Australian Regulators “BEAR” Down on Accountability

The Banking Executive Accountability Regime (BEAR) is scheduled to go live in Australia on July 1, 2018. This marks the Australian government’s latest response to improving accountability in the financial services industry. The new regulation aims to raise the bar for risk management and corporate governance standards and outline consequences for both institutions and responsible individuals who breach the required standards of the regulation.

The Spotlight: Kate Cramer, Partner, BCM Performance

Kate Cramer is part of the BCM Performance practice. In her role, Kate delivers market share
and strategic advice to investment banking clients across the globe.

Banking Standards Board: Doing Well While Also Doing Good

In the wake of the 2008 financial crisis, the UK financial services industry shifted its focus to restoring trust and shaping a more resilient and consumer-oriented industry. Considered the worst economic disaster since the Great Depression, the crisis suggested that banks had failed to appropriately serve customers, as well as the public good. Although the UK banking sector holds great importance to the overall economy and society, regaining trust in the industry is an ongoing struggle that requires sustained improvements to leadership and culture.

The Spotlight: Martin McGuigan, Partner, Head of Middle East

Martin McGuigan partners with firms on their rewards strategies in the Gulf Corporation Council and other regional markets, such as Egypt, Lebanon, Jordan, and Pakistan.

What’s Trending in Property-Casualty Insurance?

The changes occurring within financial services are indisputable. Technology disruption is real and it’s happening all around us, influencing workforce strategies, capabilities, operations, expense management, as well as employee and customer expectations and behaviors. This is especially true in the property-casualty insurance industry, where the focus lies on people and achieving an optimal customer experience.

What You Need to Know About Brazil’s New Labor Laws

While companies continue to wait for answers on how the courts will rule on any grey areas surrounding Brazil’s new labor laws, it is important to understand their implications on local human resources departments. Most of all, the new labor laws provide companies with more flexibility for hiring and remunerating their employees.

A Backward Glance and Forward Look at Board of Director Compensation

Across the banking industry, director compensation remains subject to regulatory and shareholder scrutiny. While increases in director pay have continued in recent years, the mix of pay has also continued to shift.

The Newly Revised U.S. Tax Code Will Influence Executive and Employee Pay, but How Much?

In addition to the changes to corporate and personal income tax levels, the new tax bill is likely to influence incentive compensation for executives and the broader employee population.

The Spotlight: Shelley Eisenhandler, Partner, Asset Management

Shelley Eisenhandler, a Partner in the Asset Management practice, manages McLagan’s alternative asset management business, including over 200 hedge funds, private equity firms, and real estate investment managers.

Tax Reform Impact for Tax-Exempt Organizations

The Tax Cuts and Job Act was signed into law on Friday, December 22nd. The following outlines the implications for "excessive pay" in tax-exempt organizations, effective for employer tax years beginning after 12/31/2017. 

Securities Services on Blockchain: The Disruption of the Custodian Banks?

In response to the many questions we received at our webinar discussing a recent white paper, Securities Services on Blockchain: A Value Analysis for Custodian Banks, we asked Alex Powell, co-author of the paper, to share his thoughts in response to the themes surrounding this important industry topic. We’ve grouped the Q&A into the following themes themes: Use Cases and Opportunities, Obstacles, Incentives, Standards Needed, Regulatory Responses, Cyber-security, Potential Consequences, and The Future.

Your Pay Equity Questions Answered

According to the Economic Policy Institute, men significantly out-earn women across all pay scales. A typical woman working full time is paid 80 cents for every dollar made by a full-time, working man, and can lose more than $530,000 over the course of her lifetime because of gender wage gaps. The average college-educated woman loses even more—nearly $800,000, as reported by the Institution for Women’s Policy Research.

The Spotlight: Tzeitel Fernandes, Partner, APAC Banking and Capital Markets

Tzeitel Fernandes leads the Banking and Capital Markets practice for McLagan in the Asia Pacific (APAC) and is also the Managing Director for the Hong Kong office, representing Talent, Rewards & Performance.

Infographic: Elevate People Performance in Financial Services

It's no secret that times have changed for the financial services industry. When times were good, soaring revenue and profits covered up human capital challenges and issues lurking beneath the surface. Today, firms are emerging from the human capital bubble and need to position themselves to select, engage, and develop their most critical resource - people. In our latest infographic, get key insights and actionable tips your firm needs to rise above.

The Spotlight: Sean Carney, Partner, European Banks

Sean Carney leads McLagan’s European Banks reward team. His group is responsible for relationships, benchmarking, and consulting services across all major investment, corporate, and retail banking clients with a presence in Europe.

Bridging the Gap: The Rising Fight for Pay Equity in Financial Services

Did you know that when the Equal Pay Act passed in 1963, women were making 59 cents to every dollar earned by men? Today, nearly 55 years later, a typical, full-time female employee is paid 80 cents to every dollar made by her male counterpart, according to the Economic Policy Institute.

Maternity Matters: What the Amended Maternity Benefit Act Means for Companies in India

Despite marginal improvements over the past few years, the gender ratio at the workplace in India remains heavily skewed towards men. The proportion of women directors in National Stock Exchange (NSE) listed companies is about 13.7%. According to a survey report by the Confederation of Indian Industry’s (CII) Indian Women's Network (IWN), 37% of women opt out of their jobs mid-career due to maternity or childcare issues. The pressure of balancing responsibilities at home with a professional career has resulted in such slightly discouraging statistics.

One Year After the Retail Banking Scandal: Are Banks in the GCC Region at Risk, Too?

The retail banking scandal has exposed the perilous link between the actions of the sales workforce and corporate culture, as well as the laissez-faire attitude towards mis-selling that led to those actions. Are banks across the GCC region at risk, too? 

The Spotlight: Jeff Rieder, Partner, Head of Ward Group

Since 2005, Jeff Rieder has served as Head of Ward Group, a part of Aon focused on insurance performance and rewards practices. He has significant experience in the industry with expertise in the property-casualty and life, health, and annuity segments.

Banking Observations on the CEO Pay Ratio and New SEC Guidance

The SEC Corporation Finance Staff, on September 21, 2017, issued three forms of guidance on the CEO Pay Ratio Rule: an interpretive release, a press release, and new and revised C&DIs.   

Does Money Buy Happiness?

We’ll leave the question of whether money buys happiness to the philosophers, academics, and social scientists. (For the record, we prefer to err on the side of yes). Regardless, one thing money certainly does is cover up human capital challenges and issues lurking beneath the surface. When times are good, when revenue is soaring, and when there’s plenty of pay to go around, fewer issues arise and the allure of the present obscures a focus on the future. Think of it as a human capital bubble.

Broadening the Employee Value Proposition for Digital Talent

Almost every company is now a tech company in some way. The need for digital roles and specific skillsets in the financial services industry is at an all-time high. Firms in every sector are competing for the talent that they need to pursue innovation at the speed of today’s demanding tech environment. In fact, according to our cyber security pulse study, 95% of financial services firms plan to increase their cybersecurity headcounts in 2017. It is undoubtedly the age of digital disruption. In order to compete with emerging tech firms and their highly appealing Silicon Valley approach to attracting and retaining key employees, the financial industry must acknowledge that the broader ecosystem of rewarding digital talent is changing and transform its value proposition with it.  

The Future of The Kingdom of Saudi Arabia’s Capital Markets: How can authorized firms change to win future opportunities?

Investment banks are hiring in Riyadh in anticipation of a boom in fees, as the government emphasises efforts to wean the economy of oil. 

Bank Culture Reform has Officially Arrived in Asia

In March 2017 the Hong Kong Monetary Authority (HKMA) issued a note to all Authorized Institutions (AIs) in Hong Kong on the need for enhancing standards and practices in respect of governance and risk management and the role that culture reform would play in this process. The note contains practical guidance to AIs on the three pillars of culture – governance, incentive systems, and assessment and feedback mechanisms. It is applicable to AIs incorporated in Hong Kong, as well as firms that have a presence in the city, but are headquartered outside of Hong Kong.

Dodd Frank Regulatory Update: Signals from Financial Regulators’ Spring Agendas

In 2018, it is not expected that any of the outstanding Dodd-Frank proposals will be finalized including – Pay Versus Performance, Clawbacks, Hedging, or Incentive-based Compensation Arrangements. The CEO Pay Ratio is presently in effect and applies to fiscal year 2017, which will show up in proxy statements filed for 2018 annual shareholder meetings.

China’s Super Regulator: What to Expect

In July 2017, Chinese President Xi Jinping ordered the establishment of a super regulator, a Financial Stability Development Committee that will coordinate between regulators of the banking, securities, and insurance industries.

Indonesia Regulation on Wage Structure and Scale

Indonesia recently introduced a regulation on formulating, implementing, and communicating wage structure and scale. Its focus on pay transparency is expected to spur a number of new compensation and pay differentiation strategies for banks.

A Shifting Broker-Manager Relationship

Don’t believe any rumors involving the death of the prime brokerage. In fact, prime brokers are still very much alive despite the introduction of the Basel III capital adequacy regime, its Liquidity Coverage Ratio (LCR), and, most importantly, the Net Stable Funding Ratio (NSFR). While the industry’s entire business model was brought into question with the emergence of this regime, prime brokers have not only survived the rising cost of capital, but continue to thrive despite the constraints.

Will Artificial Intelligence Take Over Your Banking Job?

Digitisation has changed banking forever. Cashless transactions, mobile and online communications, paperless submissions, and automated teller machines (ATMs) have changed the face of banking. Disruption is a norm and organisations, both large incumbents and financial technology start-ups, are creating new markets and controlling consumer experience like never before.  

Aon Names Ray Everett Global President of McLagan

Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced it has named Raymond Everett as global president of McLagan. In this role, Everett is responsible for leading a team of experts who provide compensation, performance and talent intelligence to companies in the financial services and insurance industries. He leads the McLagan executive committee and is a member of Aon’s Talent, Rewards & Performance executive committee.

 

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