Steve Thogmartin
Managing Director & Senior Partner
New York
Steve Thogmartin joined the New York office of the Boston Consulting Group in 1998. He leads BCG's Financial Institutions (FI) practice in North America, and heads the firm's Regional Bank Transformation team in North America.
Steve has worked extensively with banks, wealth managers, and payments companies on a wide range of strategic and operational topics. He has particularly deep experience in strategy development, target-operating-model development, organization transformation, digital multichannel strategies, cost transformation, and sales force effectiveness.
In the banking sector, he has worked with leading retail and commercial banks, credit card issuers, payment networks, and wealth managers.
Before joining BCG, Steve was a business analyst with Deloitte & Touche Consulting in the management consulting practice.
The pandemic is pumping the brakes on M&A, but activity will rebound and likely accelerate. Banks should be bold and ready.
Regulators are loosening some constraints on large banks, creating an opportunity to boost TSR by transforming the business mix. Banks may want to sharpen their M&A skills.
In order to thrive in a market environment we call the “new new normal,” retail banks must take bold steps—among them, becoming more customer-centric.
The so-called Great Recession of the past two years has created unprecedented challenges for retail-banking branch networks. In many markets, regulatory moves are putting pressure on fees, with unfavorable deposit spreads and poor consumer-credit quality compounding the difficulties. Branch-driven revenue growth is becoming harder and harder to achieve. Many banking executives, faced with a deteriorating revenue model and an expensive branch infrastructure, are responding by closing branches and adjusting staffing—while simultaneously looking for ways to improve sales productivity.