Word: bankes
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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...
...Bank of America and Citigroup are not alone in needing to make changes. At Wells Fargo, only four of that bank's 17 independent board members have a background in the financial-services industry. And even among that group, only two have been executives at a bank. Fifth Third Bancorp, which was deemed to need an additional $1.1 billion in capital in the government's recent stress test, has no independent directors on its board with prior experience working at a bank. Two of its board members do have financial-services experience, but with insurance companies. At JPMorgan Chase, none...
David Bliss, head of consulting firm Oliver Wyman's board-advisory unit, says he has been busy and has received more calls from large financial firms in the past few months. Nonetheless, Bliss says the most troubled banks may have a tough time finding willing and able directors. He says it's harder today to find people to serve on corporate boards, in part because Sarbanes-Oxley has increased the work that board members must do. But Bliss says the biggest thing that keeps people from serving on a bank board is the social risk. "No one wants...
That means prominent former top executives of financial-services companies may be getting a lot of attention from recruiters in the next few months. John Reed, the former CEO of Citibank, is among the group of individuals who recruiters say should be on any bank's short list. Henry Paulson, the former Treasury Secretary, could be a candidate as well, though some question whether a Paulson appointment would win points with the current Administration...