Word: bankses
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Banks have fired tens of thousands of employees in the past year in order to cut costs. And layoffs in the financial-services business are expected to continue - American Express just announced it will lay off 4,000 workers in its latest round of cutbacks. But in one area banks...
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...
Traditionally, banking experience was never a major criterion for becoming a board member at the nation's largest financial-services firms. Banks and other financial-services firms have long filled their boards with nonfinancial executives, be they industrial chiefs, heads of nonprofits or professors. That's been changing in recent...
As part of the recent stress tests, regulators said they plan to review the boards of the nation's largest banks. The 10 banks that were deemed in the test to not have enough capital were given until June 8 to present Treasury with a plan for how they will...
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...