Former FDIC chairman, banking veteran launch bank consulting firm
William Isaac is ready to try his hand at another bank consulting venture.
Isaac, former chairman of the Federal Deposit Insurance Corp. and Fifth Third Bancorp, has joined with Howard Milstein, chairman and CEO of New York Private Bank & Trust, to create The Isaac-Milstein Group, a advisory firm specializing in corporate governance, risk management and compliance in the global financial sector.
Isaac formed his first venture in the 1980s after his term as FDIC chairman ended.
The partners will serve as co-chairs of the firm, which will assemble a team of former regulators and financial executives.
For Isaac, the timing seems right, particularly due to turbulence and uncertainty surrounding the coronaviris outbreak.
"It's a tough climate that we're in," he said in an interview, adding that the pandemic will create serious challenges for a number of banks.
"And we want to be ready to help them," he said.
The new firm will have a global presence and represent banks of all sizes. The initial business model will rely heavily on partnerships with other firms.