NEW YORK & FRANKFURT—November 13, 2025—Bain & Company today announced senior leadership changes within its global Financial Services practice, further strengthening its fast-growing role as a strategic partner for leading financial institutions worldwide. 

With the financial services industry undergoing far-reaching technological change, Bain continues to see its FS clients around the globe seeking ways to navigate the challenges and opportunities of AI, intensified competitive pressures, and fast-changing marketplaces and customer needs. By expanding its leadership capacity with today’s appointments, Bain will enhance its ability to support clients’ developing needs across financial services sectors to meet this critical moment, transform their business models and operations, and lead in their industry. 

Bain announced that Peter Stumbles and Dirk Vater will take over as co-leaders of the firm’s global Financial Services practice on January 1, 2026 – with the new, dual leadership underlining Bain’s commitment to the practice’s next phase of growth as it further broadens and deepens its capabilities and support for clients. 

“As the financial services industry faces a rapid transformation from new technology, data, and AI, we are adding leadership capacity to match the scale of our clients’ ambition and accelerate the pace of change,” said Laura Miles, Bain & Company’s chief client officer and global head of industries. “The appointment of Peter and Dirk as global practice co-leaders and their extensive expertise across the industry further enables us to bring innovative, new approaches and investments to help our financial services clients globally solve some of the most complex business challenges.”  

Based in New York, Peter Stumbles is a senior partner in Bain’s Financial Services practice. He previously served as Bain’s managing partner in Australia from 2019 to 2025 and, prior to that, led the firm’s Asia-Pacific Financial Services practice from 2015 to 2019. He brings to his new leadership role deep experience with Bain’s clients across the financial services industry, including in the banking, insurance, asset and wealth management, payments, and fintech sectors. Stumbles has supported clients across all aspects of strategy and transformation, including extensive programs in corporate strategy, customer-led growth, digital and technology, data and analytics, operating model, performance improvement, and risk management. He holds a Bachelor of Engineering from the University of Sydney. 

Dirk Vater, who will split his time between New York and Frankfurt, is currently EMEA leader of Bain’s Financial Services practice, as well as part of the firm’s global Digital leadership team and a senior member of its Sales & Marketing practice. He has over 30 years of management consulting experience, advising global clients on major transformation programs and strategy development, especially across retail banking, wealth management, small and medium-sized financial enterprises, and in corporate banking. Over the past decade, he has led digitalization projects for global financial institutions, including developing and implementing banks’ digital transformation agendas, setting up digital factories, and redesigning financial firms’ customer journeys to mirror the development of disruptive new business models. Dirk holds a Ph.D. in Business Administration from Chemnitz University of Technology, Germany, and a Bachelor of Business Administration from the University of Mannheim, Germany. 

Stumbles and Vater will succeed Julien Faye, who has led the global FS practice for the past six years, helping it to deliver groundbreaking transformations for the world’s leading banks, insurers, payments providers, and wealth management groups, and achieving sustained, double-digit growth in Bain’s FS revenues. In this period, the practice has expanded its expertise and capabilities across financial sectors and became a global leader in advising on AI, technology modernization, and digital transformations in the industry. 

Media contacts: 

Michael Simon (New York) — michael.simon@bain.com 

Gary Duncan (London) — gary.duncan@bain.com 

Ann Lee (Singapore) — ann.lee@bain.com 

About Bain & Company 

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future. 

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.