Chillin' out till it needs to be funded
Citi chairman Dick parsons is moving out of Citi after his stint at time Warner in 2000 changed to Chairman shipop at citi in 2009. Citi continues to plan for a separate Chairman and CEO as CEO Vikram Pandit has got into his banking shoes by now and earned the respect of most geographies at Citi. While the other banks keep a single Chair and CEO in the US, European banks have more troubles ahed for bank governance as they get troubled by the Capital raising efforts and asset firesales still ahead of them, notable at RBS, DB, ING and even BNP & SocGen. Lloyd Blankfein, John Stumpf and others incl newly appointed James Gorman meanwhile continue to lead critical company restructuring with a dual post.
Chinese banks change leadership as the entire governing superstructure in the country changes in the Politico sessions of August in this year with a new Pesident and Premier from the fourth generation necessitating leadership changes at Districts, PSEs and even Banks
Parsons makes his decision in March even as Citi continues to stumble in the stock markets looking to establish iteself in the same leagues as HSBC and StanChart with its emerging market focus.
Jaime Dimon looks for succession management at JP Morgan
In his interview to Fox Business and Charlie Gasparino, Jaime Dimon revealed he was happy with the strength he had built in the bank since his early days when he left Citi to come here poaching Citi bankers to build up this institution initially. While Jaime Dimon is going to stay for another 5 years, he may be looking for leadership internally as he figures out why his stock prices aren’t moving pace with the World’s best bank in assets and capital. The bank reported $19 bln in earnings but was not able to continue the financials’ rally in the first two weeks of the new year
After Oswald Grubel’s resignation at the bank led to senior management changes, further regulatory investigations completing next month can charge UBS with financial penalties from the outgoing British regulator FSA and management restructuring and other close oversight from FINMA whch though can’t fine UBS for risk control gaps discovered in the regulators’ investigation New chief Sergio Ermotti looks to cut Investment Banking costs also down from 90% as he shifts the focus to wealth management and Q4 results come out next Tuesday in Europe
(WSJ) The bank hasn’t disclosed the full results of its own investigation because it doesn’t want to compromise the London police investigation.
However, in October, it disclosed some of its findings in a regulatory filing. It said that the trader was able to make the trades because bank managers failed to confirm them with counterparties outside the bank, a violation of UBS’s internal rules. It also found gaps in oversight over traders’ ability to book and then cancel transactions. The bank has said that it has taken measures to address both deficiencies.
BankAm COO Tom Montag, in charge of CIB businesses, got busy with more rationalisation of the combined banks’ Investment Banking units, removing Paul Donofrio and another from co heads of Global Corporate and Investment Banking Busineses to leave Christian Meissner sole head of the unit. Meisseer has no pedgree from either BofA or Merrill Lynch and joined as head of EMEA Investment Banking from Goldman Sachs like Thomas Montag himself
IB fees fell34% at the bank in Q4 while EMEA strengths could count fro more in the business in the coming years. Paul Donofrio moves into a Treasury Services role and Michael Rubinoff, one of the seniormost from the ML legacy, takes oevr a s a Chairman of the Global corporate and Investment Banking business.