Between economics, law and finance

“If you had met me three months before graduating from Bocconi, I would have told you that I was convinced I would do a PhD in Political Economy abroad. But due to the professor with whom I was writing my thesis, who asked me if I was ready to do maths every day, I then took a different path.” This is how Elisa Menardo, Head of Government Relations and Regulatory Strategy, UK, Middle East and Africa for the London Stock Exchange Group, recounts that first fork in the road that led her to graduate in Economics in Milan in 1999 and then become a lawyer in London. A first turning point to be followed by others in her career between economics, law and finance.

“In England,” she says, “I was mainly involved in financial law: mergers, acquisitions and regulation, an area that I loved”. Something was still missing, however, Menardo explains. “In the UK, lawyers are very specialized. In four years I had built up good experience for someone my age, especially in M&A, but less in financial services regulation.” To bridge the gap Menardo then decided to change again. And the opportunity comes when the Financial Services Authority seeks someone to work on the transposition of the MiFID directive into English law. She recounts, “It was a fascinating experience because we were working closely with the Treasury and the Bank of England: we had to delve into both the financial and the legal side.”

And the experience pays off. A headhunter contacted her in 2006 explaining that a bank was looking for a MiFID expert. She thus joins Dresdner Kleinwort later joining Commerzbank. A situation in which having studied economics comes in handy. “All of a sudden I would find myself going to talk to the heads of the different businesses to explain how MiFID would change things and how to be compliant.” After the 2008 crisis came another change. “I had gotten married and was pregnant. There was a reorganization going on in Commerzbank and I was sure there would be layoffs so I took a chance and said: I'm going to stop and take a few months with the little baby and then decide what to do.”

A former Dresdner Kleinwort manager, however, sought her out for a job at a new bank, Standard Bank. “The offer was interesting. He told me: I've had small children, too. Just make arrangements for regulatory meetings and you can work part-time and remotely for us and organize yourself around the child's rhythms.” The flexible work experience, innovative for the time, lasts two years, during which the hours increase as the child grows. Then comes the second child and the jump to Credit Suisse where Menardo joins to work in regulatory consulting. Here she will stay 10 years, becoming head of public policy, Europe and UK.  “That's how we get to MiFID2,” she adds, ”I remember going to Brussels frequently to talk to the Commission. One day the Head of Government Relations invites me for coffee and says: You seem to like working with institutions. How would you like to do it full time?” From that coffee comes the move to the Public Policy department and experience again at Credit Suisse related to the evolution of business conduct regulation in addition to international relations. She says, “The last two and a half years at Credit Suisse I was managing the government relations team for Europe and the Middle East.” Shortly after the merger with UBS, the latest change: the call from LSEG in 2024. She explains, “They were looking for a policy and government relations person with a focus on the UK, Middle East and Africa.” A turn that she once again welcomes with open arms.

Not surprisingly, Menardo advises the young students and graduates to be open to change, to be aware of what you are worth while trying to get paid what is fair. She concludes, “Competence then is not enough. You have to know that there are people who have a very high opinion of themselves, they spend their time, as the English say, ‘blowing their own trumpet’ often for no reason. So if you want to get ahead you have to be good, study but also understand how to stand up for yourself.”