Consistent with both regulatory changes and also changing market practice, major banks are increasingly seeking directors with strong experience in banking, capital markets and ideally risk management sectors.
Thus little suprise to see UBS naming Jes Staley to its Board of Directors with effect May 2015. Given his roles at JP Morgan (CEO of investment bank, CEO of asset management), managing partner at BlueMountain Capital Management LLC, and advisory role with the Fed, it comes as little surprise that banks will want to boolster thier governance credentials with experienced banking and risk management veterans. Look for more to come in the coming months and years, especially as regulators seek experienced board members on bank boards.
All of this is part of a growing trend in risk governance towards firm-wide enterprise risk management, where all risks - credit, market, operational, reputational and cyber risks are increasingly considered by bank boards, requiring the best available non-execs going forward.
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