Caldwell Partners whitepaper identifies crisis and possible industry
TORONTO, March 12, 2013 /CNW/ - "The mortgage banking industry stands at
a turning point in terms of talent, and companies that don't recognize
the world has changed will likely be left behind," says Carol Hartman,
a partner in the Financial Services Practice at executive search firm
Caldwell Partners and co-author of a new white paper, "Developing a new
generation of mortgage banking leaders."
"A shortage of mortgage banking executive talent has been building for a
decade, but the financial crisis has left the industry without the
leaders it needs for the next decade," said Ms. Hartman
"In the last several years, we have seen regulation get more complex and
capital requirements increase. To satisfy the higher levels of
capitalization, some mortgage banks are going to the capital markets to
raise money and many more may need to do so in the foreseeable future."
Hartman added: "To succeed in this type of environment, mortgage banks
need management teams to be complemented by executives who not only
have credibility in the capital markets and with regulators, but also
understand the entire mortgage banking ecosystem."
"Unfortunately, these executives now find themselves being wooed by
other companies in financial services that pay more or command more
respect. Banks, hedge funds, private equity firms, law firms and
accounting firms are also looking for senior-level executives who can
operate in a more regulated environment."
"The mortgage banking industry is in danger of losing the recruiting
battle, based on recent experience in securing top-level talent for
mortgage banks. The urgency of the issue is further complicated because
the founders of successful firms are in unfamiliar terrain and are
uncertain about hiring executives who are generally more risk averse."
There are, however, several measures the mortgage banking industry can
take to meet these challenges:
Prioritize institutional experience.
Increase the compensation to compete with hedge funds, law firms and
Raise the level of professionalism in the mortgage banking industry.
Align compensation to avoid functional conflicts-of-interest.
"The mortgage banking industry needs to move quickly to develop a new
generation of leaders, especially in five key positions: general
counsels, chief financial officers, chief risk officers, chief
compliance officers and chief information officers."
"Institutions that recognize the industry's new dynamics can transform
this challenge into an opportunity," Ms. Hartman concluded.
To speak with Carol Hartman, or for a copy of "Developing a new
generation of mortgage banking leaders" white paper, please contact
Caroline Lomot at email@example.com or 516-830-3535.
Carol Hartman is a partner in Caldwell Partners' financial services and
financial officers practices, conducting senior level search
assignments in the banking, asset management, private banking and
wealth, risk, compliance and retirement income sectors.
About Caldwell Partners
Caldwell Partners is one of North America's premier providers of
executive search and has been for more than 40 years. As one of the
region's most trusted advisors in executive search, the firm has a
sterling reputation built on successful searches for boards, chief and
senior executives, and selected functional experts. With offices and
partners across North America, and a strategic presence in London and
Hong Kong, the firm takes pride in delivering an unmatched level of
service and expertise to its clients.
The Caldwell Partners' Common shares are listed on The Toronto Stock
Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
SOURCE: The Caldwell Partners International Inc.
For further information:
+1 516 830 3535