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Top ten challenges for investment banks 2015 restructuring challenge 7

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Executing Expansion:
New Locations, new segments,
new products
Top Ten Challenges for
Investment Banks 2015
07
ExecutingExpansion:
Newlocations,newsegments,
newproducts
07
Executing Expansion:
New locations, new segments,
new products’
Following a sustained period of market turbulence, resulting
in considerable downsizing and structural consolidation,
consensus suggests that the pressures on the investment
banking industry are easing. Whilst many new rules
mandated by regulators have yet to be finalised, there
is emerging certainty allowing banks to implement
changes to their business models.
A number of banks have focused on cost
cutting and downsizing to create a “back
to basics” business model; others now
have the chance to rethink and in
many instances redefine themselves.
There has never been a better time for
investment banks to plan and act on key
questions surrounding their competitive
positioning and key differentiators. These
questions include the markets they want
and need to operate in, the clients they
wish to serve, the balance between their
foreign and domestic operations and the
most efficient method for allocating capital
for maximum leverage. Fundamentally the
investment banking leaders of today need
to decide what type of business they wish
their bank to be and why.
2
3
There has never been a better time
for investment banks to plan and
act on key questions surrounding
their competitive positioning and
key differentiators.
Investment banks’ short to mid-term
strategic focus
The key challenge for investment banking
executives remains securing what is left
of profits without neglecting to implement
a medium to long-term strategy that will
see their organisations return to growth.
It’s not a matter of returning to past
practices, but of strategically targeting
growth in their core proposition and doing
so in a clear and transparent manner:
•	Focusing and building on the strengths
in core markets to drive profitable
market share
•	Reducing duplication of effort across
business lines by leveraging utilities
•	Redeploying resources to focus on
profitable businesses / products,
eliminating underperformers
•	Achieving IB growth via synergies with
other growing parts of the business,
such as Wealth Management or
Corporate Banking
•	Seeking growth and designing new
products by following long term
structural changes in the Capital
Markets industry.
Figure 1: Notional Amounts Outstanding and Gross Market
Value of Commodities and CDS contracts
Source: BIS, Celent
Notional Amounts Outstanding Gross Market Value
0 00 0
2000 10000
500
1000
4000 20000
1000
2000
6000 30000
1500
3000
8000 40000
2000
4000
10000 50000
2500 6000
500012000 60000
14000 70000
NotionalOutstanding–USDBillion
NotionalOutstanding–USDBillion
GrossMarketValue–USDBillion
GrossMarketValue–USDBillion
Jun_1998
Jun_1999
Jun_2000
Jun_2001
Jun_2002
Jun_2003
Jun_2004
Jun_2005
Jun_2006
Jun_2007
Jun_2008
Jun_2009
Jun_2010
Jun_2011
Jun_2012
Dec_2004
Dec_2005
Dec_2006
Dec_2007
Dec_2008
Dec_2009
Dec_2010
Dec_2011
Dec_2012
Credit Default SwapsCommodities
4
In the current environment driving ROI and ROE in the face of
shrinking balance sheets is a major challenge. One clear example
is in Prime Brokerage, where many of the top ten players (by
assets under management) are scaling back and/or raising fees
for clients who don’t meet certain profitability metrics.
Redeployment of scarce growth capital
means changing the business mix.
Previously the prevailing thinking was that
“bigger is better”, with little consideration
for profit margins. In the current
environment driving ROI and ROE in the
face of shrinking balance sheets is a major
challenge. One clear example is in Prime
Brokerage, where many of the top ten
players (by assets under management)
are scaling back and/or raising fees for
clients who don’t meet certain profitability
metrics. This has two impacts: capital that
would otherwise be used in lower margin
businessesis redeployed, and higher
profitability offsets lower revenues.
As the graphs in Figures 1 and 2
demonstrate, the crisis prompted a flight
from opaque, overly engineered and
illiquid securities and the resultant return
to the ‘“safety”’ of simple flow business is
now starting. Accompanied by industry
consolidation from a client, portfolio, and
businesses perspective, this trend has
forced banks to strategically re-align and
focus on the core business offerings where
each sees the opportunity to compete.
Figure 3: Number of ETD contracts traded worldwide (bn)
Number of trades
(Bn)
Average value of trades
(Thousand USD –
weighted by trading value)
Figure 2: Number and value of Equities trades 2008-2014
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: World Federation of Exchanges (WFE)
Source: World Federation of Exchanges (WFE)
0
5
10
15
20
25
30
Total Americas Asia Pacific EMEA
Equity Interest Rate Currency Commodity Other
CAGR +14%
-15%
+2%
Total–ThousandUSD
5.1
2008 2009 2010 2011 2012 2013 2014
6.2
7.1
6.5
6.1 6.1
5.1
5.6
5.2
5.8 5.7
5.2
4.6
0
1
2
3
4
5
6
7
8
1st half of year
2nd half of year 14.2
2008 2009 2010 2011 2012 2013 2014
8.3
8.7
8.2 8.4
8.9
8.4
7.9 8.17.9 8.1
0 0
5
10
15
20
25
30
35
40
2
4
6
8
10
12
14
16
1st half of year
2nd half of year
Totalbyregion–ThousandUSD
9.5
6.8
5
The choices banks were forced to make
during this severe market correction
fortuitously allowed them to rediscover
themselves and define a new strategic
direction. Six years on we are witnessing
a renewed interest in more sophisticated
products and capabilities, illustrated
by the uptick in equity derivatives
markets (see Fig. 3). The difference this
time is the client-centric, transparent and
measured approach being adopted.
Responding to opportunity – never
let a “good crisis” go to waste
Every great crisis creates opportunities.
As such, banks must now begin to address
how to use market share opportunities
created by the post-crisis environment.
Adapting to the new market mentality,
investment banks need to go beyond
excellence in their core businesses and
create leaner operating structures. This
introverted view results in organisations
reaching their equilibrium in the markets
in which they operate and provides only
a marginal incremental profit – growth
will only be achieved through innovation
and expansion of the product base.
Improved product offerings can unlock
profit and growth capacity in domestic
markets as well as open the door to
international markets. More sophisticated
products (that maintain the necessary
degree of transparency) can provide a
mechanism to attract both local and
international sophisticated, multi-banked
clients. Banks who execute this
successfully become trustworthy and
reliable partners that provide access to a
set of investments and sophisticated
financing solutions in new locations.
Partnerships with disruptive technologies
providing these innovative financing
solutions – including crowd funding
platforms and electronic trading venues
– also represent potential opportunities.
Combined services covering modern client
needs can support banks’ efforts to better
serving corporate client needs and stop
the increasing attrition.
Before 2007 financial institutions used
MA activity to add new products and
services. Conversely, subsequent years
have seen consolidation in areas where
volumes have decreased. Going forward,
the focus will differ from institution to
institution. For the larger players,
further consolidation, and for the
smaller players, strategic and
complementary “tuck-in”
as opposed to “bolt-on” acquisitions
may still be beneficial.
However it is through partnerships
and joint ventures that most will
access success. The benefits of these
relationships include faster
time-to-market and lower entry costs
versus building from scratch. To this
end, the recent announcement of
Evercore Partners, a boutique U.S.
investment bank, acquiring the
remaining 40% of ISI Group they did
not already own, is a good example of
smaller players trying to exploit
opportunities to build distribution and
broaden their product offerings.
A strategic approach is needed to
execute this new wave of expansion.
The fundamental shift in the banking
paradigm clearly indicates that a
new set of products, locations
and segments, tailored to each
institution’s individual characteristics
and long term vision, will drive the
growth for the years to come.
It is through partnerships
and joint ventures that
most will access success.
The benefits of these
relationships include
faster time-to-market and
lower entry costs versus
building from scratch.
About Accenture
Accenture is a global management
consulting, technology services and
outsourcing company, with more
than 305,000 people serving clients in
more than 120 countries. Combining
unparalleled experience, comprehensive
capabilities across all industries and
business functions, and extensive
research on the world’s most successful
companies, Accenture collaborates
with clients to help them become
high-performance businesses and
governments. The company generated
net revenues of US$30.0 billion for the
fiscal year ended Aug. 31, 2014. Its home
page is www.accenture.com.
Accenture Experts
To discuss any of the ideas presented
in this paper please contact:
Omar Santissi
Managing Director
Capital Markets, Milan
omar.santissi@accenture.com
+39 334 6459768
Burak Zatiturk
Capital Markets, Istanbul
burak.zatiturk@accenture.com
+90 530 4173887
Chris Brodersen
Capital Markets Research, New York
c.brodersen@accenture.com
+1 917 452 1093
Disclaimer
This report has been prepared by and is distributed by Accenture. This document is for
information purposes. No part of this document may be reproduced in any manner
without the written permission of Accenture. While we take precautions to ensure
that the source and the information we base our judgments on is reliable, we do not
represent that this information is accurate or complete and it should not be relied upon
as such. It is provided with the understanding that Accenture is not acting in a fiduciary
capacity. Opinions expressed herein are subject to change without notice.
Copyright © 2014 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.

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Top ten challenges for investment banks 2015 restructuring challenge 7

  • 1. Executing Expansion: New Locations, new segments, new products Top Ten Challenges for Investment Banks 2015 07 ExecutingExpansion: Newlocations,newsegments, newproducts
  • 2. 07 Executing Expansion: New locations, new segments, new products’ Following a sustained period of market turbulence, resulting in considerable downsizing and structural consolidation, consensus suggests that the pressures on the investment banking industry are easing. Whilst many new rules mandated by regulators have yet to be finalised, there is emerging certainty allowing banks to implement changes to their business models. A number of banks have focused on cost cutting and downsizing to create a “back to basics” business model; others now have the chance to rethink and in many instances redefine themselves. There has never been a better time for investment banks to plan and act on key questions surrounding their competitive positioning and key differentiators. These questions include the markets they want and need to operate in, the clients they wish to serve, the balance between their foreign and domestic operations and the most efficient method for allocating capital for maximum leverage. Fundamentally the investment banking leaders of today need to decide what type of business they wish their bank to be and why. 2
  • 3. 3 There has never been a better time for investment banks to plan and act on key questions surrounding their competitive positioning and key differentiators. Investment banks’ short to mid-term strategic focus The key challenge for investment banking executives remains securing what is left of profits without neglecting to implement a medium to long-term strategy that will see their organisations return to growth. It’s not a matter of returning to past practices, but of strategically targeting growth in their core proposition and doing so in a clear and transparent manner: • Focusing and building on the strengths in core markets to drive profitable market share • Reducing duplication of effort across business lines by leveraging utilities • Redeploying resources to focus on profitable businesses / products, eliminating underperformers • Achieving IB growth via synergies with other growing parts of the business, such as Wealth Management or Corporate Banking • Seeking growth and designing new products by following long term structural changes in the Capital Markets industry. Figure 1: Notional Amounts Outstanding and Gross Market Value of Commodities and CDS contracts Source: BIS, Celent Notional Amounts Outstanding Gross Market Value 0 00 0 2000 10000 500 1000 4000 20000 1000 2000 6000 30000 1500 3000 8000 40000 2000 4000 10000 50000 2500 6000 500012000 60000 14000 70000 NotionalOutstanding–USDBillion NotionalOutstanding–USDBillion GrossMarketValue–USDBillion GrossMarketValue–USDBillion Jun_1998 Jun_1999 Jun_2000 Jun_2001 Jun_2002 Jun_2003 Jun_2004 Jun_2005 Jun_2006 Jun_2007 Jun_2008 Jun_2009 Jun_2010 Jun_2011 Jun_2012 Dec_2004 Dec_2005 Dec_2006 Dec_2007 Dec_2008 Dec_2009 Dec_2010 Dec_2011 Dec_2012 Credit Default SwapsCommodities
  • 4. 4 In the current environment driving ROI and ROE in the face of shrinking balance sheets is a major challenge. One clear example is in Prime Brokerage, where many of the top ten players (by assets under management) are scaling back and/or raising fees for clients who don’t meet certain profitability metrics. Redeployment of scarce growth capital means changing the business mix. Previously the prevailing thinking was that “bigger is better”, with little consideration for profit margins. In the current environment driving ROI and ROE in the face of shrinking balance sheets is a major challenge. One clear example is in Prime Brokerage, where many of the top ten players (by assets under management) are scaling back and/or raising fees for clients who don’t meet certain profitability metrics. This has two impacts: capital that would otherwise be used in lower margin businessesis redeployed, and higher profitability offsets lower revenues. As the graphs in Figures 1 and 2 demonstrate, the crisis prompted a flight from opaque, overly engineered and illiquid securities and the resultant return to the ‘“safety”’ of simple flow business is now starting. Accompanied by industry consolidation from a client, portfolio, and businesses perspective, this trend has forced banks to strategically re-align and focus on the core business offerings where each sees the opportunity to compete. Figure 3: Number of ETD contracts traded worldwide (bn) Number of trades (Bn) Average value of trades (Thousand USD – weighted by trading value) Figure 2: Number and value of Equities trades 2008-2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: World Federation of Exchanges (WFE) Source: World Federation of Exchanges (WFE) 0 5 10 15 20 25 30 Total Americas Asia Pacific EMEA Equity Interest Rate Currency Commodity Other CAGR +14% -15% +2% Total–ThousandUSD 5.1 2008 2009 2010 2011 2012 2013 2014 6.2 7.1 6.5 6.1 6.1 5.1 5.6 5.2 5.8 5.7 5.2 4.6 0 1 2 3 4 5 6 7 8 1st half of year 2nd half of year 14.2 2008 2009 2010 2011 2012 2013 2014 8.3 8.7 8.2 8.4 8.9 8.4 7.9 8.17.9 8.1 0 0 5 10 15 20 25 30 35 40 2 4 6 8 10 12 14 16 1st half of year 2nd half of year Totalbyregion–ThousandUSD 9.5 6.8
  • 5. 5 The choices banks were forced to make during this severe market correction fortuitously allowed them to rediscover themselves and define a new strategic direction. Six years on we are witnessing a renewed interest in more sophisticated products and capabilities, illustrated by the uptick in equity derivatives markets (see Fig. 3). The difference this time is the client-centric, transparent and measured approach being adopted. Responding to opportunity – never let a “good crisis” go to waste Every great crisis creates opportunities. As such, banks must now begin to address how to use market share opportunities created by the post-crisis environment. Adapting to the new market mentality, investment banks need to go beyond excellence in their core businesses and create leaner operating structures. This introverted view results in organisations reaching their equilibrium in the markets in which they operate and provides only a marginal incremental profit – growth will only be achieved through innovation and expansion of the product base. Improved product offerings can unlock profit and growth capacity in domestic markets as well as open the door to international markets. More sophisticated products (that maintain the necessary degree of transparency) can provide a mechanism to attract both local and international sophisticated, multi-banked clients. Banks who execute this successfully become trustworthy and reliable partners that provide access to a set of investments and sophisticated financing solutions in new locations. Partnerships with disruptive technologies providing these innovative financing solutions – including crowd funding platforms and electronic trading venues – also represent potential opportunities. Combined services covering modern client needs can support banks’ efforts to better serving corporate client needs and stop the increasing attrition. Before 2007 financial institutions used MA activity to add new products and services. Conversely, subsequent years have seen consolidation in areas where volumes have decreased. Going forward, the focus will differ from institution to institution. For the larger players, further consolidation, and for the smaller players, strategic and complementary “tuck-in” as opposed to “bolt-on” acquisitions may still be beneficial. However it is through partnerships and joint ventures that most will access success. The benefits of these relationships include faster time-to-market and lower entry costs versus building from scratch. To this end, the recent announcement of Evercore Partners, a boutique U.S. investment bank, acquiring the remaining 40% of ISI Group they did not already own, is a good example of smaller players trying to exploit opportunities to build distribution and broaden their product offerings. A strategic approach is needed to execute this new wave of expansion. The fundamental shift in the banking paradigm clearly indicates that a new set of products, locations and segments, tailored to each institution’s individual characteristics and long term vision, will drive the growth for the years to come. It is through partnerships and joint ventures that most will access success. The benefits of these relationships include faster time-to-market and lower entry costs versus building from scratch.
  • 6. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com. Accenture Experts To discuss any of the ideas presented in this paper please contact: Omar Santissi Managing Director Capital Markets, Milan omar.santissi@accenture.com +39 334 6459768 Burak Zatiturk Capital Markets, Istanbul burak.zatiturk@accenture.com +90 530 4173887 Chris Brodersen Capital Markets Research, New York c.brodersen@accenture.com +1 917 452 1093 Disclaimer This report has been prepared by and is distributed by Accenture. This document is for information purposes. No part of this document may be reproduced in any manner without the written permission of Accenture. While we take precautions to ensure that the source and the information we base our judgments on is reliable, we do not represent that this information is accurate or complete and it should not be relied upon as such. It is provided with the understanding that Accenture is not acting in a fiduciary capacity. Opinions expressed herein are subject to change without notice. Copyright © 2014 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.