Word: banke
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Dates: during 2000-2009
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...feel comfortable giving advice to a chief executive? Do you know your way around a bank's profit and loss statement? Are you available on weekends for crisis conference calls? Then the financial-services industry...
...There are going to be changes to the boards of every major financial-services firm," says Clarke Murphy, co-head of the board-services practice at executive-search firm Russell Reynolds. "As many as half of their independent members [i.e., directors who are not officers of the bank] may change...
Already, Citigroup has named four new directors to its board this year, and each has financial experience. Two, Jerry Grundhofer and Michael O'Neill, are former chief executives of other banks, U.S. Bancorp and Bank of Hawaii, respectively. And a number of Citi's shareholders are pushing for the bank to make further changes to its board...
...Bank of America said in early May that it, too, was looking for new directors. Regulators are reportedly pushing the bank to add more outside directors with financial-industry experience. Shareholders recently voted to strip BofA CEO Ken Lewis of his position as chairman of the board. The new chairman, Walter Massey, is heading up the committee that will revamp the bank's board...
What's the biggest risk to a continued rise in bank stocks? There are three risks: first, that credit spreads widen again and go back up to historic highs; second, that the employment situation, on a relative basis, is not improving and we see an acceleration in the rate of weekly jobless claims; third, if housing takes another big move to the downside...