank, the Yorkshire Building Society, London and Continental Railways and Thames Water Utilities. She was the founding chairman of the telecoms Ombudsman Service and of the Ofcom Consumer Panel, and chaired the Council of Queen Mary, University of London. She has a BSc, MSc and PhD in economics from the University of London (Queen Mary and LSE).
Ignazio Angeloni is a member of the Supervisory Board of the ECB. Since February 2017 he has also been a non-voting member of the Single Resolution Board. Previous roles have included Director of Monetary and Financial Research at the Bank of Italy; Deputy Director General of Research at the European Central Bank; Director for International Financial Relations at the Ministry of Economy and Finance of Italy and Director General for Financial Stability at the ECB. A former Fellow of Bruegel, he has taught at various universities and is the author of books and articles in leading international economic journals. Mr Angeloni holds a degree from Bocconi and a PhD in Economics from the University of Pennsylvania.
Head of Financial Stability at the Bank of Italy since 2014, Giorgio Gobbi is the author of numerous articles on banking and finance published both in Italy and abroad (including The Journal of Finance, The Review of Finance and The Journal of Banking and Finance). He has co-authored two books on the Italian financial system. He has also taught short courses and delivered lectures on financial intermediation at several Italian universities. He represents the Bank of Italy in the Advisory Technical Committee of the ESRB and in the Financial Stability Committee of the ESCB. Prior to his current role, Mr Gobbi headed the Financial Structure and Intermediaries Division within the Structural Economic Analysis Department. In July 2013 he was appointed Deputy Head of the Financial Stability Unit. He started his career at the Bank of Italy in 1990, and was assigned to the monetary and financial sector of the Economic Research Department until 2007, carrying out analysis and research on the banking industry. Mr Gobbi graduated with honours in Economics and Business from the University of Modena in 1985 and received an M. Phil. in Economics from the University of Oxford in 1989.
Sir John Vickers
Sir John Vickers has been Warden of All Souls College since 2008, where his research interests mainly concern competition and regulation. He was Chair of the Independent Commission on Banking 2010-11. Prior to this, he was President of the Royal Economic Society 2007-10; Director General/Chairman of the Office of Fair Trading 2000-05; and Chief Economist at the Bank of England between 1998 and 2000. He studied PPE at Oxford University, where, after a period working in the oil industry, he taught economics and was Drummond Professor of Political Economy from 1991 to 2008.
James McCormack is a managing director and Global Head of Sovereign and Supranational Ratings, based in London. He re-joined Fitch in 2013 from the Bank of Canada where he held a senior credit role. Prior to this, he spent three years with Goldman Sachs in Hong Kong where he was an executive director in credit risk management and advisory. Mr McCormack joined Goldman Sachs in 2010 from Fitch, where he held various senior roles in the Sovereign Ratings Group, including Head of the Asia-Pacific Sovereign team. Prior to joining Fitch, he was a country risk analyst for Export Development Canada and an economist for the Department of Foreign Affairs in Ottawa. Mr McCormack began his career as an economist at Wharton Econometrics (WEFA) Canada. He earned an MA in international economics from the University of Toronto after gaining his BA at York University (Canada).
Gilles Moëc is a Managing Director and Head of Developed Europe Economics at Bank of America Merrill Lynch, based in London. Gilles rejoined the firm in November 2014 from Deutsche Bank, where most recently he was the Chief European Economist, responsible for analysis and projection of macroeconomic and financial developments in developed Europe. His team was recently ranked No. 2 in the 2017 Institutional Investor All-Europe Fixed-Income Research Survey for Economics. Prior to that, he was at BofA Merrill Lynch as a senior European economist between 2006 and 2009 during which time the two companies combined. He previously worked in a variety of economist positions at Banque de France, heading their International Macroeconomics Division between 2004 and 2006. Mr Moëc graduated from Institut d'Etudes Politiques de Paris in 1991.
Tracy Blackwell is Chief Executive Officer of Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds. Ms Blackwell is also CEO and a director of PIC’s parent company, Pension Insurance Corporation Group. She is responsible for leading the management team in carrying out the company’s strategy, having joined in 2006 as one of PIC’s founders. Prior to becoming CEO in 2015, Ms Blackwell was PIC’s Chief Investment Officer and was responsible for building up the company’s asset management function, including direct investment capabilities into areas such as social housing and student accommodation. Areas of particular interest include “The Purpose of Finance”, a project seeking to redefine the social contract with financial services, as well as diversity in financial services. Tracy is an Advisory Council member on the Diversity Project.
Prior to joining PIC, Ms Blackwell spent 10 years at Goldman Sachs, including as Head of Risk Management EMEA at Goldman Sachs Asset Management, working with pension fund and insurance company clients on investment, risk and strategic issues. In 2013 she was appointed a Non-Executive Director at United Trust Bank.
Nathan Willmott is a partner at international law firm Bryan Cave Leighton Paisner, with over 20 years’ experience advising financial institutions on regulatory issues and a focus on internal, PRA, FCA and overseas regulators’ enforcement investigations. He is the Managing Partner for Litigation & Corporate Risk, and leads the firm’s Financial Regulation Group. Recent matters handled by Mr Willmott include enforcement investigations into AML controls, FX manipulation, breaches of the Short Selling Regulation, systems for the protection of confidential information, Chinese walls and operation of the control room, SSA bond manipulation, interest rate hedging product mis-selling, manipulation of inter-bank offering rates and related benchmarks, abusive squeezes of commodities markets, whistleblowing procedures, systems for the prompt notification of material developments, anti-bribery procedures, insider dealing, transaction reporting, anti-fraud systems and controls, product governance, group decision-making and compliance with the Senior Managers Regime. He is ranked in Tier 1 by Chambers & Partners for Financial Services – Contentious Regulatory.
James Longsdon is a managing director in Fitch Ratings’ financial institutions group. Since July 2010, he has been co-head of Fitch’s EMEA financial institutions group. Prior to joining Fitch in 2000, he was an auditor in the financial services division of PricewaterhouseCoopers in London. Mr Longsdon earned a BA in Russian studies from the University of Bristol and has been a member of the Institute of Chartered Accountants in England and Wales since 1998.
Joo-Yung Lee is a Managing Director and Regional Head of Fitch Ratings’ North American Financial Institutions (NA FI) group. Prior to this she served as a sector head in Fitch’s NA FI group, focusing on securities firms and asset managers whilst also co-heading Fitch’s global trading and universal bank working group. Previously she served in Fitch’s Credit Policy Group as a group credit officer, and a lead analyst in the Financial Institutions Group and Financial Guarantors’ Group.
Before joining Fitch Ratings in 2006, Ms Lee was a vice president in both the Financial Planning and Analysis and Capital Strategies groups at Radian Asset Assurance. She has also worked at Moody’s Investors Service, Credit Suisse First Boston and the Federal Reserve Bank of New York. Ms Lee is a graduate of the Hearst Management Institute, the Hearst Corporation’s executive training program. She earned her BA from Barnard College and her MPA from Columbia University.
FT Moderators (4)
Caroline Binham covers the gamut of financial regulation for the FT, from benchmark-rigging scandals to ringfencing. She was previously the FT's award-winning legal correspondent, with a particular focus on white-collar crime. Prior to joining the FT six years ago, Ms Binham covered financial regulation during the crisis at Bloomberg News. In a previous journalistic life, she worked at Conde Nast for titles including Tatler and Traveler. She has lived and worked in Paris, Rome and New York.
Martin Arnold has been the FT's Banking Editor since 2014, leading the global coverage of banks and overseeing the financial services reporting team. His two previous jobs were Deputy Companies Editor, helping to oversee corporate coverage, and Private Equity Correspondent, when he won the BVCA award of private equity correspondent of the year for 2007. Before that, he spent five years as Paris Correspondent, covering the French political scene, the presidential elections, and several industry sectors including finance. Early on in his career he covered technology for FT.com in London, and worked in New York covering consumer industries during the dotcom boom and bust of 1999-2000.
Patrick Jenkins has been Financial Editor and Assistant Editor at the Financial Times since 2014. In this role, he shapes the FT’s overall financial coverage, with a focus on financial services and investment. He works closely with the editors of Markets, Lex, FT Money, FTfm and the financial services team. He also contributes to leader writing and comment, while continuing to write for the Inside Finance column.
Previously, Mr Jenkins was Banking Editor from 2009 until 2014, leading the 10-strong global financial services reporting team. Prior to this he was Companies Editor, and before that Editor of International Company News. Prior to taking up this post, Mr Jenkins spent four years in Germany as Frankfurt Correspondent for the FT. He joined the FT Group in 1996 editing the newsletter FT world insurance report, before becoming a UK companies reporter in 2000.
Martin Wolf CBE
Martin Wolf is Associate Editor and Chief Economics Commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000 “for services to financial journalism”. He was a member of the UK government’s Independent Commission on Banking between June 2010 and September 2011.
Mr Wolf is an honorary fellow of Nuffield College, Oxford University, Corpus Christi College, Oxford University and King’s College, London. He is an honorary professor at the University of Nottingham. In 2014, he was made a University Global Fellow of Columbia University, New York, and a Senior Fellow in Global Economic Policy at its School of International Public Affairs. He is a member of the International Media Council of the World Economic Forum.
Mr Wolf was made a Doctor of Letters, honoris causa, by Nottingham University in July 2006, a Doctor of Science (Economics) of London University, honoris causa, by the London School of Economics, in December 2006, a Doctor of Science, honoris causa, by Warwick University, in July 2009, a Doctor of Letters, honoris causa, by Kingston University, in January 2010 and a Doctor of Letters, honoris causa, by Macquarie University, in Australia, in 2012.
Mr Wolf was joint winner of the Wincott Foundation senior prize for excellence in financial journalism for 1989 and again for 1997. He won the RTZ David Watt memorial prize for 1994. In 2006, he became the sixth winner of the Journalism Prize of the Fundacio Catalunya Oberta (Open Catalonia Foundation). He won the “Commentator of the Year” award at the Business Journalist of the Year Awards of 2008. He was placed 15th in Foreign Policy’s list of the “Top 100 Global Thinkers” in December 2009, 37th in the same list for 2010 and 55th for 2011. Mr Wolf won the “Ludwig-Erhard-Preis für Wirtschaftspublizistik” (“Ludwig Erhard Prize for economic commentary”) for 2009. He won “Commentariat of the Year 2009” at the Comment Awards, sponsored by Editorial Intelligence. He was joint winner of the 2009 award for columns in “giant newspapers” at the 15th annual Best in Business Journalism competition of The Society of American Business Editors and Writers. He won the 33rd Ischia International Journalism Prize in 2012. He won the Overseas Press Club of America’s prize for “best commentary on international news in any medium” for 2013.
His most recent publications are Why Globalization Works (Yale University Press, 2004), Fixing Global Finance (Washington D.C: Johns Hopkins University Press, and London: Yale University Press, 2008 and 2010) and The Shifts and The Shocks: What we’ve learned – and have still to learn – from the financial crisis (London and New York: Allen Lane, 2014). China Business News named Fixing Global Finance its “Financial Book of the Year” for 2009.
Mr Wolf was educated at Oxford University.
Agenda - 2nd May
8:00amRegistration and Networking
8:50amChair's Opening Remarks
Patrick Jenkins, Financial Editor, Financial Times
8:55amZoom Out: what is driving current macroeconomic constellations?
Today’s uncertain global dynamic, in which international trade is weighed against protectionism and deglobalisation, poses a possible and much debated challenge to the financial status quo. It is clear that political developments, profoundly interlinked with macroeconomic matters, have a variety of credit implications. How can banks and investors keep their ears to the ground to identify and mitigate nascent political developments, and their likely impact on macroeconomics and sovereign debt?
James McCormack, Global Head of Sovereign and Supranationals, Fitch Ratings
9:05amBanking Reform Ten Years On: Job Done?
The financial system appears to be more stable, better understood and better regulated than before the crash. Banks are better capitalised, regulators are more alert, and many believe that the sector has learned from its mistakes. But how far have we managed to reform the financial system of 2008? What progress has been made, and where do we go from here?
Sir John Vickers, Warden of All Souls College, University of Oxford
In conversation with: Martin Wolf CBE, Associate Editor and Chief Economics Commentator, Financial Times
9:35amPanel: Are large global banks losing their relevance in the lending landscape?
- To what extent is reliance on bank lending a threat to financial stability? What is the role of banks in a stable financial landscape?
- What are the implications of regulatory incentives to give balance sheet to loans rather than trading assets?
- The rise of alternative lending: how is the expansion of non-bank lenders affecting risk and volatility? How is the rapid growth of the asset management industry in particular leaving the financial system vulnerable?
- State-sponsored infrastructure lending: will there be a UK alternative to the EIB?
Alison Rose, CEO Commercial and Private Banking, RBS
Gilles Moëc, Head of Developed Europe Economics, Bank of America Merrill Lynch
Tracy Blackwell, CEO, Pension Corp
Joo-Yung Lee, Head of North American Financial Institutions, Fitch Ratings
Moderated by: Martin Arnold, Banking Editor, Financial Times
10:50amPanel: European Banking and financial stability across the continent
- How has the role of central banks in maintaining financial stability changed in the decade since the crisis?
- NPLs in Europe: six countries in the Eurozone have double-digit NPL rations, representing 9 per cent of overall GDP. What does the NPL landscape mean for a potential European banking union and what are the potential consequences of the ECB’s strengthened focus on NPLs?
- Focus on failure: how effective have resolution regimes in European banks proved? It is argued that failing banks are not treated equally by European authorities. What is the ‘best practice’ future of bank resolution in Europe?
Giorgio Gobbi, Head of the Financial Stability Directorate, Bank of Italy
Samy Harraz, Head of Policy Coordination and International Relations, Single Resolution Board
Dr Benjamin Weigert, Director General Financial Stability, Bundesbank
James Longsdon, Head of EMEA Banks, Fitch Ratings
Moderated by: Patrick Jenkins, Financial Editor, Financial Times
11:35amRegulation Panel Framer
Do we understand risk better now than we did 10 years ago, and are we pricing it correctly?
Dame Colette Bowe, Chairman, Banking Standards Board
11:50amPanel: The Regulation Update - intended and unintended consequences
- What is the latest on financial regulation, and what impact has this had on credit?
- Basel and Dodd Frank: what safeguards are in place to allow the financial industry to move safely from legislation to implementation?
- There has been a broadly positive reaction to post-crisis regulation from the financial industry, and yet the Trump administration threatens to dismantle Dodd Frank on the grounds that overregulation causes “anaemic” growth. Will bluster translate to policy? What will the ‘Trump Effect’ really mean for the financial industry?
- How is the regulation of non-bank lenders affecting the lending landscape? How do both independent and bank-owned asset managers view current regulation and increased scrutiny? Is MIFID II a welcome driver of transparency or an unnecessary complication?
Sylvie Matherat, Chief Regulation Officer, Deutsche Bank
Clare Woodman, COO, Morgan Stanley
Nathan Willmott, Head of Litigation & Corporate Risk, Bryan Cave Leighton Paisner LLP
Monsur Hussain, Head of FI Research, Regulatory Policy, Fitch Ratings
Moderated by: Caroline Binham, Regulation Correspondent, Financial Times
12:40pmThe ECB Perspective
Ignazio Angeloni, Member of the Supervisory Board, European Central Bank
1:00pmMonetary Policy Keynote: how long can crisis mode last?
...and where do we go if another crisis hits? Central banks around the world moved quickly to mitigate the effects of the crisis, but how effective have their policies been in maintaining global financial stability since then? What is the effect of ultra-low interest rates and quantitative easing – originally introduced as short-term shock therapy – on the world’s capital markets a decade later? What policy changes can we expect from central banks in the coming months? Given that low and even negative interest rates have resulted in barely adequate growth rates and below-target inflation, what will happen when interest rates start to rise and the availability of cheap capital comes to an end?
Stefan Ingves, Governor, Sveriges Riksbank
Patrick Jenkins, Financial Editor, Financial Times
Who will I meet?
This event will gather over 200 senior executives from across banking and financial services as well as corporate treasurers and regulators.
Complimentary places are available to:
- C-Level executives including CEOs/CFOs/CROs/CCO/CIO
- Directors and Heads of Strategy, Credit, Research, Analyst, Debt Capital Markets, Capital Optimisation, Rating Agency, Capital Structure Advisory, Risk
- Senior regulators and policymakers
If this fits your profile, please register now for your complimentary place.
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In partnership with (1)
Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide help investors to make important credit judgements with confidence.
Fitch Group is a global leader in financial information services with operations in more than 30 countries. In addition to Fitch Ratings, the group includes Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; Fitch Learning, a provider of learning and development solutions for the global financial services industry; and BMI Research, a provider of country risk and industry analysis specializing in emerging and frontier markets. Fitch Group is majority-owned by Hearst.