limited liability company industry financial services founded 2001 headquarters washington d.c. united states number of locations 15 area served worldwide key people eugene ludwig founder and chief executive officer 1 services management consulting asset management financial regulation number of employees circa 400 2 website www.promontory.com promontory financial group is a global consulting firm that advises clients on a variety of financial services matters including regulatory issues compliance risk management liquidity restructuring acquisitions due diligence internal investigations and cyber security . contents 1 organization 2 employees 3 engagements 4 references organization edit the company was founded by eugene ludwig who served as comptroller of the currency under president bill clinton and alfred h. moses a partner in the law firm covington & burling llp . promontory is based in washington d.c. and has 18 additional offices and affiliates worldwide in atlanta beijing brussels denver dubai dublin hong kong istanbul london madrid milan new york city paris san francisco singapore sydney tokyo and toronto . promontory financial is interdependent with farther affiliated companies which have similar names 3 promontory forensics solutions llc promontory growth and innovation promontory human capital solutions promontory risk review llc it is a contributor and supporter of the group of thirty . 4 employees edit approximately 170 of the consultants working for promontory were former employees of authorities in financial supervision . hence the enterprise has been referred to as a shadow regulator for wall street . 1 former chairman of the united kingdom financial services authority sir callum mccarthy is non director chairman of promontory financial group u.k. . former managing director of the united kingdom financial services authority michael foot is global vice chairman . 5 the branch for europe in brussels is currently represented by raffaele cosimo who worked before for the banca nazionale del lavoro in rome . elizabeth mccaul is partner in charge of the firm s new york office . former executives include the late former italian minister of economy and finances tommaso padoa schioppa who was chairman of promontory financial group europe ; and previous assistant secretary for financial institutions u.s. treasury david nason and federal reserve governor sarah bloom raskin who were managing directors . the ex chairman of the u.s. securities and exchange commission mary schapiro joined promontory in april 2013 as managing director and chairman of its governance and markets practice and later became vice chairman of the firm s advisory board . 6 engagements edit after uncovering foreign exchange losses in its u.s. banking subsidiary allfirst financial inc. allied irish bank in 2002 engaged promontory to conduct an internal investigation . promontory issued the ludwig report on march 14 2002 . the report detailed how the trader john rusnak hid losses of 691 million over five years . 7 the report concluded that rusnak who was fired for his role in the trading losses received no active help from within or outside the bank . promontory found that the internal control mechanisms and audits had been insufficient . 8 promontory advised further the government of the united states and from other countries like cameroon and iceland . 9 promontory was hired to carry out by order of the holy see a comprehensive investigation of all customer contacts of the institute for the works of religion italian istituto per le opere di religione ior often also called the vatican bank on money laundering guided by elizabeth mccaul chief executive officer of promontory europe and raffaele cosimo chief operating officer of promontory europe . 10 11 in the aftermath of the subprime mortgage crisis promontory was one of several consulting firms selected by federal banking regulators to conduct reviews of loan foreclosures initiated by 16 mortgage servicing companies . promontory reviewed the foreclosure activities of bank of america pnc financial services and wells fargo encompassing more than 250 000 loan contracts . promontory was paid 927 million which led to strong criticism and doubt about the independence of the examination . 12 a hearing was arranged by the u.s. senate banking committee to assess whether regulators had handed off too much oversight authority to private consulting firms such as promontory . 13 references edit a b horwitz jeff ; aspan maria 15 march 2013 . how promontory financial became banking s shadow regulator . american banker magazine . retrieved 15 july 2013 . with close to 400 employees and some 1 400 consulting engagements under its belt promontory financial group has built a shadow network between banks and regulators . the firm is a sort of ex regulator omnibus capable of forecasting mimicking and occasionally even substituting for the financial industry s supervisors . douglas danielle 2 august 2013 . the rise of promontory javascript . the washington post . business . washington d.c. with bloomberg financial services . p. 2 of 4 . retrieved 9 september 2013 . with 383 employees from toronto to tokyo promontory has worked on almost 1 600 projects . affiliated companies . promontory financial group . retrieved 18 july 2013 . contributors and supporters . group of thirty . retrieved 15 july 2013 . london . promontory financial group . 1 april 2013 . retrieved 30 july 2013 . julia la roche april 2 2013 . former sec chief mary schapiro is joining shadow regulator promontory financial group . business insider . bank boards discuss a report on losses by currency trader jonathan fuerbringer new york times march 13 2002 . promontory financial group 12 march 2002 . the ludwig report implications for corporate governance report to the boards of allied irish banks p.l.c. allfirst financial inc. and allfirst bank concerning currency trading losses pdf . mcb up ltd. retrieved 25 july 2013 . pierre yves thoraval 15 april 2011 . report on iceland supervision prepared for the icelandic authorities the fme and the imf pdf ; 9 2 mb . banking supervision . promontory financial group . retrieved 15 july 2013 . carol matlack 2 july 2013 . a money smuggling scandal threatens to sink the vatican bank promontory financial group will conduct a forensic review and screen the vatican bank s client relationships which some say might be irreformable . businessweek . retrieved 27 july 2013 . resignations from the executive board . l osservatore romano . 3 july 2013 . retrieved 30 july 2013 . protess ben ; silver greenberg jessica ; senator brown sherrod 20 june 2013 . senator criticizes lack of supervision for banks consultants nytimes.com . dealbook . the new york times . retrieved 15 july 2013 . new documents suggest that the promontory financial group which examined loans for wells fargo bank of america and pnc was the highest paid of the consultants . the firm run by a former comptroller of the currency eugene ludwig received 927 million for reviewing more than 250 000 loan files according to documents provided to the senate banking committee and reviewed by the times . protess ben ; silver greenberg jessica 9 april 2013 . promontory financial draws washington scrutiny nytimes.com former regulators find a home with a powerful firm . dealbook . the new york times . retrieved 15 july 2013 . business and economics portal retrieved from https en.wikipedia.org w index.php title promontory financial group & oldid 715516436 categories financial services company headquarters in the united statesconsulting firms established in 2001group of thirtyhidden categories articles containing italian language text navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch edit links this page was last modified on 16 april 2016 at 09 23 . text is available under the creative commons attribution sharealike license ; 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