.WBT Franchise

Strengthening Client Relationships

Our clients must be at the heart of the firm’s decision-making, thinking and committee governance, both formally and informally.

Key recommendations include:

Establishing a new Client and Business Standards to place our client franchise at the center of our decision-making processes.

Detailing the firm’s specific professional responsibilities to our clients which depend on the nature of the relationship, role and the specific activity we are asked to undertake.

We act as an advisor, fiduciary, market maker and underwriter across various businesses and it is important to articulate clearly both to our people and to clients the specific responsibilities we assume in each case.

Designing and implementing a comprehensive firm wide program to strengthen client interactions and relationships and to enhance our client franchise.

Strengthening evaluation criteria for all employees in client-facing roles to achieve an appropriate long-term, client-focused orientation.

Enhancing Transparency of Communication and Disclosure

We recognize the need to better explain our business activities and how these activities relate to our performance and to our mission to serve clients.

Key recommendations to improve and increase our financial disclosure include:

Reorganizing our revenue reporting from three existing segments into four to provide greater clarity and visibility on the importance of our client franchise activities and client facilitation to our revenues.

Providing a simplified balance sheet showing assets by business unit / activity as well as the firm’s excess liquidity position.

Describing in greater detail our overall risk management structure, culture and processes. Providing additional disclosure related to credit risk, operational risk and capital adequacy.

Strengthening Training and Professional Development.

We must provide training and professional development to strengthen our culture, reinforce our core values and implement and embed the recommendations in this report into our daily practices.

Key recommendations include:

Implementing training and professional development programs tailored for each division to clarify the different roles their professionals have with clients and the client-specific responsibilities associated with each of those roles.

Increasing emphasis on evaluation criteria relating to reputational risk management in the firm’s annual performance review and compensation and other incentive and recognition processes.

Increasing the focus on leadership, culture and values as part of the employee annual promotion, performance review and compensation processes.