Dick Fuld’s Unlikely Return
Dick Fuld was never that skilled with the media when he was CEO of Lehman Brothers. Nearly seven years later, he still isn’t.
Saving Sergio Ermotti
UBS chief executive Sergio Ermotti bravely launched a defense of the banking sector and hit out at its critics in a candid interview from the World Economic Forum in Davos, Switzerland. In this post, we imagine the conversation Ermotti had with his PR chieftain when he returned from the mountains.
Barclays: When Not to be Different
Most banks work hard to say they’re different from the competition. But Barclays chief Antony Jenkins wants us to know his bank just like every other. It’s a clever communication strategy for deflecting attention from the bank’s woes. But what does he do after that?
Stephen Hester is No Bob Diamond
The Royal Bank of Scotland Group is reportedly in negotiations with regulators to settle charges the bank manipulated Libor. It would follow a similar settlement with Barclays just weeks ago, which ultimately led to the ouster of its CEO, Bob Diamond. But RBS chief executive Stephen Hester is no Bob Diamond.
What Bob Diamond Should Have Learned from Ken Lewis
One of the serious misjudgments by Barclays CEO Bob Diamond in the Libor scandal was his belief that regulators’ praise for the bank’s cooperation during the investigation would shield it from criticism. It did not. Diamond should have learned from Ken Lewis that you can’t count on regulators’ goodwill to protect you when things get […]
Reflections on Bob Diamond
For the Barclays bankers who were fomenting a revolt to topple Bob Diamond earlier this week, the scene must have seemed eerily familiar. Most of them are veterans of Lehman Brothers, which Barclays acquired in 2008 following its collapse under Dick Fuld, the strong-willed executive who ran the firm for 14 years. Diamond, like Fuld, […]
Possibly the Worst CEO Letter Ever
On Monday, Barclays CEO Bob Diamond sent a letter to employees that he hoped would draw a line under the widening scandal over the bank’s manipulation of a key lending rate. But rather than relieve the pressure, the letter only increased it, and by Tuesday Diamond had resigned. His letter offers several lessons for scandal-scarred […]
At Barclays, Inaction Speaks Louder than Words
The Barclays annual shareholder meeting last week was a loud and lively affair, with howls of protest directed at CEO Bob Diamond and Chairman Marcus Agius over the bank’s pay practices. Here’s how it was reported by the New York Times: “The atmosphere at the meeting was hostile from the start, and the speeches were […]
Waiting for Bob Diamond’s Bonus, Part 3: The Reckoning
Barclays announced Bob Diamond’s pay package this morning when it filed its annual report. As expected, the news media is pouncing on not only the bonus, but the bank’s poor performance and regulatory woes. Here’s the FT’s take: “While overall pay is lower this year – largely because of a sharp fall in profits at […]
Waiting for Bob Diamond’s Bonus – Part 2
It looks like this could be the week when Barclays reveals the compensation package for CEO Bob Diamond, according to reports in the press. The reports speculate on the likely amount he’ll be paid, while revisiting all the negative themes about bank pay, performance and risk. Unfortunately for Barclay’s, there is little it can do […]