Charles Dallara, a former US naval officer who once described working on the Greece restructuring as “my privilege, my responsibility, and occasionally, my albatross”, has been at the helm of the global lobby group for financial institutions for nearly two decades.

But the Institute of International Finance will now need a new hand at the tiller as the 62-year old Dallara announced at the IIF's Spring membership meeting in Copenhagen, Denmark, today that he will vacate his role in "the coming months".