FEATURE/Back offices banking operations become front office focus.HILTON HEAD, S.C.--(BUSINESS WIRE FEATURES)--Nov. 12, 1996-- Robert Cohen Robert Cohen may refer to:
n. An opening address, as at a political convention, that outlines the issues to be considered. Also called keynote speech. Noun 1. to U.S. Council on International Banking (USCIB USCIB US Council for International Business USCIB US Communications Intelligence Board ) 1996 Annual Conference The increasingly sophisticated and competitive environment in which foreign banks operate in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. has mandated a new breed of highly educated back office bank managers, explained the leader of one of the largest foreign banks in the U.S. at a recent conference of banking executives. During a conference of more than 400 international bank managers, Robert Cohen, chief executive officer of Credit Lyonnais Americas, explained that most of the new products offered by banks cannot even be evaluated without complicated software and powerful computers. As a result of this new demand and focus on operations, more than 40 percent of the 1,100 Credit Lyonnais USA employees in the United States hold graduate degrees. "Understanding and monitoring the risks associated with trading these new tools is more demanding than ever before," said Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. . "With a blurring frontier between investment and commercial banks, agility is the new motto." Cohen explained that even though the Glass Steagall Act is still on, the industry is striving to offer one-stop shopping, with commercial banks becoming involved in investment banking and with investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. granting credits. "Corporate clients are now looking to find one place to get their total financing including credit, bond and equity," said Cohen. "In this new market, pragmatic and quick moves are the only way to success, which means of course not only an `agile' management, but also an `agile' structure and good communication." Specifically, Cohen demonstrated the need for technical flexible units with "cross understanding." While processing is still needed, Cohen explained, the new back office tasks will focus on control and follow-up of risks through more and more sophisticated software. Cohen also emphasized that since the U.S. banking and financing market is the largest in the world, even the largest bank must define its "niches of excellence" and gain a position as "one of the best, preferably the best" in that area of expertise. For example, Credit Lyonnais USA, while being a global player in the corporate market, has committed itself to be among the top banks for specific products (project finance, leveraged finance, securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. , and interest rate derivatives) and for specific industries (oil and gas, cable telecom, financial institutions, aviation, health care, real estate and hotel finance). The U.S. Council on International Banking (USCIB) is a national association representing more than 320 United States and foreign-based financial institutions with operations or subsidiaries in the U.S. One of the oldest U.S. banking associations, the USCIB works to standardize international banking rules and practices, serves as an advocate to U.S. and international regulatory bodies on policy issues which affect its membership, and provides leadership management training and information to banking executives throughout the United States. Additional information about USCIB is available through its home page on the Internet: http.//www.intlbanking.org. CONTACT: Lobsenz-Stevens Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Scott Tangney, 212/684-6300, ext. 313 |
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