Why John Stumpf Got Fired
Wells Fargo CEO John Stumpf announced his immediate retirement today. He wasn’t the first bank CEO to preside over a scandal, so why did he fall when others survived? There are four reasons.
Sergey Brin, Meet Bill Norris
Alphabet (the company formerly known as Google) reported healthy earnings a few weeks ago. Its revenue reached $21.5 billion, which included $185mm in sales from moonshot projects – investments in everything from driverless cars and solar-powered drones to genomics. But as executives discussed these ventures with investors, a faint echo from an earlier age – […]
The Warren Buffett-Jamie Dimon Governance Show Closes Early
A high powered investor group led by Warren Buffett and Jamie Dimon revealed their recommendations for improving corporate governance last week. The announcement was flawless – a show to rival any Broadway opening – but the dazzling cast couldn’t make up for a weak report. But while their show closed early, the authors’ clout is […]
Tearing up the History Book at Deutsche Bank
Cast your mind back to the year 1996. That year saw the Dow close above 6,000 for the first time. The Chicago Bulls won their fourth NBA title, and Mel Gibson’s Braveheart filled theaters around the country. It was also the year when things started to go wrong for Deutsche Bank. At least that’s the view […]
Facing the Future at Goldman Sachs
Goldman Sachs has had a string of ugly news headlines lately over its dealings with Libya’s sovereign wealth fund, its role in the collapse of a British retailer and its ties to an investment fund in Malaysia embroiled in a corruption probe. But this post is not about those things.
Lululemon’s Phantom Director
Can a public company have a phantom director and refuse to answer questions about it? Lululemon Athletica thinks so. But will it prompt big investors to take a tougher stand on director elections?
Fiddling While Wall Street Burns
For a business that makes its living from intermediating disruption, Wall Street is remarkably inept at dealing with its own ebbing fortunes. Just look at the recent announcements from two big banks.
The Princes Revolt at Credit Suisse
You almost feel sorry for Tidjane Thiam, the CEO of Credit Suisse. According to a New York Times article, he offended the firm’s princely investment bankers, apparently by speaking harshly to them and insisting they stop losing the shareholders’ money. Now they are throwing their Gucci loafers at him and warning the castle is about […]
The Word a Bank CEO Should Never Use
Tidjane Thiam, CEO of Credit Suisse, uttered the one word a bank chief should never say. No, it’s not of the four-letter variety, but it might as well be.
Argentina’s Quiet Conquest
Tucked away deep inside today’s newspaper was a small report that Argentina may be on the verge of ending its long fight with a group of hedge funds and rejoining the international brotherhood of debtor nations. It’s much bigger news than the coverage suggests. Chalk it up to Argentina’s new leadership – and its new communication strategy.