State Street to lose EMEA business solutions chief
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State Street to lose EMEA business solutions chief 07 April 2020London Reporter: Drew Nicol
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State Street’s head of business solutions for Europe, the Middle East and Africa, David Shone, has tendered his resignation to pursue new opportunities.
Shone, based in London, has spent the past few years spearheading the development of the bank’s Securities Financing Transactions Regulation (SFTR) solution, which is near completion.
He was initially recruited in 2014 to lead in the creation of a new equity swaps business, but this project was shelved just over two years into development as a change of senior management meant the appetite to take on the risks associated with the equity derivatives market was no longer there.
Since then he has been responsible for leading a team covering securities finance, foreign exchange, global treasury and fund and collateral transformation.
As part of that effort, Shone created a new role of operations test manager held by Amlesh Patel to take over responsibility for overseeing the testing of State Street’s SFTR solution.
It is understood that Patel is also set to leave the bank soon.
Until January Shone was also EMEA operations business risk manager but has since passed these duties onto one of his eight-strong team.
Speaking to SLT, Shone says that with the bank’s SFTR project near completion, he believes the time is right to look into new avenues for his next challenge.
His last day with the bank will be 5 June, at which point he says he would like to explore opportunities for consulting work focused on the buy-side or with fintech start-ups.
“I’m excited to take what I’ve learned at State Street from implementing large operating models and building relationships with vendors and apply that experience somewhere new,” he says.
“I specialise in strategic transformation and large programmes of change and I’ve been working with fintechs to create regulatory solutions,” Shone explains.
Commenting on the aborted equity swaps project, Shone says although he was disappointed to not be able to take the business over the finish line when it was just a few months off go-live, the experience he gained from that period was instrumental.
“It was one of the most fun times of my career to start from scratch and take something that far,” he says. “Creating new operating models and processes with a vision for something fresh was a great opportunity.”
Elsewhere, Shone has recently completed an EMBA designed for mid-career professionals and entrepreneurs with a tech start-up Quantic School of Business and Technology that’s just been accredited by the Distance Education Accrediting Commission in the US, which showed him the major opportunity that smaller tech firms have to disrupt stagnant business processes and bring new innovations to established markets.
State Street is yet to respond to questions regarding Shone and Patel's replacement.
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