Greg Solomon – Financial Services Change Management – London
Curriculem Vitae
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greg.solomon@solomontradeprocessing.com
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Greg Solomon has 35 years of financial services experience at banks (UBS, Nomura, HBOS Treasury, Egg, Abbey Financial Markets, HSBC, Barclays Capital, Credit Suisse and Deutsche Bank), at stockbrokers (Phillips & Drew, Cazenove, GNI), with fund/asset/wealth management experience (UBS, Phillips & Drew Fund Management) and Inter-Dealer Broker experience in establishing regulatory policies, controls, processes and systems
- Treasury: UBS, Nomura, Warner Bros GLs, HBOS Treasury Services, Egg Treasury
- Finance: HSBC Liquidity, Barclays Capital Basel III, Gerrard & National Intercommodities
- Front office banking (18 years) – trading, sales, quantitative analytics, client ecommerce
- Credit Risk (6 years), both in the business (UBS and Abbey AIRB models) and in IT (Barclays Capital, UBS, HBOS)
- Market Risk (9 years), both in the business (Deutsche Bank, Credit Suisse, UBS) and in IT (Deutsche Bank, Barclays Capital); lectured on fixed income risk maths; defined risk methodologies for Product Control; KoPs
- Business analysis, business process redesign, leadership of BA teams, financial product expertise, quantitative analytics and ToMs; qualified as a General Registered Representative in securities & derivatives
- Regulatory change experience in many FSA/BoE regulations. Certified senior Brexit consultant. Certified GDPR consultant. Regulator engagement
- Project Management, Programme Management, Certified PRINCE2 Practitioner, Agile, Waterfall
- Numerate, pragmatic, tenacious, delivery-orientated, customer & detail focussed. Strong influencing skills
Career overview
Group banking experience:
- HSBC Group 2021-22 Regulatory/Risk Consultant – 2LoD Lead for RAF Restructuring
- XP Investments 2018 OTF regulatory approval for an Interdealer broker client – ICAAP, ILAAP & MiFID 2
- UBS 2017 Group Risk Change: Lead PM, BCBS 239 Group Credit Risk Reporting – all divisions
Front office banking experience:
- Deutsche Bank 2019 Regulatory Change Lead/Project Manager – Model Risk Control, IB & CB
- HSBC GB/GCF 2012-14 Global Programme Manager – Global Banking Secure Document Management
- UBS 2010-11 Securities Client eCommerce Programme Management (UBS Neo)
- HSBC GB/GCF 2010 Senior Project Manager – Global Capital Markets trading and ecommerce
- Egg plc 2004 Interim Treasury IT Manager – Egg Treasury
- Nomura Intl 1995-99 Head of Development – Debt Markets, Head of Treasury IT, Head of Analysis
- UBS 1985-95 Director, Europe Head of Fixed Income Systems and Analytics
Middle office banking (Risk Management & Finance) experience:
- Deutsche Bank 2016 Project Manager, Market Risk IT – Counterparty Credit Risk Valuations, Basel III
- Credit Suisse 2015 Program/Project Manager, CRO Risk & Finance Data – IHC Capital Calculations
- Barclays Capital 2012 Deputy Basel III Technology Programme Manager – Market Risk, Credit Risk, Finance
- HSBC Group 2011 Liquidity Reporting Programme Release Manager, Group Finance Change
- UBS 2007-08 Credit Risk Project Manager – Global Risk IT
- Abbey 2005-07 Risk Business Analyst, Basel II Risk team – Credit Risk
- HBOS Treasury 2003-04 Basel II Credit Risk Technology Workstreams Manager
Back office experience (plus Egg Treasury and Nomura above):
- GNI 1999 Equity settlement operations PM, Corporate Actions and Dividend processing
IT/other experience:
- Warner Bros 2001-02 Project Manager – Euro Conversion for Treasury and five business divisions
- Cazenove 2000 Interim Programme Manager – Global Messaging Services
HSBC Group
RAF 2LoD – Restructuring Lead Regulatory Consultant – Resolvability Assessment Framework April 2021 to Dec 2022
Regulatory risk consultant to HSBC’s global Resolvability Assessment Framework for the BoE (engaged as a consultant through ‘Be Shaping The Future Management Consultancy Ltd’ as an Associate Partner).
Programme: Resolvability Assessment Framework, and the banking Recovery & Resolution programme directive
Role:
- Second-line-of-defence role to review and challenge the Group Finance RAF ‘Restructuring’ workstream, reporting to the Group Treasury Risk Steward for Capital and Liquidity
- Restructuring planning work included assessing restructuring options, impacts & implementation plans for disposal options, including regional separability, solvent wind-downs, and second order business impacts. Also assessed integration with key dependencies such valuations, funding, operational continuity and costs
Key achievements:
- Assessed and offered recommendations for improvements to potential restructuring actions, business reorganisation plan, target operating model, BRP runbook, options evaluation model, regulatory traceability, review of dry-run and non-financial risk management assessments.
- Raised 64 findings/recommendations for 2021 deliverables to 1LoD on Day 1 deliveries, including gaps in restructuring action plans, observed model separation was unplanned, reported a lack of best-case/worst case assessment processes, now resolved by 1LoD, along with enhanced focus on the net credibility assessment, a lack of governance oversight over multiple concurrent restructuring actions, identified 25 missing runbook steps in the Business Reorganisation Plan Runbook (e.g. on the restructuring objectives memo, calibration of the options evaluation framework, option selection, gap on interaction with the valuation engine, missing step for the franchise impact analysis template, missing step for the option identification process review, and challenges to runbook timelines to produce a BRP within the BoE prescribed period). Reported a gap against the BoE Statement of Policy principle 1 for an option identification methodology (1LoD resolved within a month). Engaged with 9 Risk Stewards across Group Risk on deep-dive reviews
- In 2022 raised 129 finding/recommendations with 1LoD around how to regionally separate or implement other deep-restructuring actions such as solvent wind-downs, including reporting concerns and recommendations on a wide range of separation issues including gaps in workstream delivery plans, funding and capital in separation playbook, separating financial interdependencies across the group, continuity of services with financial markets infrastructure, two IPO Listing playbooks, model separation playbook, clients & products separation, ServCo legal entities’ restructuring, Technology separation, Data, Third-parties, Brand
- Seconded to European and Middle East regional Treasury Risk to review regional management actions’ qualitative assessments (reported 7 issues and raised 2 challenges)
- Seconded to DBS Operational & Resilience Risk to work on deep-dive assessments of a sample of IT applications to confirm they were correctly assessed for their ability to respond to regional separations; found one system misclassification
Miura Development
Regulatory Consultant MiFID II Consultancy October 2020 - March 2021
Returned to Miura consultancy to develop a MiFID II consultancy programme working with a team of MiFID II consultants – Markets in Financial Instruments Directive (2004/39/EC). Identified key areas of likely failures in regulatory compliance for different types of financial services firms with a traceability matrix for the MiFID II requirements. Particular emphasis on Transaction reporting, Pre-trade and Post-trade Transparency, with work on-going for Investor Protection topics.
Developed the marketing strategy, including engagement with trade bodies, working groups, corporate LinkedIn presence, and the client engagement approach. Structured the assessment questions to take to client engagements. Personally brought all workstreams together in an overarching document. Group effort is on schedule for our first client engagement in January.
Deutsche Bank
Interim Regulatory PM Regulatory Remediation – Model Risk Controls March-December 2019
Interim project manager providing maternity cover to DB Corporate Bank & Investment Bank working in the Divisional Strats team (Strategic Analytics across all business lines)
Project: Model Risk Controls – Remediating 26 regulatory findings on control weaknesses around models (pricing models, risk models, other models) raised by the ECB, Bundesbank, BaFin, the FCA and Auditors
Role: Established business controls, delivery schedules and KPIs. Built-out remediation themes and plans needed to solve all findings and presented them to the regulators. Mapped planning & progress with each business, with Risk, Finance, Group Audit, the external auditors, and regulators. Delivered a 1-day workshop for the ECB & Bundesbank
XP Investments - Inter-Dealer Broker
Consultant – Miura Development Regulatory Consultancy April 2018-March 2019
Originally joined Miura for training courses and then became Consultant working for an inter-dealer broker client
Project 1: Consultant working in a team of two to gain FCA regulator approval by preparing the capital adequacy requirement calculation process, liquidity assessment process, treasury policy, liquidity crisis management plan
Project 2: FCA Prudential MiFID IT Forms, authoring 14 supporting documents. Lead daily client communications
Training: Certified as a Senior Brexit Consultant. Certified as a GDPR Consultant
Union Bank of Switzerland
Lead PM Firm-wide Credit Risk Reporting Risk Reporting July-Nov 2017
Project: Group CRO Lead PM for Cross-Divisional Credit Risk Reporting requirements across 19 risk measures for BCBS 239 (data management, aggregation, architecture) – the largest risk programme at UBS
Role: To plan and implement Group Credit Risk Reporting and cross-divisional reporting with flexible reporting for Risk Analytics & Reporting teams with new IT infrastructure. Managed 8 business analysts
Deutsche Bank
Programme Director, Market Risk IT Counterparty Credit Risk May-Oct 2016
Project: Working in the Counterparty Credit Risk programme for the Pcubed consultancy
Role: PM for Valuations Model Migration, Backtesting migration and for Group Wide Stress Testing upgrades to new pricing model systems. Managed a development team in India, BA in Germany, and lead stakeholder engagement
Credit Suisse
Program/Project Manager, CRO Change Risk & Finance Data May-Nov 2015
Project: Business-side program manager on data sourcing for US Legal Entity Market Risk Capital Calculations Basel III Fed reporting (trade routing) for Dodd Frank section 165 via a US Intermediate Holding Company
Role: Engaged with all business divisions to source data needed for the new models for market risk capital calculations and feeding results to Finance for reporting to the US Fed with data quality management controls agreed by workshops with Risk Operations. Managed the business Change Management and Data Sourcing team
HSBC
Global Programme Manager Global Banking Secure Document Management Aug 2012-Aug 2014
Project: To manage a secure document management system, primarily for HSBC Investment Bank – Global Banking & Capital Financing for client documents, including confidential & highly restricted deal documents. Stakeholder engagement with 13 COOs across Global Banking form Equity & Debt Capital Markets, Leverage & Acquisition Finance, Mergers & Acquisitions, Credit & Lending, Asset & Structured Finance, Project Finance, Export Finance
Barclays Capital
Deputy Basel III Programme Manager Basel III Regulatory Programme Mar-Jul 2012
Project: Worked in Enterprise Systems Technology as part of the Basel III Programme Management Office team
Role: Co-lead the IT changes by working with Credit Risk IT, Market Risk IT and Finance IT. Delivered 16 risk exposure projects; several hundred new servers were required. Rewrote the change control procedure. Member of the Architecture working group. Coordinated activities of nearly 300 FTE across 11 Technology areas in 3 continents
HSBC Holdings
Programme Release Manager Regulatory Liquidity Reporting, Group Finance Change Jun-Dec 2011
Project: Global Liquidity Reporting Programme, Capital & ALM systems for Group Finance Change and Regulatory & IASB Change team – the largest Liquidity project in the City with over 300 staff
Role: Business-side Delivery Release Manager for the Group Liquidity Reporting programme for Retail & Investment Banking regulatory reporting. Line managed Data Validation & Site Transition teams, Prototype development, Business Readiness, Group Finance Testing, third-party vendor, and lead IT build, data delivery, and regional teams
UBS
Programme Manager – Exec Director Securities eCommerce Sep’10-Feb ‘11
Project: Managed a major new cross-product ecommerce client-facing web programme (UBS Neo). Strong Agile methodology. Team included 6 MDs, 80 developers, 22 UX experts. Drove 18 workstreams with business integration. Appointed Secretariat for CTO forum on new technology stacks: security, search, ontology, historical pricing
HSBC
Senior Project Manager Global Capital Markets Mar-Sep 2010; 12m extension offered
4 Projects in Global Banking & Capital Financing IT: a new ecommerce website for investors, new product documentation automation, Debt Capital Markets financials dashboard, and Euro MTN trade blotter improvements
UBS
Project Manager – Exec DIrector Credit Risk IT Programme Management team three contracts, Jul 2007-Nov 2008
Managed six projects, two feasibility studies and one change programme:
Project 1: PM for close-out period models for Synthetic Equity Swaps. Managed 14 business analysts in requirement specifications, test preparation and testing; functionally managed an IT project delivery team of 120
Programme 1: EAD Optimisation Programme Manager saving over CHF 10 bn RWA of adjustment overwrites
Abbey Financial Markets
Risk Business Analyst Basel II Risk Models and Exposures five contracts, May 2005-Jul 07
Project: Wholesale Basel II project, Risk Department, to deliver Basel II compliance
Role: Built & deployed new counterparty credit rating and PD models and processes for three credit risk teams: banks & FIs, corporates, and social housing, including quantitative and qualitative measures. Presented to the FSA
Egg plc
Interim Treasury IT Manager Egg Treasury four contracts, 5 May-26 Nov 2004
Project: Managed all business-as-usual systems for Egg Treasury
Role: Managed operations and development of Summit trading & operations system for risk analysis and funding, with quarterly securitisation processing for credit cards & mortgages. Praised for re-design of disaster recovery
HBOS Treasury Services plc
Technology Project Manager Basel II Risk Models and Exposures two contracts, Jun 2003-Jan 2004
Project: Basel II Technology Workstreams
Role: Selected and implemented a third party system to house the client internal bank & sovereign rating models. Delivered new bank & sovereign rating models and a new Basel II credit risk reporting database
Warner Bros
Euro Conversion Project Manager Treasury GLs & 5 business divisions April 2001-March 2002
Project: Euro Conversion of Treasury General Ledgers & systems of 5 business divisions
Role: Converted 25 Warner Bros subsidiaries in-zone currencies to the euro from legacy currencies. Lead 60 IT staff working on conversions to 23 applications and 27 third-party systems. Converted 114 MIS systems in the European territories to the euro (47 finance General Ledgers and 67 business division systems)
Cazenove & Co
Interim Programme Manager Global Messaging Services two contracts, Jun-Dec 2000
Project: Global Messaging Services
Role: Ran all global email, fax & telex services change and BAU. Gathered requirements from business divisions and from Compliance; Negotiations with 11 vendors. Achieved reliability and a 60-fold performance gain
DoubleHelix Software & Services
Managing Consultant Third-party securities system deployments 1999
Client: Placed at stockbrokers Gerrard & National Intercommodities limited (GNI)
Project: Settlement operations and financial accounting of equity and stock borrowing/lending businesses
Role: Project Manager - built and delivered new Corporate Actions and Dividend Processing sub-systems and GL
Nomura International plc
IT Manager Front, middle and back office development, BAU & regulatory change 1995-99
Role 1: Business Liaison Manager – Debt Markets
Role 2: Head of Development for Debt Markets
Role 3: Head of Treasury IT (concurrently with role 2)
Role 4: Head of Front Office Analysis for Debt and Equity Markets, and Head of Cross-Project Coordination
Role 5: EMU Project Manager
Role 6: EMU Business Consultant
UBS limited
Director, Head of Fixed Income Quantitative Analytical Systems 1985-95
Started as the front office quant programmer/analyst at Phillips & Drew, soon UBS; stayed 10 years becoming Director of Debt/Treasury Division, Region Europe
Programme: Owned all fixed income and derivative systems, analytics and data in the Quantitative Analytical Systems group across Region Europe. Delivered a trading and risk management system with rich functionally portfolio management, real-time risk, pricing tools, P/L & portfolio hedging analytics, financial control & market risk management. Routed European trades to 3 settlement countries. Lectured on risk methodologies in Zurich
Hobbies: Croquet (referee), professional fireworks (C&G BPA trained), Harley-Davidsons, Opera chorus singing, Sussex bonfire societies, and from 2020 learning bell ringing and Python
Charity Trusteeships and voluntary work:
FRSA Fellow of the RSA (Royal Society for the encouragement of Arts, Manufacturers & Commerce, 2004 to date)
MIIM Member of the Institute of Interim Management (accredited 2020)
Greg Solomon – Gregory David Philip Solomon, FRSA, MIIM
1. Banking Front Office + Risk Management + Regulatory Change focussed CV
2. Banking Front Office + Middle Office + Back Office focussed CV
3. Finance and Corporate Treasury focussed CV
4. Broad financial services focussed CV