Bank on Banking » CEO

Let’s LIGHT This B***h On Fire…Welcome To The Lighter Side!

IBanker — Fri, 04 Jun 2010 02:04:44 +0000

In this kickoff article of BankonBanking’s Lighter Side, I felt that it would only be fair to set one of my all-time favorite videos loose on the readers and settle the banker/consultant battle once and for all. Courtesy of Leveraged Sellout and Youtube, I couldn’t help but kick off the section with a vintage piece. Rest assured, however, this is just the beginning! I’ve got a few guest posters just itching to make their statements and share their stories, lessons, and, of course, banker values (I use the term quite loosely) with all of the readers. If any of you happen to see a comical news story or want to share some of your own insights – don’t be shy – send me an email, and I’ll be happy to check it out and maybe post it to the site.

While I will definitely be sharing a lot of my own material, frankly, you’ve heard and will continue to hear a ton from me on this site – I want to use this section to hear from all of you and…if possible…brighten up the day for a few bankers, students and whoever else happens to pass by!

Before I close out this article, there is just one more video…and yes…it is a bit lengthy at 7 minutes…that I have to share with everyone. A lot of you will remember a quirky and funny little tirade – courtesy of Maxine Waters – several months ago, where the Congresswoman not only loses her patience, but damn near flies off the handle as the IB CEOs sit below and dodge the shrapnel. At one point, Maxine is even given a timeout…but not before Vikram Pandit has what appears to be a good time with the entire event. Watch the smile on Vikram’s face at more than one point in the segment and you tell me that he isn’t having at least a little bit of fun. The congresswoman definitely means well, but it all completely gets away from her by the end here. Anyway…if you’ve got the time, check it out and stay tuned for more from the Lighter Side, new articles, a fresh product and more!

Ken Lewis, One-Upping Jamie Dimon: “I’m Out…By Year End!”

IBanker — Thu, 01 Oct 2009 01:31:31 +0000

It’s official – Ken Lewis has announced his resignation as BofA Merrill Lynch CEO and Director, effective December 31, 2009. Although everyone must have been completely under the impression that big Kenny was ousted, news has it that this announcement came all-of-a-sudden and was entirely Lewis’ decision.

A successor for Lewis has not yet been named, but the Board is diligently looking (so they say) and plan to find a suitable replacement in the near future. The announcement, done in very quick fashion and without much of a plan in place naturally comes with questions. The main question, according to Gasparino is whether Lewis is really retiring because the SEC is close to making a decision to sue Mr. Lewis, personally, for the ML deal and such. Considering it has been recently reported that Lewis was not planning to step down, the argument…or question…is definitely one that carries some weight and validity. To be fair…if the SEC were about to sue me personally (they wouldn’t get much, but still), I’d definitely be running for the hills and out of harm’s way.

Lewis Heads for the Hills

In the News: Jamie Dimon – “I’m Out, Peace”

IBanker — Wed, 30 Sep 2009 01:17:21 +0000

Well, not really, but rumors are swirling, and have been confirmed by the king of the Street himself, that Jamie Dimon has begun to craft an exit strategy allowing him to step down from the helm at JP Morgan. I personally think that it is a great move – Mr. Dimon is living well with one of the best, if not the best reputations on the Street – if he plays his cards right and steps aside with the company doing well, he will have done what few former big banks CEOs have been able to do – leave with his name and reputation in good standing (generally speaking).

His plans, at this point are still fuzzy (at least this is what he’s been willing to divulge), but he has promoted Jes Staley to the head of investment banking, in a move, seen by many, as the equivalent of Dimon showing an ace in the hole while playing a hand of blackjack (in other words, Staley is now seen as the frontrunner to succeed Dimon). Of course it’s still early and plans can always change, if not disappear entirely (meaning Dimon decides to stick around for a while longer), but as of now, Mr. Dimon seems to have had enough to the game and is ready to start cooking (literally – see the full article for more details).

Dimon Moving On…