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STRATEGICISSUESFACINGBANKS

FALL2017

STEVENG.MANDIS,PHD(Professor)

E-mail:sgm2130@columbia.edu

OfficeHours:Uponrequest.E-mailforanappointment.Preferredmeansofcommunicationisviaemail.Studentscanexpectaresponsewithin12to24hours.Studentsarewelcometoemailtheprofessoratanytime.

COURSEDESCRIPTION

Thecourseisdesignedtohelpastudentinterestedinunderstandingthestrategicissuesfacingthefinancialservicesandbankingindustries,whichisundergoingrapidchange(e.g.,astudentinterestedinmanagementconsultingorprofessionalserviceswhowantsaframeworktoanalyzeachangingindustry);astudentworkinginorinterestedinworkinginfinancialservices(e.g.astudentwhowantsabroaderunderstandingofthevariousdivisionsanddepartmentsofabankandwhyandhowtheyinterrelate);orastudentinterestedinlearningmoreaboutthefinancialsystem(e.g.astudentwhoseestheimportanceofunderstandingabankbecausehe/sheisinterestedinthestrategicandfinancialaspectsofacorporationthatmayhavetointeractwithorrelyonabankforservices).

Eachclasssessionfocusesononecriticalstrategicissuefacingaglobalbank.Ingeneral,theteacheroraguestspeakerwillleadcasediscussions.Theclasstopics/strategicissuesoftenvarydependingonthestudents’interestsandcurrentevents.

Eachyearthestudentshavedifferentandawide-rangeofexperiences.Theclassistaughtatacommondenominatortoaccommodatethemoststudentspossible,especiallyatthebeginning.

Theprofessorhasworkedinvariousdepartmentsandgeographiesforbanks,wasasenioradvisortoamanagementconsultingfirmandinvestsinfin-techandfinancialservicescompanies.

COURSEOBJECTIVES

Studentswilllearnhowtodesignandimplementacoherentstrategytoaddressacriticalstrategicissuefacingabankthroughlectures,discussions,currenteventsandcaseanalyses.Youwilllearntostate1.thestrategicissue,2.thereasonsandfactstosupportwhythestrategicissueexistsandisimportant,3.yourrecommendation,4.thefactstosupportyourrecommendationand5.thepotentialresourcesrequiredandconsequences.

Studentswilllearnhowtomoreeffectivelycontributetotheirfirmsandunderstandcomplexchallengesfacingseniormanagement.Thereisanemphasisonaskingandansweringquestions,aswellassynthesizinginformationandrecommendationsinaformatthatbusyseniorexecutiveswouldprefer.

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REQUIREDCOURSEMATERIALS

1. ReadingPacketofCases2. Recentandrelevantarticles(tobesentbyProfessor)3. Mandis,StevenG.2013.WhatHappenedtoGoldmanSachs?:AnInsider’sStoryofOrganizationalDrift

andItsUnintendedConsequences

REQUIREDPREREQUISITESANDCONNECTIONTOTHECORE

Thelearninginthiscoursewillutilize,buildon,andextendconceptscoveredinthefollowingcorecourses:

CoreCourse ConnectionwithCoreCORPORATEFINANCE 1. Risk

2. FirmValuationModelDECISIONMODELS 1. FundamentalConceptsofDecisionMakingFINANCIALACCOUNTING 1. FinancialStatementsofBanksGLOBALECONOMICENVIRONMENT

1. RoleofFinancialMarketsintheEconomy

LEADERSHIPDEVELOPMENT 1. Ethics,Decision-Making,Persuasion,andTeamsSTRATEGYFORMULATION

1. Trade-Offs,Value-Added,CompetingFirms,StrategicAnalysis,Diversification,andCross-Selling

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SampleTopics

AnOverviewofInvestmentBanks.Thefirstfewclassestypicallygothroughtheorganizationandstructureofauniversalandinvestmentbank.Typically,weusethereallifeexampleofJPMorgan.Typically,wecoverwhybanksareorganizedthewaytheyare.

DifferentBanks’Strategies,Leadership/CrisisandCross-Selling.

CorporateCulture.Whatisit?Whyisitimportant?Whatisorganizationaldrift?Whatpressuresanorganization’sdecisionsandculture?

TheFinancialCrisis.Typically,wereadcasesaboutthefinancialcrisis.Whydidithappen?Theimportanceofconfidence.

IncomeStatementsandBalanceSheets.WewillreviewIncomeStatements/pressreleasesofvariousbanks.Whatisthebiggestcost?Whataboutlegalcosts?Coststocomplywithregulations?Technologycosts?DVA.

Valuation.Howdoyouvaluebanks.Whatdoesthismeanforstrategy?ShareholderActivism.

CompensationandPromotion.Wewillreadacasestudyaboutabankerupforpromotion.WewillreviewtheProxyStatementsofvariousbankstoexaminewhatexecutivesmakeandwhy,aswellaswhatdoesittellusaboutthecultureofthefirms.

RiskManagement.VAR,StressTests

Legal/Regulatory.GlassSteagall,SarbanesOxley,GrammLeachBiley,DoddFrank,andVolkerRule.

Strategy.Wouldyouratherrunatechnologydriven,processdriven,talentdriven,industry/productdriven,orglobalbank?Howwouldyoudifferentiate?

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ASSIGNMENTS

Studentsareexpectedtoreadthecasesandmaterialsandbepreparedtodiscusskeythemes.Typically,oneortwocasesandoneortwoshortrecentarticlesarediscussedeachclass.

Studentsaregroupedtogetherinteamstorepresent“theirbank”whichcouldbe,forexample,GoldmanSachs(lastnamestartswithA-C),MorganStanley(D-F),Citigroup(G-I),JPMorgan(J-L),WellsFargo(M-0),BankofAmerica(P-R),Lazard(S-U),Evercore(V-X),andPJT(Y-Z).

STRATEGICISSUEMEMO(25%):Oneortwoweeksbeforethemidterm,studentswillbeaskedtoturninatwo-to-threepagememotoafictionalCEOaboutastrategictopic.Asuccessfulmemotypicallyanswersthefollowingquestionsinthesecategories:1.Whatisthestrategicissue/challengeandbackground(whataretheregulatory,organizational,competitive,ortechnologicalissuescausingtheproblem/issue?);thereasonsandfactstosupportwhyitisanimportantissue;whyshouldtheCEOcare/whyisthetopicimportant?;2.whatisyourrecommendedcourseofaction?;whatfactsordatasupportyourrecommendation?;coststoimplementyourrecommendation?;resourcesrequired?;timing?(andpotentialconsequences?);3.howwillyoujudgesuccess?/whatmetricstotrackprogress?

Thepapershouldprovideideasfromreadingsanddiscussionsaswellasdata/evidencetosupportone’sanswer/opinion.Ifyoucan’tfinddata,figureouthowyoucouldballparkthedata,andthenuseit.Sincemostbusyexecutivesprefermemostobeshortandtothepoint,theshortmemoforcesthestudenttofocusonthequestion,theanswerandthereasonswhythestudenthastheanswer/opinion.ThisisTypeBAssignment.Youcandiscussthememosandreceiveoutsidehelp,butyoumustsubmityourownworkandconclusionsandthegradeisindividual.

MIDTERMQUESTIONS/MIDTERMEXAM(25%):Studentswillberequiredtogenerateatotalof10questionsandanswersaboutthecoursecontentcovereduptothemid-pointinthecourse,basedontheirreadingsandnotes.Agoodbalancewouldbeatleasttwoquestionspereachclass’materials.Atleast5questionsmustbefromreadings.Thesequestionsarequestionsthestudentfeelscould/wouldbeappropriateforamidtermexam.Thequestionitselfshouldhighlighttheunderstandingofakeyconceptoftheclassandshouldbeessentiallyleadingtoaveryobviousanswer.Theanswersshouldbeveryobviousandshort,oneortwowords.Forexample,thequestionsshouldnotbe“DefineXYZ?”Averythoughtfuldefinitionthatincludesthecontextofwhytheconcept/wordisimportantandwasraisedordiscussedinclassshouldbeinthequestion,andthentheanswershouldbetheword/two-threewordconcept.Thereshouldnotbeanytrueorfalseormultiple-choicequestions.Questions(andtheiranswers)willbesubmittedtotheprofessorinaMSWorddocumentwithaheaderofthestudent’snameandtheuseofpagenumbers.Thequestionsshouldlistwherethequestioncamefrom(whatreadingandpagenumber,whichclassdiscussion,whichspeaker).ThesequestionswillbeusedaspartoftheMidtermGroupExamdescribedbelow.

Thequestionsrequirethestudenttothinkofthe10thingshe/shefoundinteresting/mostimportantintheclassfromreadingsanddiscussionsthatarehighlyrelevant.Inordertosucceed,thestudentmustdrawoutwhatisimportantandbalancethemfromthevariouslearningmethodsincludingreadingsanddiscussion.Thisallowstheprofessortoseewhatisresonatingwithstudentsandisitmatchingthelearningobjectives.Onceagain,True/Falseormultiple-choicequestionsareNOTacceptable.

ThisisTypeBAssignment.Youcandiscussthememosandreceiveoutsidehelp,butyoumustsubmityourownworkandconclusionsandthegradeisindividual.

SomesamplequestionsandhowIevaluatethem:1.Q.Whatisthefoundationoftheentirefinancialsystem?(Class1discussion,VideoonHistoryofBanking)A.Confidence.

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Myevaluation:Thisisverygood.H-/HP+.Wediscussedthisinclass.Itisanimportantconcept.Onewordanswerthatisobvious.Anotherwaytowritethequestion:Q.WhatisthefoundationoftheentirefinancialsystemthatGSalsotriedtoaddresswhenittookmoneyfromBuffetandalsowhenPaulsontriedtoaddressthecrisiswithhisBazooka?(Class1discussion,GSOraclecasestudy)A.ConfidenceThisisexcellent.H.Broughtinsomeotherconcepts/ideasraisedinclassandreadingstodemonstrateunderstanding.2.Q.WhatkindoftradingwastheprimetargetoftheVolkerRule?(Class#XdiscussiononRegulatory)A.Proprietarytrading.Myevaluation:Thisisverygood.H-/HP+.Wediscussedthisinclass.Itisanimportantconcept.Onewordanswerthatisobvious.Anotherwaytowritethequestion:Q.Itwasbelievedthatafunctioningcommercialbankingsystemisessentialtothestabilityofthefinancialsystemanditwasunsafeforbankstoengageinhigh-riskspeculationwhichcreatedunacceptablelevelsofsystemicrisk.ThereforeThisRule,whichisapartofDoddFrank,specificallyprohibitsabankorinstitutionthatownsabankfromengaginginproprietarytrading(excepttreasuriesandmunicipalbonds),andfromowningorinvestinginahedgefundorprivateequityfundabove3%ofTierOneCapital.ThisrulewhichhasbeencomparedandcontrastedtoGlassSteagallisalsoadifficultRuletointerpretbecausewhatisproprietaryornotissubjecttosomelevelofsubjectivityandsomehavearguedisareasonwhysometopproprietarytradersfromlargebanksleft?(Class#XdiscussiononRegulatoryandCasesXandY)A.VolkerRuleMyevaluation:Thisisexcellent.H.ItshowsanexcellentunderstandingoftheVolkerRule,whyitwascreatedandconsequences.MidtermGroupExam:Studentswillbebrokenintosmallgroups(1.GoldmanandMorganStanley,2.JPMorganandCiti,3.WellsandBankofAmerica,and4.Lazard,EvercoreandPJT).Eachgroupwillelectacaptaintotaketheircollective10questionseachandsynthesizethegroupquestionsintoagrouplistofthetop10questionsinaworddocument.Thelistshouldincludethebestquestionsthegrouphasposedintheaggregateandremoveanyduplicatesconceptscovered.Atleast5shouldbefromreadings.Thegrouplistshouldhaveaheaderwitheveryteammembers’nameandthegroupname/numberonthetopofeverypage.Thegroupquestionsshouldlistthenameofthepersoncontributingthequestionafterorbeforethequestion,aswellasthetheanswerandwherethequestioncamefrom(classdiscussion,casestudyandpagenumber,etc.)

TheCaptainshouldemailtheprofessorsthequestionsandanswersforapprovalatleast48hoursbeforethemidtermexam.Onceapproved,thecaptainmustbringatleast10copiesofthequestionsonly(notwiththeanswers)androomtowriteananswertogivetotheotherteamstoanswerlikeamid-termtestandatleast10copieswiththeQandanswers.Competingteamswillhave15minutestoanswerandwrite-inthequestionsinclass.Groupsshouldsitneareachother.

Afterthe15minutesareup,theCaptainswillgradethetestsoftheothergroups.Thenwewilldiscussthequestionsandanswersoverall.

ThisisaTypeAassignment.Besidesthenumberofcorrectanswers,theteamisgradedbasedonthequalityoftheirgroupquestionsselectedandifthequestionscoveredtheessentialconcepts.Makesureeachquestionforthegroupreallyhighlightsakeyimportantconceptandshowsanunderstandingoftheconcept/ideabeyondsomethingbasicandhasaneasilyidentifiableonewordanswer.

SomesamplebadquestionsandhowIevaluatethem:

1. Q.WhatisthestockpriceofMorganStanley?

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Myevaluation:Howisthatanimportantconceptlearnedintheclass?

2. WhatdoesanaverageManagingDirectormakeatabank?Myevaluation:I’mgladyoufoundthatinteresting.Butit’snotreallyanimportantconceptfortheclass.

Thepurposeoftheclassistolearn.Learningcollectivelyandinafun,engaging,competitive,andcollaborativewayensuresthatallstudentsareexposedtokeyconceptsthroughquestionsandanswerswithinthecontentareathatmatchthecourse’slearningobjectives.Thepurposeofthisassignmentistoensureeveryoneislearningthemostimportantmaterialbeforemovingontothesecondhalfoftheclass.

FINALQUESTIONSANDEXAM(25%):SimilartotheMidtermQuestionsassignment,studentswillberequiredtogeneratequestionsandanswersabouttheentirecoursecontent,basedontheirreadingsandnotes.Hoewever,thetotalquestionswillbe15fortheFinalversus10fortheMid-term.Five(5)questionswillbefromthefirsthalfoftheclass.Youcanusefivequestionsfromyourpreviousmid-termtenquestionsorusenewonesyoulearned/readduringthemidterm.Atleast5ofthenew10questionsmustbefromreadings.Thequestionsarequestionsthestudentfeelscould/wouldbeappropriateforafinalexam.ThequestionswillbesubmittedtotheprofessorinaMSWorddocumentwithaheaderofthestudent’snameandtheuseofpagenumbers.ThisisaTypeBassignment.

StudentshavetheoptionofparticipatingintheFinalExamonthelastdayofclass(whichisaTypeAassignement),orsubmittinganotherStrategicIssueMemo(orimprovingwhattheyturnedinbefore)orreviewofachapterofWhatHappenedtoGoldmanSachs.TheformatoftheFinalExamissimilartotheMidtermGroupExaminthatgroupswillprovidealistofquestionstoothergroups,andteamswillearnpointsforthecorrectanswers.Thecaptainwillhavetosubmitthequestionstotheprofessor48hoursbeforetheexamforapproval.ThegroupcomponentisaTypeAassignment.

PARTICIPATION(25%):Studentswillberequiredtoattendclass,contributetoclassdiscussion,participateinthegroupactivitiesandanswershortpreparationquestionsforclass.Contributingtoclassdiscussionsmeansenhancingthequalityoftheclassexperienceforyourselfandothers.Itinvolvesmakingrelevant,usefulcomments,orposingpertinentquestions,inclearandsuccinctlanguage.

Tomakesurewehaveinterestingclassdiscussion,oftenstudentswillberequiredtoanswerquestionsandsendthemtotheprofessorinadvanceofclass.Somesamplequestionsareattheendofthedocumentwiththeclasses.Theresponsescanbebulletpoints.

IfIdon’taskforanswerstobesenttome,youcanvoluntarilyturnintheanswerstothequestionsshowingyouhavepreparedforclass.IencourageyoutosendittomeBYEMAILtoshowyourextrawork.Icountittowardyourclassparticipationgrade.ThewayIcomeupwithyourclassparticipationgradeis--aftereveryclass,Igohomeandreviewthefacebookrosterandputchecksnexttopeople'snamesthatcontributed.Ifyouvoluntarilyhavesentmesomething,thenIalsoputachecknexttoyourname.Ifyoutakenotesinclassandthinktheyareprettygood/clean,andIshouldhavethem(andyouareanaturallyshyandquietpersonanddidn’tparticipate)-pleasefeelfreetosendthenotestomeafterclassforclassparticipationcredit.Ifyouthinkofotherquestions,topicsetc–pleasedothesame.Classparticipationtomeincludesengagement.Ihavehadstudentssendmeslidestouseinthefuture,suggestedarticlesorvideos,etc.AttendanceSigninwhenyouarrive.Ifyoueversigninforsomeoneelse,thehighestgradeyouandhe/shecanreceiveintheclassisaHP.

Ifyoumissaclassanddon’twantittoimpactyourparticipationgrade–emailmeinadvanceANDwriteandemailtomeonepageorlessonatopicinmybookorwritea“amazon-like”shortreviewofmybookdue10daysafterthemissedattendance.

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CLASSROOMNORMSANDEXPECTATIONS

Pleasedonotgivemehardcopiesofanything!!YoudonotneedtouploadanythingtoCanvas.Justemailtome.Itakeinformalthings-itdoesn'thavetobeperfect.PleasemakesureitisinWordandyournameisonit.Iamparticularlysensitivetopromptnessandattendancewhenwehaveguestspeakers.

Youcaneatanddrinkinclass,aslongasitisdiscreteanddoesnotdisrupttheclassoryourneighbors.Sopleasebepolite,thoughtful,andrespectful.Askthepeoplearoundyouifyouaredisturbingthemornot.

Laptopsandcheckingdevicesformessagesarepermittedaslongasitisdiscreteanddoesnotdisrupttheclassoryourneighbors.Sopleasebepolite,thoughtful,andrespectful.IfIhavetospeaktoyouaboutabusingthisprivilege,thenitwillhurtyourparticipationgrade.

Pleaserespectthecontributionsandtimeofothersintheclass.

Pleasebringyournamecardandplaceitfrontofyou.

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METHODOFEVALUATION

Thefocusesareonlearningandlearningpracticalinformationandtoolstohelpastudent’scareer.

Thereisnocurve.However,IhavebeentoldbytheadministrationthatthemostcombinedH’sandH-‘sIcangiveis50%.Often,classparticipationcanbeakeydeterminingfactorbetweenanH-andHP+.

Participation 25%Questions/Mid-Term 25%StrategicIssueMemo 25%Questions/FinalExam 25%

Forthestrategicissuesmemoandtheindividualmid-termandfinalsquestionsandanswers,Iusuallyrespondwiththefollowingevaluations:1.excellent=H;2.verygood=betweenanH-andHP+-(Ican’tdecide);3.good=betweenanHP+orHP(Ican’tdecide);or4.youshouldseemeandredoit.IfIwriteexcellent/verygood,thenitwouldbeanH-.IfIwriteverygood/good,thenitwouldbeanHP+.

Ontheanswerstoshortquestionsforaclassthatimpactsparticipation,Iusuallyrespondwith1.excellent/verygood(youseemtounderstandandputthoughtintoit),2.Good/ok(youdidtherequiredwork)or3.youdidn’tturnitin(notgood).Don’tworryifyoudon’tgetaresponseatall,it’sfine.Theanswersarenotgraded.Themostimportantthingisthatyoudidthework.Ijustnoteiftheworkwasthoughtful.

Thecaptainsforeachgroupforthemidtermandfinalgetextraconsideration.

InordertoavoidambiguitythatmayleadtounintentionalviolationsoftheHonorCode,thedescriptiontypesforassignmentshavebeenstandardized.Theyarespecifiedinthetablebelow

Type Designation Discussion of concepts

Preparation of submission Grade

A Group/group Permitted with

designated group*

By the group Same grade for each member of the group

B

Group/individual Permitted Individual

(No sharing of any portion of the submission)

Individual

C Individual/individual None of any kind Individual Individual D (An optional category to be defined in detail by the individual faculty member)

*The designated group can either be an assigned study group or a self-selected one.

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Class11stclassisanoverviewoftheclassandexpectations.Inordertounderstandbanksandthestrategicissuestheyface,youneedtounderstandtheirhistory.Pleasewatchthesevideosanddotheassignmentbeforeclass.Ifyoucan’tdoitbeforethefirstclassforwhateverreason,don’tworry–youhave2weeksfromthedateofthefirstclasstocompletetheassignmentwhichisanswer#4below,whichcountstowardyourclassparticipationgrade.1.Watchthisvideo:https://www.youtube.com/watch?v=fOBTJdDqPDMItis45minutes.Itisalittledated,butprovidesagoodhistory.Don’thavetowatch2:00to9:45onthebuildingofsafesforbanksor29:00to35:30onbankrobbers.Canyouanswerthesequestions?Whatisattheverycoreofabank’sexistence?0:50to1:30***Trust/confidenceisaveryimportantthemeWheredoestheword“bank”comefrom?9:45to11:00?HowandwhendidbankinggettoNorthAmerica?11:15to12:00WhoopenedthefirstbankintheUS?12:15to12:45Wheredidbanksgettheirorigins?13:09to13:45ThehistoryofbanksinthewesternU.S.istiedtothehistoryofwhat?13:50to14:50WhatdidWellsandFargodothatwasinnovative?14:30to15:45Wasthereanationalcurrencyin1860?16:00to17:20Afterthe1906EarthwakeandfireinS.F.,werethecontentsofthevaultintact?17:30-19:00WhatdidBankofItalyinnovate?19:00to22:30Whywerewomensolicitedofbanksinthe1920s?22:30to23:45WhywastheFederalReservecreatedin1913?24:00to24:30Whatisanimportantriskmanagementstrategy?25:00to25:45WhatwasFDR’sresponsetobankcrisis?26:30to28:00WhatistheinnovationofERMA?36:45to37:45**technology/innovationisaveryimportantthemeWhatdoesacreditcarddo?37:45to38:15?Acreditcardledtowhatnextinnovation?38:30to39:30WhydobankslikeATMs?40:15to40:40Whodobanksneedtobeworriedaboutascompetitors?42:00to43:00**competitionisaveryimportantthemeWhatwillhappentobrickandmortarbanks?43:45to44:202.WatchHistoryofCitibanktogetahistoryofhowUSbanksbecameglobal.Itis8minutes.https://www.youtube.com/watch?v=ODqyDuoyijo

Canyouanswerthesequestions?

WhostartedCitibankandwhydidtheystartit?0:30to1:00AftertheCivilWar,whatdidCitibankjoin?1:50to2:15In1866whatwasthenewinnovationinbanking?2:10to2:30Bytheturnofthecenturieswhatwereforeigncompanieslookingfor?2:45to3:00TheFederalReserveActin1913allowedwhatforUSbanktoexpand?3:00to3:30***globalisaveryimportantthemeHowmanybranchesdidCitibankhavebefore1920?3:30to4:10WhatdidCitibankdoin1928togiveconsumersservicesreservedformoreaffluent?4:45to5:00Citibankmade2acquisitions1.InternationalBankingCorporation(~3:30)and2.FamersLoanandTrustCompany(~5:00).Why?Whatdidtheyadd?SoacquisitionsareapartofCitibankhistoryandculture?***acquisitionsandimpactoncultureisaveryimportantthemeProfitsfromChinahelpedwhenotherareasstruggled,showinggeographicdiversificationdoeswhat?5:15to5:45Tohelpsolveaslowdown,thebankdidwhatin1955?~7:00WhichbankstartedVisaandwhichstartedMastercard?~7:453.WatchthisvideoonthehistoryofWallStreet.Itisaround45minuteshttps://www.youtube.com/watch?v=flJTNk2a7VE

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4.WhatareyourQuestionsfromthehistoryofWallStreetvideo.Emailalistofatleast10questionswithanswerstoprofessorwithin2weeksofthefirstclass.Onequestionshouldbeatechnologicalchangeorpressure.Onequestionshouldbeonaregulatorychangeorpressure.Oneshouldbeoncompetitionpressure.Theother3canbewhateveryoufoundinteresting.Forexample:Q.July8,1889whatwasfirstpublished?Whataverage/indexwasalsocreated?~18:10[Technologychange]A.WSJ.DowJones.Note:Thiswouldnotbeagoodmidtermquestionasstructured.Theideaofatechnologychangeisandwhyitwasimportant.Butthisassignmentistoshowyouwatchedthevideoandareengaged.

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Class2andpossiblyClass3MappingOutthedepartmentsanddivisionsofabank.InvestmentBank:M&A/StrategicAdvice,CorporateFinance,CapitalMarkets(DebtandEquity),SalesandTrading(FICC:FixedIncome(Gov’t,IG,HY,Structured),Commodities,Currencies;Equities(cash,derivatives,structured);EmergingMarkets;Research(Equity,FixedIncome,Economic)AssetManagement:HighNetworth,PEFund,REFund,HedgeFund,PortfolioAllocation/InvestmentManagementTreasuryServices:TransactionServicesCorporateOperations:Accounting,Treasury,IT,RiskManagement,Operations,LegalRetailBranches/ConsumerandCommunityBanking:Mortgages,CreditCards,Auto,RetailbankingCorporateBanking:TransactionServices,SmallBusinessLoans