Promontory Financial Group

Promontory Financial Group, a wholly owned subsidiary of IBM (through their Consulting arm), is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.

Organization

The company was founded in 2001 by Eugene Ludwig, who served as Comptroller of the Currency under President Bill Clinton, and Alfred H. Moses, a partner in the law firm Covington & Burling LLP. Promontory is based in Washington, D.C. and has 18 additional offices and affiliates worldwide, in Atlanta, Beijing, Brussels, Denver, Dubai, Dublin, Hong Kong, Istanbul, London, Madrid, Milan, New York City, Paris, San Francisco, Singapore, Sydney

Employees

Approximately 170 of the consultants working for Promontory were former employees of authorities in financial supervision. The news media has sometimes referred to Promontory as a "shadow regulator" for Wall Street.[1] The American Banker newspaper described Promontory under Ludwig's leadership as "a go-to for banks seeking insight on regulatory matters from a stable of former officials from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., Federal Reserve, Securities and Exchange Commission and other agencies."[3]

Former government officials currently associated with Promontory include:

Former government officials previously associated with Promontory include:

Sarah Bloom Raskin. Former United States Deputy Secretary of the Treasury, former member of the Federal Reserve Governor, and former Maryland Commissioner of Financial Regulation. Served as managing director of Promontory Financial Group, Washington. Currently a Promontory Advisory Board vice chair.[9]

Mary Schapiro. Former chair of the Securities and Exchange Commission and former chair of the Commodity Futures Trading Commission. Joined Promontory in April 2013 as managing director and chair of its governance and markets practice. Currently a Promontory Advisory Board vice chair.[10]

Julie L. Williams. Former first senior deputy comptroller and chief counsel and two-time former acting Comptroller of the Currency.[11] Current co-chair of the firm's operating committee.[12]

Dr Jeffrey Carmichael. Former founding chair of the Australian Prudential Regulation Authority following 20 years with the Reserve Bank of Australia. Dr. Carmichael is Chief Executive Officer of Promontory Financial Group Australasia (PFGA).

Elizabeth McCaul. Former New York Superintendent of Banks. Former head of New York office of Promontory, global head of strategy, and interim chair of Promontory Financial Group Europe.[13][14]

David Nason. Former Assistant Secretary for Financial Institutions, U.S. Treasury. Served as managing director of Promontory Financial Group, Washington.[15][16]

Tommaso Padoa-Schioppa (1940-2010). Former Italian Minister of Economy and Finances and former chairman of the Basel Committee on Banking Supervision. Served as chairman of Promontory Financial Group Europe until his death.[17][18]

type	Wholly owned subsidiary of IBM
industry	Financial services
foundation	2001
location city	Washington, D.C.
locations	15
location country	United States
area served	Worldwide
key people	Eugene Ludwig Chairman and Founder‡R1R‡‡R2R‡ Julie L. Williams Global Head of Strategy‡R3R‡ Leslie Peeler Chief Operating Officer‡R3R‡
services	Management consulting, Asset management, Financial regulation
num employees	circa 400‡R4R‡
homepage	www.promontory.com

Promontory Financial Group

Organization

Employees

Engagements

New York State enforcement action

See also

References