Nicholas Calcanes has worked in the financial industry for his entire career. He has served in many positions (most recently as the Chief Information Officer for Bank of America), and has worked on many different projects involving credit, specifically wholesale credit. While many people have credit cards and are aware of how they work, they may not be as aware of wholesale credit.
Wholesale credit stems from the concept of wholesale banking. Wholesale banking is the business of banking for large corporations or other banks. This term also encompasses most international finance. Wholesale banking is very different from retail banking, which focuses on small businesses and domestic clients. The subset of wholesale credit focuses on the process of borrowing between these large institutions.
A company that offers wholesale credit solutions will handle the credit for a large corporation at a lower rate than a traditional retail bank account. This is because the large corporation will be handling very large sums of money frequently, and the fees and interest rates normally applied to checking accounts would be very impractical and risky for transactions of this size.
Working in the wholesale banking business can be much more complicated than traditional banking services. Often, employees of merchant banks will have to deal with currency conversions and very large and complex transactions. Nicholas Calcanes has worked with many large banking companies, including Bank of America and Ally Financial, and has dealt with many wholesale banking transactions throughout his career.
Wholesale credit stems from the concept of wholesale banking. Wholesale banking is the business of banking for large corporations or other banks. This term also encompasses most international finance. Wholesale banking is very different from retail banking, which focuses on small businesses and domestic clients. The subset of wholesale credit focuses on the process of borrowing between these large institutions.
A company that offers wholesale credit solutions will handle the credit for a large corporation at a lower rate than a traditional retail bank account. This is because the large corporation will be handling very large sums of money frequently, and the fees and interest rates normally applied to checking accounts would be very impractical and risky for transactions of this size.
Working in the wholesale banking business can be much more complicated than traditional banking services. Often, employees of merchant banks will have to deal with currency conversions and very large and complex transactions. Nicholas Calcanes has worked with many large banking companies, including Bank of America and Ally Financial, and has dealt with many wholesale banking transactions throughout his career.
