OM is tightening its focus on the bank and brokerage markets by establishing a new business area called Banks & Brokers.
The new business area is largely based on what was previously known as the Broker Services business area, including the unit that is under the supervision of the Swedish Financial Supervisory Authority, and other business units within OM in Stockholm, London and New York that aim to sell to banks and brokerage firms. They will now be part of a single, consolidated group led by Klas Sthl.
The new organization, which came into being on 1 January 1,isexpected to lead to redundancies as overlaps are eliminated.
Banks & Brokers will offer systems, services and back-office-for-hire solutions to banks and brokerage firms in the Nordic region, Europe and North America. At present, it handles around 430,000 end-customer accounts and 8 million transactions per year. The new business area’s expected turnover is approximately SEK 400 million.
“By consolidating the areas of our business that share a common customer base, we are creating a business area that will strengthen all of OM’s business and allow us to better focus on our customers and on future growth,” says Magnus Bcker, Chief Operating Officer and Vice President, OM.
“With the starting point in OM’s strong brand as an important participant in the world’s financial markets with leading technology and market expertise, I see great potential in developing our business,” adds Klas Sthl, the new Head of Business Area, Banks & Brokers.
Sthl joins OM from his own consultancy. Prior to that, he was senior partner at Accenture’s global market unit, Financial Services. As a consultant, Sthl has also worked closely with OM for some time. Conny Andersson, who was responsible for the former business area Broker Services, will lead and co-ordinate quality enhancement projects within OM’s technology operations, with a focus on creating a new view of service.