Professional Documents
Culture Documents
Are capital markets participants and users prepared and capable to reimagine the future, innovate
and compete against this still unfolding backdrop?
www.pwc.com/banking
Contents
Welcome 3
Visualising the priorities of participants through the lens of capital markets users 4
1 Introduction 5
Todays challenges 5
The future landscape 9
3 Potential disruptions 26
4 Priorities for 2020 29
Proactively manage risk, regulation and capital 31
Establish stronger culture and conduct: Change for good 36
Redefine the business model 39
Strategically renew the operating model 41
Enable innovation, and the capabilities to foster it 45
Obtain an information advantage 48
Welcome to the second instalment of our Banking and Capital Markets As a capital markets participant,
understanding the future is imperative.
2020 series.
Otherwise, how can you best determine
whether to invest in a certain area, grow or
reduce your footprint in a country, or launch
This paper covers the future of capital Our survey of top capital markets or discontinue a particular product, business John Garvey
markets, a subject of increasing focus executives which is part of the study, clearly or strategy? As a user of capital markets one PwC US
since the financial crisis. The vitality of demonstrates that leaders believe it is will need to develop a view of the types of Global Financial Services Advisory Leader
capital markets is critical if the world is to important to have a better understanding products and financing options that will be
return to an environment of sustainable and a more clearly articulated vision of their available to support your business.
economic growth. Moreover, effective place in the capital markets industry in 2020
capital markets are crucial to the efficient than they do today. We wholeheartedly agree To make these decisions you will have to
allocation of credit and investment. To be this is an area of strong interest not only consider various scenarios and possibilities.
most beneficial, capital markets must be for the participants (i.e. investment banks, Where will the leading financial markets be
able to function freely, rewarding strong broker-dealers, financial market utilities and in 2020 and beyond? How will regulation Justo Alcocer
performers and penalising those who are the like), but also the users (i.e. private shape capital markets in the future? How will PwC Spain
EMEA Banking and Capital Markets Leader
unable to deploy capital effectively. Looking equity firms, pension funds, hedge funds, megatrends such as urbanisation translate
forward to 2020, capital markets will play other non-bank financial intermediaries and into opportunities for capital markets and
an increasingly important role in providing corporates), who rely upon on global capital financial institutions to fund infrastructure
everything from financing to the worlds markets for funding, risk management, and and trade? What will be the revenue
most innovative companies to generating transactional banking services. Furthermore, drivers moving forward? Do you need to
the investment returns needed to support other stakeholders such as policymakers consider different business models going
an ageing population in the developed and regulators also need to develop the forward? Will new players disintermediate
existing financial institutions or provide for Antony Eldridge
world. This paper will provide insights right balance between investor and system PwC Singapore
and understanding into the future of this protection as well as the need for markets innovation and partnership opportunities? Asia-Pacific Banking and Capital Markets Leader
industry, which either as a participant in or to function freely and efficiently in order to These are all critical questions to consider
a user of capital markets, is critical to your support economic growth. when formulating a business strategy and
actions today and to your plans for more tactical action plans going forward.
the future. PwC Capital Markets 2020 3
To produce this paper, we assembled Imagine you are on a journey from the It is now a fast-growing USD 100 million
insights from PwC teams and our clients
from around the world. Additionally, we
Visualising the present to 2020 with one of the emerging
markets new entrepreneurs
software and services business with
subsidiaries in the US, China and Germany.
assessed challenges and opportunities the priorities of The company is managing business
evolving marketplace is creating for financial Rajiv symbolises the new India. In 2013, relationships in 15 countries and 10
market participants and users and how participants he, along with two other partners founded currencies. They are eyeing acquisitions on
they plan to respond. We then developed through the an offshoring firm focused on predictive
analytics. The companys seed money came
two continents and considering a small debt
a point of view regarding how megatrends offering to finance further expansion, but the
will impact the future of the global financial lens of capital from a combination of savings, family loans trust of a key client has been challenged. His
and a government development grant. The
system using PwCs proprietary Project
Blue framework. We considered how these
markets users business grew to 200 people and over USD
nevertheless optimistic partners are pushing
for a potential IPO in 2022.
trends will drive various scenarios for 10 million in revenue in 2017, so he and his
Are capital markets partners sourced a USD 2 million loan from Rajiv faces some daunting questions. Can
the future of capital markets, focusing on
questions such as: Where will the clients be participants and users a bank in Singapore to finance the purchase the firm rebuild the trust they once had with
in 2020? Where will the capital come from? prepared and capable to of new computer hardware and software to their key client? Where should he source
What will be the potential roles of capital reimagine the future, grow their business. They considered crowd- his capital? In India? Or in a global hub,
markets participants in the economy and sourced financing at the time, but the rates such as Hong Kong, London or New York?
innovate and compete and conditions were not as favourable as Should he consider seeking direct investment
in the context of government policy? We
then translated these trends and our view of against this still unfolding those offered through their bank. from a private equity firm, pension fund
the landscape into six priorities for capital backdrop? or sovereign wealth fund? How aggressive
In 2020, as the partners look to return to the should he be in raising capital? Can the firm
markets participants and users to help ensure
bank for a substantial increase in working absorb one or more acquisitions? Is this the
their future success. Finally as previously
capital, Singapore suffers a crippling right time to consider selling equity? Most
noted, we commissioned a survey of over
cyber-attack, shutting down markets and importantly, who can advise him on these
250 capital market executives and industry
undermining trust in technology-delivered strategic choices? Do his current bankers
leaders from around the world to obtain their
solutions. Conveniently, other competitive have the experience, product set and
feedback and insights in order to validate our
funding sources were available that were geographic reach to properly serve him? Or
hypotheses (or not!).
as competitive as those offered by their must he look elsewhere?
We look forward to hearing your feedback bank. Furthermore, these sources now offer
on our work and to engaging in a provocative increased flexibility in terms of scaling to The premier capital markets participants
dialogue with you and your colleagues going their growth plans. of the future must be able to address these
forward. We would be pleased to share issues and more.
As Rajiv considers the companys future, he
additional points of view, information and
sees his business at a critical turning point.
insights as appropriate. Please feel free to
reach out to me or one of your existing PwC
contacts to start the dialogue.
We believe that capital markets in 2020 will look very different than they As global interconnectivity and ubiquitous Todays challenges
access to financial markets increase, we see The challenges for capital markets players
do today. Based on feedback from clients, many have gloomily predicted
a world where well-functioning, deep capital are vast and include pressures from clients,
a shrinking capital markets landscape, overregulation and the fall of markets are needed more than ever. Industry stakeholders and regulators. Despite this
traditionally powerful financial centres such as London and New York. leaders must address the continually difficult environment, 84% of surveyed
However, we have a different vision for 2020 one of a new equilibrium. changing market forces and prove that they executives indicated that they feel somewhat
can operate within this new equilibrium, or fully prepared for the challenges within
This new equilibrium consists of a traditional financial axis of power which includes justifying their social utility. the industry, although many players are
further solidifying their positions at the top and the world seeking stability struggling to meet more stringent risk and
and predictability in the context of riskier and more uncertain geopolitical Participants and users of capital markets capital requirements while maintaining
will need to choose what posture to adopt acceptable levels of profitability. Users of
situations. In addition, much of the landscape where financial institutions against this shifting landscape whether to capital markets face a number of their own
operate will change significantly. This change will come from economic and be a shaper of the future or a fast follower. challenges from finding yield in a period of
government policies, innovation, operational restructuring, technology, from To restore public confidence and position pervasively low interest rates to adhering to
businesses for long-term success, they will complex regulations that they had not been
smarter and more demanding clients, companies harnessing powerful data subject to before. Meanwhile, incumbent
need to take a leadership role in shaping the
and from continued growth of the shadow banking system. new equilibrium whether by helping drive and emergent financial market utilities
the creation of new utilities, or by taking the (FMUs) are finding their places within the
lead on transforming entrenched businesses new capital markets landscape and need
and operating models. Staying the same will to reach sufficient economies of scale to
not be an option. Consequently, we believe operate effectively over the long-term. This
that the winners in 2020 and beyond will point of view is consistent with that of our
need to relentlessly execute against todays surveyed executives who cite top challenges
ranging from increasing client profitability
imperatives, to radically innovate, and to
(36%) and attracting and retaining talented
transform in order to meet the client and
employees (33%), to adapting to new
industry needs of the future.
technologies (33%).
resulted. Establishing a strong culture and such as crowd funders and peer-to-peer
25% to less than 35% of global
conduct is essential to correcting these lenders. Seventy percent believe they pose financial assets
66%
imperative to act remains as culture is now within the industrys ecosystem (i.e.
Attracting and retaining talented employees 33% New product development 35%
Increasing frequency of cyber threats 19% New M&A/joint ventures/strategic alliances 15%
Customers loss of trust in their financial institutions 14% Increasing product usage 8%
Macroeconomic factors 2%
Base: (261)
Base: (261)
(1) Please note that executives were able to respond with their top three choices.
(2) Please note that executives were able to respond with their top three choices.
Source: PwC Capital Markets 2020 Survey
Source: PwC Capital Markets 2020 Survey
Few, very large sell-side Several leading large Large sell-side Large sell-side Large sell-side
participants capture sell-side participants participants capture participants capture a participants capture no
market share capture market share roughly half of available minority share of the market share for capital
market share market markets products
1 49%
2 3 4 5
28%
18%
5%
0%
The majority of the technology and
A convergence of old-age population
operational infrastructure will be growth and rising healthcare costs
operated not by the banks but by financial vis--vis the lowering of uninsured
technology (FinTech) companies, rates in Western economies will drive
outsourcers and industry utilities (both capital markets innovation, as insurance
bank and publicly owned), bringing companies and governments look for
both new management and regulatory new ways to offset risk. Combined with
challenges, along with cost and efficiency the growing need to address unfunded
benefits. liabilities (e.g. pension, etc.), investment
banks will lead the development of new
A large macro and idiosyncratic event and creative investor-based solutions to
that hurts global economies will cause the fund these challenges.
failure of a SIFI or FMU, prompting a re-
evaluation of systemic risk concentration
The overregulation of financial markets
as well as measures to manage these risks. will stimulate significant additional
growth in the shadow banking system,
As governments meet mounting resistance
which will further magnify growth for
to austerity measures (designed to address monoline finance companies, hedge funds,
sovereign debt payment shortcomings), private equity firms and other buy-side
key central bankers will agree to tolerate players. Traditional financial institutions
multiple years of higher inflation in order will lose share to non-traditional players.
1st
at an accelerating pace. This will lead to
another series of failures and potential
government intervention and regulation
of the sector. A crippling global cyber attack
2nd
will need to understand how global trends
impact the industry in order to develop
New regulation restricting ability to
their winning strategy. They realise the
generate profitable businesses
importance of having a view of where the
industry will be in 2020. A crippling global
cyber attack, new regulations restricting the
3rd
ability to generate profits, and/or a large
macro idiosyncratic risk that hurts global
economies are thought to be the more likely Loss of market share to
scenarios, as indicated by the executives in non-traditional players
our survey, and these may alter the industrys
current trajectory. What is absolutely clear,
given the wide range of potential outcomes,
4th
is that developing an analysis of the impacts
of potential future scenarios and their
likelihoods will be essential. A large macro idiosyncratic risk that hurts
global economies
In Section 2, we address these questions
and concerns, and consider how global
macro-trends will impact the industry.
Adapt
of a world in flux, debate the implications for
(particularly in the West) are Regulatory environment Fiscal pressures Political and social unrest
their business, rethink their strategies and,
focused on adapting to global if necessary, reinvent their organisations.
instability; however, the market is Population growth Changing family structures
Seeing the future clearly, being first to adapt
changing and opportunity exists
Demographic
discrepancies Belief structures strategies and business models and breeding
change
Ageing populations a culture that shapes, rather than reacts to the
for those who see it. changing business environment will be the
Project Blue Framework
As we pointed out in a 2012 PwC publication, Banking Industry Reform: 2 Establish stronger culture 5 Enable innovation, and the
A New Equilibrium, there is a permanent shift in terms of performance and conduct capabilities to foster it
To respond to regulatory and market Innovation will need to come to the
benchmarks, industry structures, business models, products, pricing, conduct
criticism, participants must change forefront to drive excellence and to fill
and remuneration. for good and embrace a cultural profitability gaps. Much of this innovation
transformation that fosters transparency will come in the area of risk, capital and
and high professional standards while collateral management as opposed to
Todays new equilibrium with an industry users run the risk of emerging from the crisis minimising conflicts of interest. These the product level, which has been the
average RoE of 911%, will impact both recapitalised, restructured and reformed, but changes will increasingly become key historical source of innovation in capital
participants and users of capital markets. irrelevant. value drivers and differentiators of the markets.
Policymakers and regulators are leading future as society assesses the social utility
the reform agenda and are forcing its pace, To stay competitive through 2020, we have of capital markets and its participants. 6 Obtain an information
but they are only the catalysts. The real identified the following six priorities that advantage
drivers the expectations of a wider set financial institutions must confront now in 3 Redefine the business model By harnessing power of big data, leaders
of stakeholders and the realities of a new order to emerge as leaders: A shift in business model enabled by will be able to create competitive
economic and commercial landscape will technology is occurring. Financial advantages in client experience,
fundamentally and permanently reshape 1 Proactively manage risk, institutions will look to rationalise their operational design, risk management
the capital markets landscape. We believe regulation and capital offerings, country footprints and the and profitability.
a new equilibrium will emerge in terms of Regulatory response must be proactive clients they serve on the way to building
innovation, technology, industry structures, and increasingly integrated into business- simpler business models.
business models, financial structures, as-usual practices. Risk and capital should
products and remuneration. As such, be managed holistically throughout 4 Strategically renew the
players must prioritise responding to the the enterprise and with an end-to-end operating model
aftermath of the financial crisis, meeting new analytical rigour to succeed in a complex IT automation, consolidation and
client demands, adapting to technological and dynamic ecosystem. utilisation of middle office and back office
advances and adjusting to the industry activities will simplify operating models,
reform agenda. Otherwise, participants and reduce costs and improve profitability.
Conduct C
ommunication and conduct training are seen as F
irms employ a consistent approach, globally, to
Clarification and formalisation of explicitly expected set check the box exercises conduct violations
of ethical behaviours for every level of the organisation. Policies and expectations are inconsistent across the F
irms implement a zero-tolerance policy for
global organisation retaliation to reports of misconduct
U
nderreporting and fear of retaliation makes it difficult L
eaders walk-the-walk, responding fairly and
for firms to spot violations in real-time consistently to conduct violations
O
pen dialogue is established to provide feedback
and report misconduct
Incentivising differently
Talent management:
Emphasise the firms identity and values in hiring and training programmes.
Create levers in remuneration structure to reward desired the how (behaviour) vs. the what (outcome behaviours).
Develop and report on a culture scorecard that includes both qualitative and quantitative measures.
Governance and organisation:
Foster formal alignment between risk and business through closer organisational relationships and dialogue with staff.
(BU) C
that will emerge across capital markets Focus is on ensuring rapid operational Push for the right balance of onshore and
response to new products and services offshore to meet client demands
participants and users, with nuances and
Technology: Technology:
differences that govern how each model is
Emphasis on flexibility and front office Industrial platform with very high
executed. and/or client technology capacity, interoperability and flexibility
In middle to back office, the focus is on Increased emphasis on exception
workflow, simplicity and low costs management, data and connectivity
Data: Data:
Common data/middleware layers across Highly robust data architecture and
products to interface with providers governance
Dependent on high-data standards to Improved ability to bring in diverse data
monitor and manage services types and message formats
Today Tomorrow
Source: PwC
Source: PwCs Breaking the rules: Achieving breakthrough innovation in financial services, 2014
Source: PwC
Growth
Insight
uses of big data. Remarkably, 45% are not suggest that technology and big data will Big data and
industrywide scale; these are still investing in big data capabilities. Challenges be primarily used to reduce all manual big data analytics
early days for big data among are perceived to be stemming from many tasks associated with products and their
capital market participants and angles; the most widely cited constraints distribution globally. This may take form
to truly achieving a big data advantage are through access to broker-neutral, multi-asset
users. In fact, surveyed industry related to talent, technology and market trading platforms, which allow clients to take
executives suggest that banks forces. The organisational framework and greater control of their trading requirements, Op po
rt u nity
(global, national-commercial, process by which players turn information or through big data-driven research that
regional and state-owned) have into knowledge leveraging structured and delivers subtle but valuable insights, which
unstructured data across all facets of the could not be easily unlocked. At the root of big data lies an important
the most to benefit from big data organisation to make informed decisions
value chain
and its integration into the market about markets and clients will be the Mastering big data for trading purposes Historically, financial institutions collected copious
amounts of data. However, they were unable to
landscape. competitive advantage. is one area already being aggressively use that data to generate meaningful information
addressed by capital markets participants in a timely manner, which fragmented their view
of business insights. Because they were unable
Both capital markets participants and users and users. However, the real challenge to develop big data analytics and process the
have become massive and sophisticated users going forward will be to apply that same data in real-time, they had difficulty predicting and
of big data for their trading activities. Players focus to areas outside trading. We see responding to changing business needs and rising
opportunities. As a result, business opportunities
will continue to use data, both structured use and applicability of big data across a and related growth were tied to a much slower
and unstructured, to better understand broad spectrum of financial institutions roadmap. This value chain is at the foundation of
market movements, identify arbitrage internal activities: from credit analysis big data.
opportunities and improve trade execution and instrument pricing, enterprise risk Source: PwC, Where have you been all my life? How
the financial services industry can unlock the value in
strategies. Big data and associated analytics management, regulatory reporting to
Big Data October 2013
will make it possible to continue to automate nimbler capital allocation. More than
48 PwC Capital Markets 2020
becoming a mere tool, we believe that Figure 17: How the financial services industry can unlock the value in big data
big data will drive change and necessary
innovation throughout the capital markets
Topic Key benefits of big data
ecosystems.
Customer data Customer Institutions with global footprints can apply big data to develop a single view of
However, benefits will likely not be reaped monetisation centricity the customer, which can promote delivery of an enhanced customer experience
by all and certainly not equally. Senior and in turn, improve branding and increase revenues.
executives expect that the largest global and
regional institutions will master big data Customer risk Financial institutions can also apply big data to analyse behaviour profiles and
analysis trading patterns, thereby gaining a 360-degree view of the customer that will further
capabilities, in line with their capacity to
enhance the firms risk management capabilities.
invest. Furthermore, there is an expectation
that leaders who continue to make progress Customer Using big data, financial institutions can analyse their internal customer logs and
in this area, either by investing resources retention social media activity to generate indications of customer dissatisfaction, allowing
towards in-house development or by time to act.
partnering with technology specialists, Transactions New products Social media analytics generated from big data can be leveraged in various
will gain significant competitive advantage and operations and services stages of new products and services, from conceptualisation to launch.
early on. Nearly half of surveyed executives Institutions can use social media to ascertain pre-launch sentiments and
suggest that their big data technology expectations to effectively define marketing strategies.
budget is up to a third of new technology
Algorithmic Institutions can leverage big data to store large volumes of historical market
investments. Additionally, surveyed
trading and data to feed trading, predictive models and forecasts. Institutions can also
executives suggest that in addition to
analytics use big data to perform analytics on complex securities using reference, market
investing financially, they can also prepare
and transaction data from different sources.
themselves further (and benefit from this
trend) by increasing focus on obtaining Organisational Institutions can use big data to measure organisational intelligence using
information through non-traditional intelligence employee collaboration analytics. In addition, a big data-based culture of innovation
sources and utilising data sources to better empowers workers to learn more, create more and do more.
target risks. This upward projection and Risk management Risk Increased regulatory focus requires institutions to manage enterprise risk across
commitment to big data will define the and regulatory management risk dimensions. Big data can enable market events across geographies to be
landscape until such capabilities become reporting captured in real time via unstructured data sources such as news, research, graphs,
broadly commercialised and offered on a audio, visuals and social media.
cost-effective basis to the whole market.
Regulatory To respond more efficiently to regulatory demands, institutions can combine
Unlike previous technology cycles however,
reporting regulatory data with supporting documents, contracts and attestations,
larger leaders will be able to hold on to thereby enabling better risk management.
such competitive differentiation for a much
shorter time, as technology and analytics
specialists continue to lower costs of these Source: PwC, Where have you been all my life? How the financial services industry can unlock the value in Big Data October 2013
new tools.
What about the users of capital markets? Since the financial crisis the
world has been watching how banks, sovereigns and citizens cope with
the changing economic landscape. However, as we transition to a new
equilibrium, more emphasis should be placed on the users of capital markets
(i.e. corporates, pension funds, asset managers and other non-bank financial
intermediaries). These players have an integral role in ensuring stability and
efficiency of both capital markets and the real economy.
classification.
The views of both the participants and Impact of new technologies 31% 34%
users are roughly aligned in terms of their
perspectives on major market dynamics and
changes. For example, both expect staccato- Attracting and retaining talented employees 37% 26%
like volatility and instability that will cause
markets to experience booms and retreats,
and both anticipate that strong financial New market entrants 36% 23%
performance will require business focus.
As such, to be successful players need to
drive client-focused innovation and holistic Product development 28% 15%
management of risk, regulation and capital.
Furthermore, users and participants both Base: (156) Base: (105)
view the business impact of technology
similarly. On the one hand they view it as a Source: PwC Capital Markets 2020 Survey
source of risk if managed improperly, and
on the other as an enabler of competitive.
This can be further extended to executives Where the two groups differ however, transformation programmes, some 35 years
perceptions on the ability to gain an is in their interpretation of how market earlier, while many users are only starting
information advantage through big data, as changes will shape individual investment to consider the implications of these market
both expect it to be a significant driver going priorities and challenges. While both users structural changes. As such, users still
into 2020. and participants agreed that client-focused have a long way to go in terms of financing
innovation was an important investment their strategic initiatives. Of the survey
focus, users were more concerned about respondents, over half of the users indicated
implications of technology and compliance that they have to raise additional capital to
investments than their participant fund their regulatory initiatives (whereas
counterparts. This stems from the fact this was less than a third for participants).
that participants have embarked on big
PwC Capital Markets 2020 51
Furthermore, with these areas of focus also
Figure 19: Where do you see client-focused innovation coming from within the
come challenges. Users of capital markets see
capital markets industry?
significant challenges in maintaining their
foothold and positioning with clients. This Potential development Overall Participants Users
makes sense particularly in an environment
where it is increasingly difficult for managers National commercial banks 56% 53% 60%
to outperform market benchmarks, and
end-clients are evermore precocious and Global banks 51% 47% 55%
discerning. Meanwhile, participants viewed
attracting and retaining employees, and the Non-traditional financial services 33% 24% 48%
threat of new market entrants as their top providers
challenges.
Regional banks 30% 33% 26%
Overall, the road ahead for both users and
participants will be challenging as they State-owned banks 21% 25% 14%
navigate the business implications of the
current market trends. By staying proactive Source: PwC Capital Markets 2020 Survey
and vigilant now, they can create discrete
niches and competitive advantages to
position for success through 2020. Beyond safety and soundness, users relationships with these providers of capital
want access to funding. This funding and to be more flexible in their procurement
Evolution of needs and will be paramount to supporting the of financing, advice and risk management
market role development of the real economy. Basel services.
The world of 2020 will be more complex III, G-SIFI requirements and national
for the users of capital markets. More bailouts however, have caused significant In terms of services, capital markets users,
fragmented providers, fewer products, less shrinkage of participants balance sheets particularly those that are cross-border,
customisation and higher costs of services and reduced financing capacity. In some want consistency and access to the full
will be the order of the day. To access ways this is good for capital markets, as spectrum of products and offerings from
funding and services as well as to ensure banks and other providers will be forced to their provider of choice. The post-financial
fair pricing, users will need to exercise become facilitators rather than principals crisis world is moving in exactly the opposite
greater focus, devoted attention and in a number of transactions, as the shadow direction. Nationalisation, subsidiarisation
enhanced creativity than ever before. banking system steps in to fill the gaps. and regulatory preference have left us with
In many instances they will need to step in Practically though, this means that users an increasingly fragmented financial system,
and reshape their role in the marketplace. of capital markets will need to form new and presently there are few institutions that
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