Mergers and Acquisitions: The Impact of Hiring Financial Advisors on Acquirer Shareholder Wealth in the US and UK Financial Services Sector

PurposeThis paper uses the recent (August 2015) FIFA arrests to provide an example of how illicit financial flows are occurring through the formal banking and financial services sector. The purpose of this paper is to explore which elements of anti-money laundering (AML) compliance need to be addressed to strengthen the banking response and reduce the impact of IFFs within the banking sector.Design/methodology/approachThe paper is based on the indictment document currently prepared for the FIFA arrests and the District Court case of Chuck Blazer the FIFA Whistleblower. It uses the banking examples identified in the indictment as typologies of money laundering and wire fraud. Corresponding industry reports on AML compliance are included to determine where the major weaknesses and gaps are across the financial service.FindingsThe main findings from the analysis are that banks still have weak areas within AML compliance. Even recognised red flag areas such as off shore havens, large wire transfers and front companies are still being used. The largest gaps still appear to be due diligence and beneficial ownership information.Research limitations/implicationsThe research topic is very new and emerging topic; therefore, analysis papers and other academic writing on this topic are limited.Practical implicationsThe research paper has identified a number of implications for the banking sector, addressing AML deficiencies, especially the need to consider the source of funds and the need for further enhanced due diligence systems for politically exposed and influential people and the importance of beneficial ownership information.Social implicationsThis paper has implications for the international development and the global banking sector. It will also influence approaches to AML regulation, risk assessment and audit within the broader financial services sector.Originality/valueThe originality of this paper is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector.

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Cooperation amidst competition: cybersecurity partnership in the US financial services sector

Journal of Cybersecurity ◽

10.1093/cybsec/tyab024 ◽

2021 ◽

Vol 7 (1) ◽

Author(s):

Sean Atkins ◽

Chappell Lawson

Keyword(s):

Financial Services ◽

Potential Model ◽

Critical Infrastructure ◽

Policy Framework ◽

Current Policy ◽

Current Form ◽

Services Sector ◽

Financial Services Sector ◽

The Us ◽

Depth Interviews

ABSTRACT The US Financial Services Sector (FSS) is commonly regarded as one of the most successful in addressing cybersecurity through public–private partnership and as a potential model for less advanced sectors. However, how well the sector has actually fared remains poorly understood. Based on publicly available material and in-depth interviews with those intimately involved in business–government collaboration on cybersecurity in the FSS, we analyze how and why collaboration evolved into its current form. We find that considerable gaps remain, which both reveal limitations in the current policy framework for the FSS and suggest lessons for other critical infrastructure sectors.

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Climate Change and Entrepreneurial Financing

Handbook of Research on Climate Change and the Sustainable Financial Sector - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-7967-1.ch024 ◽

2021 ◽

pp. 399-410

Author(s):

Ayansola Olatunji Ayandibu ◽

Makhosazana Faith Vezi-Magigaba

Keyword(s):

Climate Change ◽

Financial Services ◽

Developing Economies ◽

Climatic Conditions ◽

Services Sector ◽

Financial Services Sector ◽

Sustainable Economy ◽

Entrepreneurial Financing ◽

The Impact ◽

Gain Access

Entrepreneurs in emerging and developing economies face many challenges curtailing their ability to finance and grow their business ventures. Climate change provides new opportunities for entrepreneurs to gain access to finance and contribute toward more climate-resilient economies. The objective of this chapter is to outline the dimensions of entrepreneurial financing that are sensitive to levels of climate change with emphasis on the financial services sector's role in reacting to these changes. An analysis of current extant literature will be explored, and evidence supporting effective entrepreneurial financing will be used to develop a theoretical framework for climate change and entrepreneurial financing to foster a more climatic conditions-sustainable economy. The literature in this chapter indicated the need for establishing the impact of climate change on entrepreneurial financing in the financial services sector in order to provide recommendations that can direct funding more effectively towards climate-resilient activities and a more climatic conditions-sustainable economy.

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ITMA - IT Integration in Mergers and Acquisitions

International Journal of Business and Management ◽

10.5539/ijbm.v12n11p16 ◽

2017 ◽

Vol 12 (11) ◽

pp. 16

Author(s):

Declan Burke ◽

Serhiy Kovela

Keyword(s):

Mergers And Acquisitions ◽

Financial Services ◽

Best Practice ◽

Business Leaders ◽

Chief Information Officers ◽

Services Sector ◽

Financial Services Sector ◽

It Integration ◽

Practice Framework

This study aims to identify key information technology (IT) integration issues experienced during mergers and acquisitions (M&A) in the financial services sector. The study proposes an approach to increase the efficiency of such transactions. A comprehensive literature review and case study of a leading financial services organisation is undertaken, comprising of interviews with high ranking IT and business leaders. This research identifies the blueprint for a best practice framework, which Chief Information Officers (CIOs) and IT practitioners can employ to guide execution of their own M&A integration programme.

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‘Won't get fooled again’: How personal values shape leadership purpose, behavior and legacy

Journal of Management & Organization ◽

10.1017/jmo.2019.19 ◽

2019 ◽

Vol 25 (03) ◽

pp. 414-429

Author(s):

Emma Watton ◽

Scott Lichtenstein ◽

Paul Aitken

Keyword(s):

Recent Work ◽

Financial Services ◽

Personal Values ◽

Interview Data ◽

Senior Managers ◽

Services Sector ◽

Financial Services Sector ◽

Personal Value ◽

The Impact

AbstractWhile much has been documented about the construction of an individual's personal values, very little attention has been paid to how personal values connect with core aspects of leadership such as purpose, behavior and legacy. Through an expansion of Ken's recent work on this topic, the authors explore the impact of personal values-led leadership. A model of how personal values shape leadership purpose, behavior and legacy is introduced. These dimensions are then illuminated through interview data from senior managers from the financial services sector. The personal value impacts are examined in the context of the literature and implications for organizations and managers are drawn together.

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‘EDC girls’ and women's work: Race, gender and labor in the financial services sector in the US virgin islands

Feminist Anthropology ◽

10.1002/fea2.12015 ◽

2020 ◽

Vol 1 (2) ◽

pp. 165-175

Author(s):

Tami Navarro

Keyword(s):

Financial Services ◽

Virgin Islands ◽

Women's Work ◽

Us Virgin Islands ◽

Services Sector ◽

Financial Services Sector ◽

Women’S Work ◽

The Us

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Hurricane Betsy and the malfunctioning of the London reinsurance market: an analysis of transatlantic reinsurance trade, 1949–1989

Financial History Review ◽

10.1017/s0968565007000340 ◽

2007 ◽

Vol 14 (1) ◽

pp. 7-28 ◽

Cited By ~ 3

Author(s):

Welf Werner

Keyword(s):

Financial Services ◽

Bilateral Trade ◽

International Markets ◽

Services Sector ◽

Financial Services Sector ◽

The Us ◽

Before And After ◽

Post War ◽

The 1960S ◽

Reinsurance Market

The international performance of the US reinsurance industry differed sharply from other segments of the US financial services sector in the latter half of the twentieth century. Trade imbalances and loss ratios in international reinsurance business indicate that the American reinsurance industry had pronounced difficulties in getting a foothold in international markets. The dominance of the established western European reinsurance centres, which prevailed throughout the early phases of American reinsurance, continued long into the post-war period. Moreover, bilateral trade with the world's foremost reinsurance centre, London, failed to compensate for American catastrophe losses, a task maintained by reinsurers to be the key function of their international activities. London's failure to perform adequately is described by analysing the underwriting results of the period before and after Hurricane Betsy, the major American catastrophe loss of the 1960s.

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London

10.1093/oso/9780198817314.003.0003 ◽

2018 ◽

Author(s):

Richard Roberts

Keyword(s):

New York ◽

Financial Services ◽

Financial Regulation ◽

Global Financial Crisis ◽

Services Sector ◽

The Us ◽

The Global Financial Crisis ◽

The Uk ◽

The Impact ◽

The Eu

At the onset of the Global Financial Crisis in 2007 London was one of the two foremost global financial centres, along with New York. London experienced a 12 per cent fall in wholesale financial services jobs in 2008–9, but a recovery got underway in 2010 and London’s wholesale financial services sector staged a wavering advance. But now there were new challenges, in particular the avalanche of financial regulation coming from the UK, the EU, the US and the G20. Fintech engendered new uncertainties. The impact of Brexit was uncertain, but mostly expected to be negative, at least in the short-term. Furthermore, there was growing competition from Asian and other financial centres. Nevertheless, London remained pre-eminent as one of the two largest global concentrations of wholesale financial services activity and at the top of the Global Financial Centres Index.

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A sample survey analysis of the effectiveness of training and development initiatives in Bahrain’s financial sector on employability of Bahraini nationals in 2015

World Journal of Entrepreneurship Management and Sustainable Development ◽

10.1108/wjemsd-05-2016-0026 ◽

2016 ◽

Vol 12 (4) ◽

pp. 359-383 ◽

Cited By ~ 3

Author(s):

Subhadra Ganguli ◽

Reem Hameed Matar

Keyword(s):

Financial Services ◽

Financial Sector ◽

Training And Development ◽

Policy Implications ◽

Sample Survey ◽

Content Type ◽

Services Sector ◽

Financial Services Sector ◽

Development Initiatives ◽

The Impact

Purpose Bahrain has been the center for financial services industry in the Middle East since 1970s as a result of the national strategy of diversification of its economy from oil-based resources to financial services. Since then Bahrain has also become the center for training and development for the Bahraini nationals with the aim of recruiting Bahrainis as employees of choice by the sector. The purpose of this paper is to analyze the effect of training and development initiatives on the employability of Bahrainis in the financial services sector in 2015. To this end, pioneering initiatives were undertaken by the government in creating institutions for training and continuous education in Bahrain. The Economic Vision 2030 of Bahrain lays emphasis on a vibrant private sector with Bahrainis being the employees of choice. Design/methodology/approach The study is a mixed approach using quantitative and qualitative methods through the use of a survey questionnaire and secondary data to analyze the impact of training and development on the employability of Bahraini nationals in the financial sector as of 2015. Findings The findings show that training and development lead to career progression which impact employability rates of Bahrainis in the financial services sector for the selected sample of financial sector employees. Research limitations/implications The study is limited by only a cross-section of data collected via questionnaire and does not consider the historical development and analysis of employability rates in Bahrain over the years. The questionnaire has some limitations and there are expected possible biases in the responses. Originality/value Given the sensitivity of the topic of research, the analysis has policy implications for the labor market of Bahrain due to the Bahrain 2030 Vision of privatization and diversification and is the first study of its kind for the financial sector of Bahrain.

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