RSS FeedTransition time
November 27, 2007
Welcome to TNL.net. If you like this content, you may consider subscribing to the RSS feed.Yes, it has been quiet on the blog. Too quiet in fact and here is some background information as to why and what’s being done about it.
Background
“People are concerned about your blog.” In the hushed world of banking, this was a clear sign that I was in trouble. People didn’t like my blog and it could become a career issue. At issue was the fact that I had an identity outside of the corporation and people were worried that what I was talking about on my site would be associated with the corporation in spite of my specifically mentioning that all opinions on this site are my own.So I was left with a couple of options: be quiet and keep progressing my career or find a place that would be more friendly to my blogging. I tried the former but, as more and more stories popped up, I found it harder and harder to be quiet. I wanted to comment, I wanted to write but I had to balance that against the idea of being gainfully employed in what was an otherwise good job.At the same time, I was getting a little antsy. I wasn’t happy with the workload. I was also thinking that I needed a change of scenery since I’d been at the firm for a long (in my view) time. I didn’t want to become a lifer and my options in terms of career growth were to move to London or Hong Kong, both open options but neither really appetizing to me. I wanted to stay in New York and I wanted out of finance. The goal became to restore a good work/life balance, to continue being creative and to be given enough flexibility in terms of what I could do in my private life.So I started putting out feelers to see if there were ways for me to gracefully get out and find something more in line with my media background.Why did I want to go back to media?In order to answer this, I have to give newer readers a little background about me. I’ve been involved in the media space since the early 90s and in the internet commercial media space since pretty much its inception. It is, and has always been my first love.
Why I went into finance
When I went to the banking side of the world, the attraction was two-fold:
- one, I wanted to learn more about money flow and how money moved around the world once you had sent it to a credit card clearinghouse.
- two, I wanted to work on large scale global project because they seemed much more challenging and therefore more interesting.
Along the way, I learned a whole lot of things. Six years in the financial world taught me how to properly manage global projects in a widely distributed environment. They also made me more understanding of the need for strong project management, the issues around regulations and a lot of legal stuff that I was aware of but had never experienced first-hand.All said, it was a great learning experience that made me a stronger project manager and allowed me to really understand how large organizations work and how to work within them. It also allowed me to mature as a manager. I have to admit that when I joined the bank, I may have been a good startup guy but I was not equipped with the proper skills to work in an organization with hundreds of thousands of people. Through a mix of great mentoring, amazing educational opportunities and lots of hands-on experience, the bank allowed me to acquire skills few people have.In this process, I also learned that transaction flows were actually relatively simple to understand, once you had properly dissected them and it gave me a couple of insights as to the nature of money (more on that soon).Fast-forward to today and there are a number of things on the horizon that gave me pause about the future of banking:
- Regulatory constraints have made banks hyper-conservative: this makes it very difficult to try to do anything innovative within the context of a large financial organization. The innovators generally tend to be smaller more agile players who don’t have as much to lose initially.
- The mortgage crisis is just the beginning: In talking with people who trade financial instruments, it is becoming clear that no one really understands the magnitude of the current financial crisis. People know it’s bad and expect it to get much much worse but no one has any idea as to how bad.
- Transactions are easy to understand but much of the innovation in finance is actually coming from non-financial actors. Margins on money transfers are dropping as regulatory costs are increasing and competition is increasing. At the same time, the real value of transactions is not in the transactions themselves but in the metadata associated with the transactions.
So looking at all this, I had to balance whether I wanted to stay in banking or do something else. That was the easy decision. The tough one was figuring out what something else would be.
Back to Media
I had options: with a second Internet renaissance looming, it seems that I could pretty much go to any startups. And, in putting out feelers, it was interesting to see how many were interested. What they were interested in were my ability to understand large scale projects, my strong project management background, and my understanding of large scale transactional systems.As they highlighted those facts to me, it became clear that the banking experience was a great entree in any area. So I had to choose.Fortunately, I also had a good background in media and the recent changes seem to line up with my thinking and skills:
- Media is increasingly becoming about transaction. For example, if one looks at the recent success of Google (an advertising company with a side business in search) and Facebook (and advertising company with a side business in lead management), it is clear that media is all about facilitating more and more and smaller and smaller transactions.
- Couple the previous point with the fact that most media is moving to the models that were established by the internet (or revenue is being siphoned from those media to the internet directly, as we’re seeing with newspapers) and it is clear that marketplaces will exist to mediate relationships between buyers and sellers.
- Large media companies could manage this change but they are still beholden to the formats they have stakes in. We’re seeing that with the music industry still thinking it sells plastic CDs instead of of its content, the movie industry thinking the same and the print industry being wedded to its printers.
- Because of that, the change will have to come from an industry that is not weighted down by a particular distribution medium.
- Traditionally, the industry that sells messaging and figures out distribution is the advertising industry. Media buying is the arm of that industry that is most likely to enact (and therefore profit) from the change. Large media buyers are uniquely positioned to help their customers present their message in a more effective fashion across media and, due to the unique expertise they are accruing across media are also the best ones to understand where the market opportunity may lie.
So with all that, let me get to the real announcement relating to all this:
I HAVE LEFT HSBC AND WILL BE JOINING GROUPM ON DECEMBER 3rd.
Who is GroupM? What will you do there?
GroupM is the media investment arm of WPP, one of the (if not the) largest advertising groups in the world. In other words, it’s exactly the place to be if you believe in and are interested in the kind of change I highlighted above.Thanks to the great formation that HSBC has given me, I will be joining groupm as the project management office director for the company. In that capacity, I will head the company’s PMO and will work on a number of really interesting initiatives. Based on my discussions with the people there, I’m very excited about the opportunity and it also looks like I’m joining a pretty amazing team of very smart people (I hope I can help insure that the average smarts are not lowered by my presence).Also, I’ve worked closely with my new manager and the folks in H.R. to ensure that special provisions have been made relating to my blogging. The terms are fair to both sides and it will ensure that I can basically start blogging again in my spare time. However, I suspect that a lot of my blogging will go to more discussions of the changing nature of finance and money. The reason I had not written about that in the past is that, due to my working in a financial institution, I steered clear of anything that would relate to that world. But I did learn a lot about it and, more importantly, I did develop a few theories about it that I have not seen written about in too many other places. Now that I’m freer to blog, I think I can start writing more about it.At the same time, I might be more careful in my writing about advertising since that’s the world I’m moving back into. People hire me as much for my insights into a particular industry as for my other skills and I want to make sure that the keener ones are kept as a proprietary advantage to any employer.
Conclusion and Thank Yous
So there you have it. I’m moving to groupm; I’m leaving HSBC.However, before I close this out, I’d like to add a few thank yous to the people I have worked with at HSBC:
- First, I’d like to thank Kevin Newman and Raymond Cheng for giving me the initial opportunity. While both of them have moved to other parts of the organization, they were instrumental in bringing me on board and they are responsible for my initially joining and then staying on much longer than I had initially thought I would. Mark Martinelli also provided a fantastic guiding hand and a tremendous amount of sponsorship that probably ensured I’d stay on for an even longer period.
- I was also blessed with having to deal with a great management team. Over the years, mentoring by Rob Mian, Fred Hoysted, Gene Lavis, Bill McCloskey, and Mark Hibbard helped me better understand my own strengths and weaknesses and become a much more effective manager.
- I was also very lucky to deal with understanding internal customers like Larry Campbell, Daniel Hallac, Ian Haynes, Chris Walsh, Michael Artley, Joe Garner, Jeffrey Hughes, Bahvya Shah, Julie Lakha, Matt Dooley, Joe Garner, Julian Soper, Bev McArthur, Megan Heinze, Tom Cannon and Verity Coe.
- Internal friends worked hard to help me shape the best approach to problem resolution and, while it is hard to get every single name recognized, I’d like to also thank Satinder Sadhar, Simon Cox, Stewart Nacht, Kelly Hair, Fernanda Cabas, David Ruiz, Serge Besch, Vadim Permakoff, Venkat Lakshminarayanan, Aditya Kommaraju, Rajnish Jain, Amichai Lichtenstein, Stuart Bain, Pedro Crespo, Celia Bradley, Sarah Carroll, Sreenivas Duggiraala, Ainsley Rattray,and many others… It’s amazing that I could actually do all this off the top of my head and a testament to the amount of really great people working at HSBC these days…
- In 6 years, there are countless others I’ve interacted with who have made me a much better person. They’ve seen me grow as an individual and as a manager, they’ve forgiven some of my mistakes and they’ve taught me important skills. I will miss one and all but, at the same time, I’m excited about the new challenges coming ahead.
So looking back, it’s been a fantastic time at HSBC and I assume that it will be even better at groupm. There we have it, the big secret is out. I’m looking forward to the new challenge and I’m sure the new job will keep me very challenged and very busy but, at the same time, I’m also thrilled to be able to say that the blog will get more lively: I’m back baby and this time, I’m gonna stick around….
Good luck, Tristan! Looking forward to hearing more about your next adventure!
Congratulations and good luck! Sounds like an exciting and fulfilling opportunity for you.
Best of luck! You will be missed.
Tristan, this sounds like an amazing opportunity for you. You gotta go with where your heart is. I would wish you luck, but I know you well enough that you don’t need any luck.
Congrats, Tristan! Sounds like a great move for you.
All the best, Tristan. I know you’ll make quite an impact at groupm!
Congratulations! While the move was no doubt a tough decision, it looks like you did it for all the right reasons, and I’m excited for you. Should be a great new chapter. Plus, more posts for me to read
Keep us updated on the new job, and good luck.
Tristan - You deserve a thank you in return. All the best until we talk next.
Congratulations Tristan, I’m sure you’ll do a smashing job at GroupM. Looking forward to seeing your future blog entries!
Tristan.. best wishes to you in next career journey. Over the past 6+ years at HSBC you have always displayed an attitude of Chardi Kala! I will not explain, I know you will find the meaning. God speed my friend.
Tristan - I had not realised you had given me a shout out! Many thanks for your kind words and many thanks for your help and great discussions we have had, so far, over the years! All the very best of luck for your future - keep in touch.
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