Charles has extensive experience as a banker and a consultant and is a well-known public commentator on financial services industry issues. Beginning his career with Citibank as a commercial lender, he also worked as a merchant banker with Schroders and Bankers Trust and as a consultant with Mercer Management Consulting and McKinsey & Co. before founding FIC Advisors in 1995.
For the New Year, bankers need to resolve to empower employees to make decisions, curb internal bureaucracies, plan for stretch goals and reclaim their pride in their profession.
A bank’s strategic priorities for 2016 should include building excellence in cross sell, improving IT management and determining how to partner with alternative finance companies.
The banker/consultant relationship may be fraught with tension, but there are circumstances in which consultants can be helpful.
Given that alternative finance companies are likely here to stay, banks would be better off viewing them as potential partners rather than as competitors.
Bankers need to weigh a lot of pros and cons as they consider whether to sell in the current economic and regulatory environment.
Restoring the ‘fun’ in banking requires bringing back appropriate risk taking and innovation.