First announced in 2017, the phaseout of LIBOR (London Interbank Offered Rate) as a global interest rate benchmark for interbank lending will be completed by the end of 2021. In addition, many banks also use LIBOR as a reference rate for adjustable rate commercial and consumer loans. The United States Federal Reserve has recommended SOFR (Secured Overnight Financing Rate) as a replacement.
Here at MKP, we know how to serve our financial institution clients because we’ve walked many miles in their shoes.
We recently interviewed three members of the MKP team to hear what they had to say about their experiences working on the “client side” before coming to work at MKP, and what their experience means for our clients.
How did working at a bank prepare you to work at an agency like MKP?
As you may know, LIBOR (London Interbank Offered Rate) is a global interest rate benchmark that banks use to lend to each other. Many banks also use LIBOR as a reference rate for commercial and consumer loans that carry an adjustable rate. As a result of some global scandals related to LIBOR rate manipulation, it will be phased out by the end of 2021.