William K.

Jakel
2503 Venado Camino Home and Fax:(925) 947-4388
Walnut Creek, CA 94596 Mobile: (925) 639-6069
E-mail: wjakel@yahoo.com

Senior Financial Executive with experience in banking and private industry. Proven track record managing transitions or
turnaround operations. Demonstrated success in reducing costs while improving efficiency. Problem solver. Innovative
developer of financial products.
• Managed turn around of insolvent Hong Kong listed Company.
• Instrumental in transition of traditional credit union to full-scale financial institution.
• Took action needed to correct the unsatisfactory operation of bank’s largest trading center.
• Established a treasury operation consolidating cost centers into a significantly profitable operation.
• Took open and swap FX positions earning in excess of ten million per annum.
Expertise in a number of areas including:
• Treasury and Investments • Foreign Exchange and Money Trading
• International Trade Finance • Regulatory Compliance
• Asset Liability Management • Cash Management
• Budgeting and Reporting • Risk Analysis
• Negotiating with Regulators and Government • Internal Auditing
Officials
EXPERIENCE
EAST SIDE UNION HIGH SCHOOL DISTRICT, San Jose, CA 2001-
present
District Auditor Conduct district risk assessment, plan and conduct performance audits, conduct investigations and liaise
with citizen and parent groups
SOUTH EAST GROUP LIMITED, Hong Kong 1996-
2001
Finance Director Recruited by Prestbury Limited the buyer of Southeast Group to restructure and reorganize this
bankrupt listed holding company. Companies within the group produced magnetic media products such as 3.5 floppy
discs, video tapes and audio tapes; plastic items such as CD jewel boxes and components; and machinery such as
laminators and slitters at 6 factories in 4 countries: Hong Kong, People’s Republic of China, Indonesia and Northern
Ireland. South East Group Limited is now solvent thereby meeting terms of my contract.
Managed the finance department with eight direct reports. Responsible for accounting, costing, reporting, marketing,
funding, payments, receipts, currency hedging, government, stock exchange and banking relations. Functioned as
CEO of subsidiary Benelux Far East Limited the company producing magnetic media and plastic products.
• Core business taken from annual loss of US$5 million to profit.
o Decreased monthly overhead from US$ 1,500,000 to US$ 250,000.
o Moved all production to China reducing manufacturing costs closing operations in Hong Kong,
Indonesia and Northern Ireland.
o Negotiated sales of written off assets for US$ 10,000,000.
• Negative monthly cash flow of US$ 1 million to positive cash flow.
• Reduced short-term debt with equity and term debt.
• Successfully dealt with stock exchange, SFC, and banks to end standstill and suspension of trading on stock
exchange.
• Successfully negotiated new contracts with Chinese government officials and joint venture partners.
CHEVRON FEDERAL CREDIT UNION, San Francisco 1988-1996
Risk Manager Recruited to mentor and recommend controls and procedures for the transition of this Credit Union from a
$100 million savings and auto loan institution to a $400 million full-scale financial institution with checking accounts,
time deposits credit cards, real estate loans etc. Reported to the audit committee (Supervisory Committee).
• Established Risk Management Department consisting of internal audit, compliance, fraud investigation, and
security.
• Wrote charter and job descriptions. Established budget, risk analysis, audit plan, and training program. Created
audit and compliance programs.
• Contracted and liaised with external auditors and interfaced with the regulators.
• Reviewed over thirty new applications recommending controls and procedure to mitigate risk and ensure
compliance.
• Northern California chair of internal audit organization.
BANK OF AMERICA, 1968-1988
Vice President, Asia/Latin American Treasury in San Francisco managed balance sheet foreign exchange and interest
rate risk for 23 units in 15 currencies. Projected cash flows, hedged both capital and projected earnings as required.
Vice President, Deputy Manager in New York charged with correcting findings of internal audit, which rated the bank’s
largest trading operation as unsatisfactory. Traders had ignored market risk and credit limits, and other internal controls
resulting in three unsatisfactory audits and comments by OCC. Managed administrative and risk control functions of the
Trading Center with two billion dollars in assets, five billion in foreign exchange outstanding, three billion in foreign
exchange options and futures. Wrote 500-1000 contracts per day with a staff of 50. Annual profits 15 to 20 million
dollars.
• Audit rating taken from unsatisfactory to superior.
• No significant risk limit was exceeded in a two-year period.
• Automated the trader’s foreign exchange positions thereby improving accuracy, timeliness of reports and 20%
reduction in support staff.
• Introduced exotic currency trading first year profits $500,000.
Vice President, Country Treasurer – Indonesia transferred to Indonesia to improve unsatisfactory audit rating in
concerned areas and consolidate liquidity, funding, and foreign exchange functions into one department thereby
converting these functions from cost centers to profit centers.
Established and managed the treasury function which included FX and money trading, liquidity management, ALM, and
Private Banking. Hired and trained staff of eight, developed procedures, obtained market risk limits. Managed onshore
and offshore portfolios.
• Developed a Rupiah Swap with Bank Indonesia that enabled the bank to purchase dollars forward at a cost of
four to eight percent and sell to customers at from 12 to 18 percent. Through close relations with Bank Indonesia
able to increase swap line to $135 million earning in excess of US$10 million per annum.
• Successfully predicted Rupiah devaluation obtained increased limits for dollar and other currencies allowing
large dollar position, held dollar instruments that were to be sold, prepaid dollar expenses and held back paying
Rupiah expenses earning a profit in excess of US$ seven million the day of the devaluation.
• Based on the devaluation and the belief that Rupiah would not devalue again requested and obtained largest open
position limit in Bank of America of $125 million. This enabled the borrowing of dollars at 10%, selling the
dollars for Rupiah and lending Rupiah and 20+%. This limit required constant monitoring and reporting of
economic conditions to the banks senior management but for period it was in operation this arbitrage produced
profits in excess of US$14 million.
• Developed and taught a one-day course in market risk to central bank and state banks management.
• Previous unsatisfactory audit rating improved to outstanding and remained at this level throughout assignment.
• Introduced Private Banking and garnering US$ 150,000,000 in Asia Dollar deposits.

Foreign Exchange Trader – Singapore

Senior Auditor, International -Singapore managed Singapore area office with 24 units audited. Hired, trained and
supervised the auditors. Budgeted and planned audit activities for the region. Reviewed the results and recommendations
with senior management. Staff of fifteen auditors

• One of seven members of bank wide task force, which redesigned audit approach using risk analysis and an emphasis
on the use of information systems and monitoring and de-emphasizing fieldwork. This began the change in
philosophy within auditing resulting in a 50% reduction in staff.
• Selected to test new approach (above) for international banking and once successful wrote audit manual and trained
auditors.
• Introduced to South East Asia method of certifying loan interest using a computer program in non-automated
branches with a savings of about $100,000 per year in audit costs.

Senior Auditor - London, England

Conducted branch, investment, due diligence, trust, loan, and fraud audits throughout Europe, Middle East, and Africa.
• Wrote audit programs covering market risk: foreign exchange, money, bonds, derivatives, asset liability management,
nostros, and clearings and trade finance: collections, letters of credit, trust receipts and acceptances.
• Developed and conducted training courses in Europe and Asia locations on new audit requirements as a result of
automation.
• Performed special projects for senior management in reviewing risks, controls, standards, policies, and procedures.
These projects included: a review of security and procedures after the bank suffered the largest bank burglary ever
recorded, an investigation into a major trust fraud, a review of banks involvement in black market in Africa and
assisting on investigating a factoring company management fraud. Also assisted on special investigations involving
Senior Management and investment in Middle Eastern Bank.
• Conducted three pre-acquisition due/diligence audits.

Auditor EDP - London, England

Conducted application and site audits.
• Spearheaded conversion from manual operation to computer of bank’s five billion dollar International Financial
Center in London
Auditor - International
Assisted and conducted audits in branches and investments throughout the United States, Asia, Europe, and Africa.

International - Trainee
Two-year training course requiring mastery of all domestic and international jobs from Teller to FX Trader.

Education:

Bachelor of Arts, San Francisco State University

Certifications:

Certified Internal Auditor

Certified Bank Auditor
Certified Fraud Examiner