Alexandra Soto Speaks at the FT's "Global Boardroom" Conference
Lazard Chief Operating Officer Alexandra Soto spoke at the Financial Times “Global Boardroom” conference on 9 November, participating in a panel discussion entitled ‘Global Banking: Adapting to a new era of volatility.’
Alexandra was joined by Michael Cole-Fontayn, Chair of the Chartered Institute for Securities and Investment, and Noor Menai, CEO of CTBC Bank USA, in a discussion on the future of the banking sector hosted by the FT’s Banking Editor Stephen Morris.
The wide-ranging session covered many of the challenges, and some of the advances the banking industry has experienced over the past decade. The discussion also explored what is on the horizon for financial services as technology evolves at an accelerated pace and regulation develops in response to recent crises and mergers in the industry.
The conversation covered the shifting credit cycle and interest rate environment and how banks are adapting their business models in new, volatile markets. Key themes enlivened the debate about innovation and digital transformation in banking, in particular, emerging technologies such as generative AI.
“It is clear that we have seen much greater resilience from the financial system than we had all experienced back in 2008, but for the medium term, banks are transitioning their business model to ensure they create value for their shareholders,” Alexandra commented, when asked to reflect on the banking industry’s current standing.
“Compared to 2008, aside from more stringent regulatory requirements, social media and digital innovation have had a major impact on the banking system. Going forward, generative AI has the potential to be transformational for the sector, and the key question is how fast banks can adapt to client expectations, and how fast they can invest,” she added.