Thursday, July 16, 2009

A SBU grad to the rescue at Citigroup??

Typically I would not blog on a shakeup at the top sice they are seemingly so commonplace, but this one does merit some attention (even if belatedly so).

From last week:

Citigroup Shuffles Top Ranks Again, in a Bow to Regulators -
"...the bank announced its third sweep of top management in less than a year, elevating John C. Gerspach, the chief accounting officer, to Mr. Kelly’s post, and reeling in an experienced outsider, Eugene M. McQuade, to sharpen its focus on traditional banking in response to concerns from Washington.

The shakeup highlights the uncertainties Citigroup still faces months after accepting three multibillion-dollar government bailouts"

and later:
"Citigroup has now had five chief financial officers in five years, and senior managers keep leaving. A Barclays Capital report of the bank found that just 17 of Citigroup’s 43 highest ranking executives in 2006 remain at the company. "

So at least at some level, it does seem that those who allowed the troubles to occur are paying a penalty for their actions (or lack thereof).

And then the other reason for this inclusion is to point out that Eugene McQuade went to St Bonaventure!

1 comment:

Affacturage said...

I learned a lot about economics through this blog. A well-written reminder to all about the impending issues that we are all going to have to deal with (or are already dealing with) in this country in the years to come.