CIBC Mellon Industry Perspectives: Considerations for Planning a Return to the Office
As organizations gradually consider how their people might return to the office, there is a lot to consider and prepare for with health and safety of employees being top of mind. From planning and communicating what your company is doing, to updating employees on what they should expect and what they will need to do when they are back in the office, there is much to navigate as we rethink the post-pandemic workplace.
In this new episode of our podcast series, CIBC Mellon Industry Perspectives, I discuss with CIBC Mellon’s Muna Al-Joulani, Vice President, Human Resources Relationship Management and Employee Experience, some key questions for clients to consider as we look beyond the current state of sustained remote work during the COVID-19 pandemic and turn our attention to returning to the office. Our conversation focuses on planning and preparing from a business continuity and human resources perspective with the goal of supporting employees, reducing risk and most importantly, keeping everyone safe.
Further, Muna and I provide insights and ideas to consider around areas including: the first steps of return to office preparations, personal protective equipment in the office, surveying employees on their readiness and sentiment toward returning, suggestions for boosting employee morale and building effective change management strategies and more.
For more information, listen to CIBC Mellon’s latest podcast episode, “Considerations for Planning a Return to the Office” in Apple Podcasts or via anchor.fm/cibcmellonperspectives. To learn more about business continuity and related questions to ask within your organization, read CIBC Mellon’s whitepaper, “Business Continuity Considerations: Pandemic Preparedness” or contact your relationship manager.
CIBC Mellon Named Best Sub-custodian in Canada and North America in 2020 by Global Finance magazine
CIBC Mellon has once again been named “Best Sub-custodian in Canada” by Global Finance magazine. Furthermore, we have also been named “Best Sub-custodian in North America.” CIBC Mellon was awarded these titles as part of Global Finance Magazine's rankings of the world’s best sub-custodian banks in 2020.
"CIBC Mellon is an example of strong risk management, deep understanding of local conditions and outstanding client service," said Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance. "The operations and technology platform provided by BNY Mellon - one of the world's largest custodians - allows CIBC Mellon to benefit from economies of scale and service not available to its domestic competitors."
The award results were announced by Global Finance on June 9, 2020, and will be published in the July/August 2020 issue of Global Finance as well as online at GFMag.com. View our press release for more details.
Preparing for a Benchmark Rate Reform
As of January 1, 2022, global financial institutions are no longer required to participate in the London Interbank Offered Rate (LIBOR). In the wake of the interest-rate benchmark reforms taking place, BNY Mellon’s article, “The Challenges of Losing LIBOR,” sheds light on the market implications that come with replacing the foundation that prices a vast number of financial instruments.
CIBC Mellon will continue to explore this subject and provide updates, and we encourage all Canadian financial institutions to determine how these changes may impact their operations.
To learn more about key considerations regarding the transition to alternative reference rates, our global enterprise has prepared the following resources:
Transition and Readiness Brochure: LIBOR, CDOR, CORRA and more
FAQs for preparing for benchmark rate reforms
BNY Mellon’s LIBOR Transition and Readiness page
ESG 2.0: Crowdsourcing Standards and Mass Customization
The below is an excerpt from BNY Mellon’s article, “ESG 2.0: Crowdsourcing Standards and Mass Customization.”
More transparency, flexibility and responsiveness to investor needs will yield tremendous gains in advancing Environmental, Social and Governance (ESG) standards in a post-pandemic world. With net flows into sustainable funds nearly quadrupling in 2019, attracting a record U.S. $20.6 billion, last year was widely heralded as a breakthrough year for ESG investing. The dramatic growth provided yet more proof of the heightened demand for ESG investment options from institutional and retail investors alike. With the outbreak of the COVID-19 pandemic, ESG focused funds now face their first real test since entering the mainstream.
For more insights and analysis, read BNY Mellon’s article, “ESG 2.0: Crowdsourcing Standards and Mass Customization.”
Real Estate: COVID-19 and Its Aftermath
In this article, Dermot Finnegan, Global Head of Real Estate Fund Administration, BNY Mellon and Neal Armstrong, Director of Real Estate, BNY Mellon and a NCREIF Board Member, examine the impact of COVID-19 on the real estate sector and what the global policy response has been so far. The below is an excerpt from, “Real Estate: COVID-19 and Its Aftermath.”
The COVID-19 epidemic has upended the global economy, resulting in multiple direct and indirect implications for the real estate market. No real estate segment is likely to be unaffected by the sharp fall in global commerce, but the impact will vary considerably between sectors and locations. The scale and pace of change felt particularly dramatic given the comparative buoyancy of much of the world pre-COVID-19. Stock markets in many countries were close to their peaks just before COVID-19 went global, economic growth was steady if not spectacular, with high employment and strong job growth; corporate and industrial loan defaults were low. With hindsight, one important metric was the increase in corporate leverage, which may have a bearing on bankruptcies in the months to come.
For more information, read BNY Mellon’s article, “Real Estate: COVID-19 and Its Aftermath.”
Bank of Canada Administrates the Canadian Overnight Repo Rate Average
The Bank of Canada (BoC) notes that interest rate benchmarks are a cornerstone of the global financial system and are used by market participants across a wide range of financial products and contracts. Furthermore, in a recent announcement, the BoC announced that it has taken over the responsibility for publishing the Canadian Overnight Repo Rate Average (CORRA), effective Monday, June 15, 2020. The BoC writes that this initiative is part of Canada’s contribution to a global reform effort to promote the use of risk-free rate benchmarks that are robust, reliable and resilient to market stress.
For more information, read the BoC’s announcement.