Jon Carver

CRU (formerly Strategic Resolution Unit) was set up to de-risk assets and reduce expenses which consistently exceeded all performance targets. Current iteration has ~USD160b of balance sheet and P&L USD 1-2b. 

As part of the Global CFO team, falling under the business head, played an integral role within the leadership team, actively contributing to key performance targets. Expanded responsibilities included managing legacy Real Estate Structures, Global CFO for Counterparty Portfolio Management (CPM aka XVA) and Business Finance lead for Global Liquidity Group (managed the bank’s unsecured and secured funding needs).

Financial strategy and oversight

·       Received CEO Key Contributor award in 2022 (one of two in CRU) for successful execution of high-impact initiatives and developing robust financial plans, including critical assessment of risk.

·       Successfully managed time-sensitive inquiries and deep dives from regulators, audit, and senior management, delivering crucial information and ensuring ongoing support for the division.

·       Presented divisional results to key stakeholder e.g. UK Board of Directors, Committees and Investor Relations and providing data and insight to UBS and their advisors during the acquisition of Credit Suisse.

·       Track record in overachieving cost reductions, proactively seeking opportunities and challenging cost allocations (e.g. in 2023 saved USD30m from corporate functions).

·       Led task force in reducing Level 3 (unobservable) assets by ~USD 1b. Involved collaboration across CRU and Control functions e.g. challenged level 3 methodology, reducing exposures by USD 100 m.

·       Enhanced financial transparency e.g. global aligning GLG booking model, aiding USD10’sm additional revenue through cash optimisation and managing the swift development of a capital data lake (on Qlik).

·       Trusted finance lead for litigation e.g. involved in sensitive negotiations with >10 insurers on a material African financing and capital and financial accounting for an ~USD 1b settlement exposure.

·       Mitigated divisional volatility in expenses by negotiating criteria for booking litigation centrally vs. CRU.

·       Successfully challenged travel out-of-policy lawyer expenses vs. policy, saving multi millions.

Business management responsibilities

·       Interim Secretary for De-Risking Committee, which pre-approved all new deals, meeting up to 3x a week at peak and authorising USD 100’s m of exit costs and multi-USD b’s balance sheet exits.

·       Global Wind Down scenario business sponsor. Involved portfolio segmentation and modelling in collaboration with trading heads and risk officers.  Key contributor in addressing UK regulator concerns.

·       Assisted the Head of CPM, including successfully proposing an expansion of responsibilities to the Group Board of Directors and negotiating the release of ~USD1m of funds from the Investment Bank and CRO.

·       Spearheaded staff on-boarding and off-boarding efforts, ensuring smooth transition post restructure.

·       Compensation reviews: Affordability analysis, cross-peer pay reviews, and allocation of bonuses.

·       Orchestrated trader secondments, co-ordinating with HR and external advisors on visas and costings.

·       Provided local coverage for Global CRU COO on various senior committees, such as UK Operating Committee, legal document signing and trade execution support for trading desks.

Portfolio / loan management

·       Managed portfolio of distressed real estate securitisation vehicles / CLOs, reducing risk and expenses.

·       Saved EUR3m annual expenses and mitigated a large tax risk on a complex EUR 750m pan-European structured loan by selling residual property, shutting over 20 entities, and ceasing vendor relationships.

·       Vendor and cash management, oversight of leases, sales and legal matters e.g. negotiating a EUR 250k fee reduction and sharing of an EUR 400k tax charge due to late filings by the administrator.

·       Oversaw the execution of recovery proceeds and litigation on pre-financial crisis Special Purpose Vehicles in collaboration with legal counsel, loan operations, business experts and risk and compliance.

·       Played a key role in remediating a SOX Significant Deficiency by conducting a comprehensive front-to-back review of the booking model and assembling a team of 8 staff to address process and control gaps.

·       Supported controlled growth in structured notes of USD25b, critical for the bank’s liquidity requirements, as well as contributing USD100s m of EBITDA.

Analyzed and implemented processes to be retained onshore and conducted front-to-back structured EM loan reviews.

Provided finance support for the division executing tax structuring, with a primary focus on new business implementation.

Facilitated the business with the operational and financial setup of an EMEA footprint.

Performed and enhanced controls between trade capture systems, general ledger, and regulatory systems.

Performed audits, account preparation, fraud investigations, and client due diligence for a broad client base.

Supporting over 2,300 members in the development of the local economy and promotion of the profession.