[ I N - D E P T H
and demand mismatch for key skill sets.
This is not about banks versus FinTechs
but a broader war for global talent across
industries. Firms who are organised to
compete for talent globally and have a
strong employer value proposition will be
well positioned. For example, if you are
looking for a Python developer or a UI/
UX engineer, being flexible enough to
hire for that role in Houston, Hyderabad
or Hong Kong will put you at a greater
advantage than if you are limiting yourself
to just Dublin or Jersey City. Talent is
global and organisations need to be able
to meet that talent where they are. Maybe
that means a greater number of smaller
offices. Maybe it means more flexible/
remote opportunities.”
someone who has worked in Canary
Wharf might walk into a WeWork and
think the beer-on-tap in the lobby is cool,
but consider the opposite, moving from
basement with bike racks on the wall to
staring out the window of the 40th floor
at a view of the city signing a deal with a
major asset manager or hedge fund.
There remains prestige and a true sense
of work satisfaction in custody banking,
even if it’s not necessarily from a technol-
ogy point of view. There might be a gym
in the office now, a new cafeteria with a
skyline view and much less of a risk that
all the hopes and dreams will collapse
right in front of your eyes. There’s a net-
work of likeminded peers both within and
outside of these organisations, and a real
sense of community within the industry.
It’s not all about ping-pong tables and
subsidised lattes, it’s about recognising
that people value a workplace where they
are appreciated, accommodated and feel
they can make a difference.
“The nature of work is changing and all
organisations need to adapt. A common
misconception is that talent cares about
jeans and hoodies,” adds Nable. “It’s a fun
meme, but it’s not based in reality. Talent
cares about meaningful work – solving
important, complex problems. FinTechs
do not have a monopoly on that.”
“Attracting top talent is a challenge for
any organisation when there is a supply
If I don’t do it now, I never will
If the myths of jeans, t-shirts and
ping-pong tables are being dispelled, so
should the assumption that everyone
leaves because they are unhappy or are
being lured away by the promise of free
artisanal coffee. I’ve spoken to countless
industry experts recently who left a bank
to set up their own firm due to an atti-
tude of ‘if I don’t do it now, I never will’.
These individuals often have an amicable
parting from their previous employer.
Bill Pryor was the former global head of
data and analytics for Citi’s custody and
fund services division, and recently left
the US bank to set up a new firm called
Investics Data Services. He played a
pivotal role in launching the Citi Clarity
Velocity platform for its custody and
fund services business.w
“I had always had the idea in my head,
and if I didn’t do it now, I might never,”
he explains.
“My experience at Citi was my first for-
ay in using big data and cloud-based tech,
so I thought you’ve got all these compa-
nies out there working with institutional
investors building data warehouses using
legacy platforms, based on structural
data models and things that are expen-
sive and complex to implement. But also,
once you’re done it costs a lot to main-
tain.
“Then I had a lightbulb moment – I
needed to build something to replace
existing systems. Historically Amazon,
Microsoft or Google was not an option
because the client didn’t want their data
on the cloud. The thought came to me,
that I could take a new approach and im-
plement it on a public cloud. My research
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has shown that there can be up to a 90%
reduction in cost to implement and main-
tain using the cloud. Having something
you can have up and running quickly as
well.”
We left, but didn’t go far
Pryor’s ambitions couldn’t be realised in
his previous employer and sometimes
no amount of salary increase, flexible
working or promotion can make up for
this, making an exit inevitable.
One thing that struck me during my
interviews for this feature was that when
I asked each individual if they could
share their own story of why they left
securities services, they all told me ‘I
haven’t left’. Whether it’s a FinTech, a
digital asset custodian, a research firm or
an incumbent bank, these experts have
stayed in securities services, it’s just the
nature of the roles and the employers are
changing.
We say it’s been a mass exodus, but
there are a lot of individuals staying put
and happy within their custodian bank,
while others make their way to the exit
in search of something different, yet still
in the same sector. People will always
come and go from the industry, at least in
this latest trend they aren’t going far.
For those who stay the course in
securities services, it seems the banks
are coming around the modern way of
working – slowly embracing flexibility
and innovation where possible, while
trying to create a working environment
that pleases everybody.
The mix of the post-financial crisis
era and the boom of FinTech companies
suggests this could be the toughest time
for custodians to retain talent, but that
doesn’t mean it will last forever. Start-
ups will face their own challenges as
time goes on: funding runs out, growth
means more scrutiny and regulation and
suddenly you become the incumbent.
While it’s frustrating to lose key team
members, banks can take solace that
entrepreneurs and innovators will likely
always find a way to spread their wings
eventually, and sometimes its nothing
personal.
“Though it is way more complicated
than what I used to do, I do not have any
regrets,” concludes Kech. “I would advise
everybody, once in their life, to challenge
status-quo and try something completely
new in a small company with no legacy to
deal with. It is rejuvenating.”
Spring 2020
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