Michael Kendal Email and Phone Number

Independent Insurance Agent

Senior Vice-President/ Global Expense Management, Debt Capital Markets & InvestmentBanking• IB System Development: Designed and built a project code accounting system toefficiently capture deal related expenses for the investment bank.• Vendor Contract Negotiation: Partnered with legal to structure a system to reduce firmrisk and effectively negotiated new contracts.• Reviewed and Updated Current Expense Procedures: Created efficient methodology toenhance expense processing.• Reviewed Market Data Usage and Applications: Implemented a system for the ManagingDirectors to evaluate market data needs that successfully reduced costs.• Successful in Reducing Overall Business Costs: Annual savings were in the hundreds ofthousands of dollars.

Expense "czar" for the North American division of Nomura's investment bankResponsible for continually assessing the expense structure of the bankNegotiate with outside vendors. Work with bankers to review and invoice deal related expenses. Manage the market data subscriptions of the bank.

Re-engineered the back office support of a global investment bank with the primary purpose to increase the ability to capture and bill back deal related expenses. Expense reimbursements which were less than $1 million per annum when I arrived at Cowen approached as much as $7 million per annum during my tenure all the while the firm revenues were in a gradual decline.Analyzed the costs of and evaluated external vendor performance leading to fee arrangement and performance enhancing demands. Savings as a result of these actions exceeded $4 million per annum while overall service noticeably increased.Originated, implemented, promoted and maintained compliance of firm wide policies aimed at reducing the overall cost of doing business and keeping senior management informed of daily developments. This successful endeavor required tact, attention to detail, instilling of trust and business acumen.; Cost containment and management of expenses - created a cost recovery system to capture all variable expenses and apply them to specific project codes resulting in an exponential increase in deal related expense recoveries.Implementation of controls - put in place a variety of controls that increased operating efficiencies by identifying excessive expense usage and creating methods to curtail them.Vendor negotiation - identified the need to replace inefficient vendors, evaluated bids and was part of contract negotiations including the replacement of a print vendor resulting in savings of $4 million annually and the outsourcing of the corporate library and presentation center for additional savings of more than $3 million annually.Fee reporting - worked with bankers to invoice clients for fees and expenses. Ensured that proper revenue recognition according to GAAP was followed. Report creation - developed a focus list report that tracked the trading of current, past and potential clients. The bankers routinely used this as part of client sales pitches.

Provided trade support and produced the month end close for government, agency and repo trading desks. Coordinated business needs with trading desk heads, traders and support staff.

Responsible for profit/loss reporting of Corporate Bond trading desk.