IBS Journal May 2015


Resignations, departures and exec reshuffle ongoing at Wipro


Indian vendor Wipro is embroiled in an organisational and senior management reshuffle, as it tries to keep up the pace with its major rivals, Infosys and TCS. Following the reinstatement of the role


of COO (there hasn’t been a COO at Wipro since 2009), the company hired a former TCS veteran, Abid Ali Neemuchwala (IBS has recently reported on this). It has also merged the banking prod-


ucts and solutions unit with its key bank- ing, financial services and insurance (BFSI) business, and appointed a new senior lead- ership team. The BFSI vertical is now split between two leaders, Angan Arun Guha (formerly global head of the Citigroup busi- ness unit at the company) and Shailendra Singh (ex-head of Wipro’s South African division). In their new roles, Guha will over- see North America, Australia, India, Mid- dle East and emerging markets, and Singh will oversee the remaining geographies. They will report to Shaji Farooq, who joined Wipro in 2012 following a decade-long


KPMG, National Australia Bank (Europe) and Tata Group in the past. It is understood that Balasubramanian


has now taken up a role of deputy global CIO at HSBC. Wipro has also set up a new digital


transformation business, Wipro Digital, and appointed Rajan Kohli as its global head. Kohli moves from Wipro’s banking and financial services division, which he headed for three years prior to the latest appoint- ment. Kohli joined Wipro in early 2010 as chief marketing officer. Meanwhile, Satishchandra Doreswamy,


stint at rival vendor Infosys, and is now the chief executive of the BFSI unit. However, the demise of the banking


products and solutions business, which had been in existence for just two years, has resulted in the departure of its head, Ganesh Balasubramanian. Balasubrama- nian was poached by Wipro from Lloyds Banking Group in 2013, where he was CTO at the time. He had also worked for Aviva,


Wipro’s chief business officer, has resigned. He was responsible for the business opera- tions group, delivery leadership and global transformation charter. Doreswamy moved to Wipro from TCS, where he was VP and global head of infrastructure services. And Suresh C Senapaty, who was with


the company for 35 years and served as Wipro’s CFO for the last two decades, has retired.


Mors Software brings to market front-to-back office treasury system, gains first live site


Swedish debt restructuring specialist, Hoist Finance, has become the first live site for a new back office module from Mors Soft- ware. Two other implementations of the back office component are underway. The development means that the Treasury Manager system from the Finland-based supplier can now operate as a front-to-back office platform, merely interfaced to a gen- eral ledger for postings. The development took place over


around one and a half years, says Mors Software’s CEO, Mika Mustakallio, and ‘we put in a lot of energy there’. This included hiring some specialists with knowledge of traditional back office treasury systems. The move stemmed from customer demand, particularly related to improved cost effi- ciency, he says. While large banks might retain separate front office systems, this is less attractive for smaller players. One of


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the other two implementations of the back office module is at an existing customer. The project at Hoist Finance stemmed


from a selection in the second half of 2014 and ran for four or five months. As well as Mors Treasury Manager, it has Mors Liquid- ity Manager to manage Liquidity Cover- age Ratio (LCR) reporting and other Fin- rep/Corep requirements. Hoist provides debt restructuring services to international banks, with debt purchase and debt col- lection in eight countries across Europe and retail deposit operations in Sweden. It was seeking a system to manage its daily treasury operations, analytics and report- ing, including providing a view of the firm’s consolidated liquidity position with drill down to a transaction level. The reporting requirements of the


Basel framework are an important driv- er at present for banks to automate, says


© IBS Intelligence 2015 www.ibsintelligence.com


Mustakallio. There are more and more local variants and a lot of manual work, he says. He also highlights a demand for treas-


ury and asset liability management (ALM) within one system, which he feels is Mors’ ‘sweet spot’. Traditionally, ALM systems are tailored to quarter end or month end sim- ulations based on large volumes of data, whereas the emphasis in treasury is real- time. The fundamental difference means treasury systems are struggling to extend into ALM and ALM systems are struggling to go the other way. Mors has been selected by a first cus-


tomer in Italy, is mid-way through an imple- mentation in the UK and, according to Mus- takallio, is seeing a lot of interest from Rus- sia (it gained a first breakthrough in Russia in 2011 at the Swedbank operation here, although the bank decided to discontinue its operations in Russia in 2013).


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