Bain & Company appoints Peter Stumbles as global co-leader of Financial Services practice
Bain & Company’s former Australian managing partner Peter Stumbles has been tapped as global co-leader of the management consulting firm’s financial services practice based out of New York.
Peter Stumbles led the Australian arm of Bain & Company for six years up until April of this year when he handed over to Mohit Wadan, having previous to his appointment as Oz managing partner served as head of financial services for the Asia Pacific.
Since relocating from Sydney to New York, Stumbles has now been tapped as global co-leader of Bain’s financial services practice alongside Frankfurt-based EMEA practice leader Dirk Vater, with the pair succeeding Julien Faye after six years in the role.
“It’s an incredible honour to lead our financial services practice at such a pivotal time for our clients, as the industry is being reshaped by AI, technology, data, and evolving customer expectations,” Stumbles said in a note to LinkedIn. “The pace of change is extraordinary, and so are the opportunities for our clients.”
An engineering graduate of the University of Sydney, Stumbles has been with Bain & Company for more than two and a half decades, joining the firm in 1999. Having also served as a leader within Bain’s global performance improvement team, he was appointed as Asia Pacific financial services head in 2015, before stepping up to the Australia managing partner role four years later.
Locally, Bain & Company achieved annual double-digit revenue growth rates during the six years of Stumbles’ tenure, as well as a doubling the number of its Australian and New Zealand partners. He was also at the helm when Bain acquired Australian procurement consultancy ArcBlue, which has now been absorbed into its global arm Proxima, as well as the AI consulting business of Max Kelsen.
Financial Services practice
As to his new role, Stumbles brings extensive experience advising clients across the banking, insurance, asset & wealth management, fintech and payments segments on a broad range transformation matters, including corporate strategy, growth, operating model design, performance improvement, and risk management, as well data & analytics and digital technologies.
The latter expertise is of particular note, combined with that of Dirk’s who is also a member of Bain’s global digital leadership team, with Bain’s chief client officer Laura Miles stating; “The appointment of Peter and Dirk as global practice co-leaders enables us to bring innovative, new approaches to help our financial services clients solve some of the most complex challenges.”
Miles, who also serves as global head of industries, continued; “As the financial services industry faces a rapid transformation from new technology and our clients around the globe seek ways to navigate the fast-changing marketplace and challenges and opportunities of AI, we are adding leadership capacity to match the scale of our their ambition and accelerate the pace of change.”
