Wall Street is waking up to the amount of work needed to switch to RFRs. In June, Goldman Sachs, London, Wells Fargo and others attended a roundtable to discuss how they are establishing oversight committees, collaborating on joint steering groups and adding staff to bolster their LIBOR transition teams. Wells Fargo has a team of a dozen people coordinating projects across various business units and an estimated 200 staff that spent 10 or more hours over the past month contributing to its LIBOR transition work. Jason Granet, a 20-year veteran of Goldman Sachs who leads the bank's LIBOR transition team called it a foundational change and said the scale of the task means “literally every part of the firm is involved”.
Wall Street is waking up to the amount of work needed to switch to RFRs. In June, Goldman Sachs, JPMorgan, Wells Fargo and others attended a roundtable to discuss how they are establishing oversight committees, collaborating on joint steering groups and adding staff to bolster their LIBOR transition teams. Wells Fargo has a team of a dozen people coordinating projects across various business units and an estimated 200 staff that spent 10 or more hours over the past month contributing to its LIBOR transition work. Jason Granet, a 20-year veteran of Goldman Sachs who leads the bank's LIBOR transition team called it a foundational change and said the scale of the task means “literally every part of the firm is involved”.