The numbers are accelerating.
February Fever: Why are Major Bank Executives Resigning Left and Right?
23rd February 2012
By Madison Ruppert
Contributing Writer for Wake Up World PDF D/L in this Link
This month has seen a rash of top level resignations across some of the most major banking institutions across the globe.
There has also been news of potential upcoming resignations which could have a considerable impact as well, not the least of which is the potential resignation of Lloyd Blankfein, chief executive officer (CEO) of Goldman Sachs.
According to Fortune, this could occur as early as this summer, although this is still merely a possibility and far from set in stone.
However, there are many very real and quite perplexing instances of bank heads quitting across major institutions like the World Bank, the Nicaraguan Central Bank, Kuwait’s Central Bank, two of Slovenia’s biggest banks and more.
t appears this trend began some time early this month, perhaps with the resign of Amitabh Chaturvedi, the CEO of Dhanlaxmi Bank Ltd on February 6.
This was supposedly due to Chaturvedi having “serious differences with the board regarding the strategies of the bank. He had different views on several issues. It was coming,” an anonymous bank official told Mint.
Chaturvedi’s resignation was just the beginning. On February 10, Business Standard reported that A K Jagannathan, the managing director and chief executive of Tamilnad Mercantile Bank resigned, citing personal reasons.
Then, on February 13, the Washington Post reported via the official Kuwait News Agency that Sheik Salem Abdulaziz Al Sabah, a member of the Kuwaiti royal family, resigned after 25 years heading up the nation’s central bank.
While the brief announcement gave no immediate reason for the move, internal speculation surrounds his opposition to increased domestic spending, including wage increases.
Just the next day, the head of the Nicaraguan Central Bank, Bloomberg reported that Antenor Rosales quit, apparently over disagreements with Nicaraguan President Daniel Ortega, however an official statement claimed that the resignation was “normal government procedure” and not the result of a disagreement.
The following day brought reports of the CEOs of Slovenia’s two largest banks stepping down along with theplanned resignation of World Bank President Robert Zoellick, who will leave the bank on June 30.
Then the next day, February 16, the chief financial officer of Australia and New Zealand Banking Group Ltd (ANZ Bank) resigned after 15 years as the bank’s CFO. Also on that day, it was announced that Andrew Check would lead the Royal Bank of Scotland’s Australian arm after Stephen Williams resigns in the next three to six months.
On the February 17 the news broke of Blankfein’s possible future resignation along with Bloomberg reporting that Credit Suisse Group AG’s private bank in Signapore’s chief Asian economist, Joseph Tan, resigned.
On February 18 the British Daily Mail reported that Germany’s president, Christian Wulff, resigned over a scandal involving an attempt to gag a press investigation into political favors and possible bribes. While this obviously isn’t a bank executive, it is noteworthy nonetheless as it is still part of the trend of prominent individuals resigning, quitting and otherwise stepping down from their position of power.
The reasons behind this trend are unknown as of yet and indeed they could not be connected in any way, yet I think that is highly doubtful. I am not yet prepared to speculate as to why this is happening with such frequency right now, however I will say that I hope it is due to some serious changes being made in the financial system – hopefully for the good of us all.
About the Author
Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lieand has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at admin@EndtheLie.com
Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lieand has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at admin@EndtheLie.com
40 RESIGNATIONS FROM WORLD BANKS SINCE 25TH SEPTEMBER 2011
(1) 9/25/11 (SWITZERLAND) Bank chief resigns over ?1.5bn rogue trader crisis
http://www.dailymail.co.uk/news/article-2041385/Oswald-Gruebel-resigns-UBS-boss-steps-Kweku-Adoboli-trading-scandal.html
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks
http://online.wsj.com/article/SB10001424052970203687504577003734190522426.html
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign
http://www.thenews.coop/article/more-directors-beed-district-bank-resign
(4) 11/21/11 (JAPAN) UBS?s Japan Investment Banking Chairman Matsui to Resign
http://www.bloomberg.com/news/2011-11-22/ubs-s-japan-investment-banking-chairman-yasuki-matsui-to-resign.html
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam
http://www.dailymotion.com/video/xlcznz_iran-s-bank-melli-ceo-resigns-over-loan-scam_news
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank]
http://www.reuters.com/article/2011/12/15/coutts-fleming-idUSL6E7NF23S20111215
(7) 12/22/11 (FRANCE) Societe Generale?s Investment Banking Chief Steps Down
http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/
12/23/11 (USA VA) Bank feud: Chairman Giles quits VNB with other directors
http://www.readthehook.com/102524/bank-feud-chairman-giles-quits-vnb-other-directors
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down
http://www.ftadviser.com/2012/01/05/ifa-industry/people/saunderson-house-chief-executive-steps-down-M0vEWlpbSqKA3OCLZDCcGM/article.html
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns
http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html
(10) 1/12/12 (United Kingdom) Lloyds? head of wholesale quits
http://www.bankingtimes.co.uk/2012/02/01/lloyds-head-of-wholesale-quits/
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits
http://www.expatica.com/es/news/spanish-news/spanish-bank-santander-s-americas-chief-quits_202395.html
(12) 1/30/12 (UNITED KINGDOM) Head Of UK Private Bank Steps Down [Butterfield Private Bank]
http://www.wealthbriefing.com/html/article.php?title=Head_Of_UK_Private_Bank_Steps_Down&id=43933
(13) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits
http://www.euromoney.com/Article/2959021/Nomuras-head-of-wholesale-banking-quits.html
(14) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September
http://www.bloomberg.com/news/2012-01-29/new-zealand-reserve-bank-governor-alan-bollard-to-step-down-in-september.html
(15) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on
http://www.france24.com/en/20120121-banks-top-negotiator-quits-greece-but-talks-go
(16) 2/02/12 (VENEZUELA) Key Chavez Minister Resigns Amid Banking Corruption Fallout
http://www.laht.com/article.asp?CategoryId=10717&ArticleId=348565
(17) 2/05/12 (USA – NY) Two Top Morgan Stanley Bankers Resign
http://www.stockbroker-fraud.com/lawyer-attorney-1133774.html
(18) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
(19) 2/07/12 (INDIA) Falguni Nayar quits Kotak Mahindra Bank
http://articles.economictimes.indiatimes.com/2012-02-07/news/31031134_1_kotak-mahindra-bank-falguni-nayar-shanti-ekambaram
(20) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
http://finance.yahoo.com/news/iran-denies-central-bank-resignation-164154294.html
(21) 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal
http://articles.businessinsider.com/2012-02-09/europe/31040509_1_anti-money-laundering-law-vatican-finances-italian-tv
(22) 2/10/12 (KOREA) Korea Exchange Bank chief steps down
http://english.yonhapnews.co.kr/business/2012/02/10/0503000000AEN20120210005100320.HTML
(23) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns
http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
(24) 2/13/12 (KUWAIT) Kuwait Central Bank CEO resigns
http://www.washingtonpost.com/business/industries/kuwait-central-bank-chief-resigns-amid-political-tensions/2012/02/13/gIQAcxrOAR_story.html
(25) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns
http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
(26) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank
http://www.socialenterpriselive.com/section/news/people/20120214/social-finance-pioneer-hayday-steps-down-charity-bank
(27) 2/15/12 World Bank CEO Zoellick resigns
http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/
Did the White House tell the World Bank president that he’s out?
http://bosco.foreignpolicy.com/posts/2012/02/15/did_the_white_house_tell_the_world_bank_president_that_hes_out
(28) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign
http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
(29) 2/15/12 (KENYA) Governor of Kenyan Central Bank to Resign
http://www.centralbanking.com/central-banking/news/2152753/parliamentary-committee-calls-kenyan-governor-resign
(30) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group
http://business.thinkghana.com/pages/finance/201202/57429.php
(31) 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Quits
http://webcache.googleusercontent.com/search?q=cache:ZVfFZypqVIcJ:www.a1saudiarabia.com/4489-saudi-hollandi-banks-md-quits/+&cd=4&hl=en&ct=clnk&gl=us
(32) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns
http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoill
(33) 2/16/12 (UNITED KINGDOM) Royal Bank of Scotland Bankers Arrested
http://www.telegraph.co.uk/finance/financial-crime/9086930/Senior-bankers-caught-up-in-film-investment-tax-probe.html
(34) 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
http://www.theaustralian.com.au/business/wall-street-journal/andrew-chick-to-lead-royal-bank-of-scotlands-australian-arm/story-fnay3vxj-1226272513981
(35) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer
http://finance.fortune.cnn.com/2012/02/17/gary-cohn-goldman-sachs/
(36) 2/17/12 (SWITZERLAND) SNB Council President To Leave Central Bank
http://online.wsj.com/article/BT-CO-20120217-710604.html
(37) 2/18/12 (PAKISTAN) AJK Bank?s executive steps down
http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/national/18-Feb-2012/ajk-bank-s-executive-steps-down?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+pakistan-news-newspaper-daily-english-online%2F24hours-news+%28The+Nation+%3A+Latest+News%29
(38) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down
http://newsley.com/articles/head-of-russian-bank-regulator-steps-down/206711
(39) 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://www.businessweek.com/news/2012-02-20/credit-suisse-s-private-bank-chief-asian-economist-tan-resigns.html
(40) 2/20/12 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=25695731
There is also another list here, should any of the above links not work, this also contains additional Information on Government Officials, Boards of Directors & Hedge Funds
Different source USAHITMAN Link
11-29-11 R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank
01-07-12 Iran denies central bank resignation rumor
01-09-12 Switzerland’s central bank chief resigns
02-15-12 Silvio Berlusconi Trial: Prosecutors Seek 5-Year Term
02-16-12 Swiss National Bank chairman’s resignation—A pointer to all regulators in India
02-17-12 UPDATE: SNB Council President To Leave Central Bank
02-20-12 Senior bankers caught up in film investment tax probe
02-20-12 RBS and Jefferies staff held as tax evasion investigation widens
02-20-12 Hedge fund boss whose explosive emails finally caught up with him
02-20-12 Tory hedge fund donor fined $80m in the US
Date unknown BELGIUM: Resignations
~~ End ~~
Source
The ‘Double’List
GOVERNMENT RESIGNATIONS
2/6/12
Romanian prime minister and cabinet resign en masse
http://www.guardian.co.uk/world/2012/feb/06/romania-pm-cabinet-resign
2/20/12 (GERMANY) GERMAN PRESIDENT Christian Ruff resigns (financial corruption charges)
http://www.dailymail.co.uk/news/article-2102524/German-President-Christian-Wulff-forced-resign.html
RESIGNATIONS FROM WORLD BANKS:
(1) 9/25/11 (SWITZERLAND) Bank chief resigns over £1.5bn rogue trader crisis
http://www.dailymail.co.uk/news/article-2041385/Oswald-Gruebel-resigns-UBS-boss-steps-Kweku-Adoboli-trading-scandal.html
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks
http://online.wsj.com/article/SB10001424052970203687504577003734190522426.html
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign
http://www.thenews.coop/article/more-directors-beed-district-bank-resign
(4) 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
http://www.bloomberg.com/news/2011-11-22/ubs-s-japan-investment-banking-chairman-yasuki-matsui-to-resign.html
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam
http://www.dailymotion.com/video/xlcznz_iran-s-bank-melli-ceo-resigns-over-loan-scam_news
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank]
http://www.reuters.com/article/2011/12/15/coutts-fleming-idUSL6E7NF23S20111215
(7) 12/22/11 (FRANCE) Societe Generale’s Investment Banking Chief Steps Down
http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down
http://www.ftadviser.com/2012/01/05/ifa-industry/people/saunderson-house-chief-executive-steps-down-M0vEWlpbSqKA3OCLZDCcGM/article.html
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns
http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html
(10) 1/12/12 (United Kingdom) Lloyds’ head of wholesale quits
http://www.bankingtimes.co.uk/2012/02/01/lloyds-head-of-wholesale-quits/
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits
http://www.expatica.com/es/news/spanish-news/spanish-bank-santander-s-americas-chief-quits_202395.html
(12) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits
http://www.euromoney.com/Article/2959021/Nomuras-head-of-wholesale-banking-quits.html
(13) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September
http://www.bloomberg.com/news/2012-01-29/new-zealand-reserve-bank-governor-alan-bollard-to-step-down-in-september.html
(14) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on
http://www.france24.com/en/20120121-banks-top-negotiator-quits-greece-but-talks-go
(15) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
(16) 2/07/12 (INDIA) Falguni Nayar quits Kotak Mahindra Bank
http://articles.economictimes.indiatimes.com/2012-02-07/news/31031134_1_kotak-mahindra-bank-falguni-nayar-shanti-ekambaram
(17) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
http://finance.yahoo.com/news/iran-denies-central-bank-resignation-164154294.html
(18) 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal
http://articles.businessinsider.com/2012-02-09/europe/31040509_1_anti-money-laundering-law-vatican-finances-italian-tv
(19) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns
http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
(20) 2/13/12 (KUWAIT) Kuwait Central Bank CEO resigns
http://www.washingtonpost.com/business/industries/kuwait-central-bank-chief-resigns-amid-political-tensions/2012/02/13/gIQAcxrOAR_story.html
(21) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns
http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
(22) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank
http://www.socialenterpriselive.com/section/news/people/20120214/social-finance-pioneer-hayday-steps-down-charity-bank
(23) 2/15/12 World Bank CEO Zoellick resigns
http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/
Did the White House tell the World Bank president that he’s out?
http://bosco.foreignpolicy.com/posts/2012/02/15/did_the_white_house_tell_the_world_bank_president_that_hes_out
(24) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign
http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
(25) 2/15/12 (KENYA) Governor of Kenyan Central Bank to Resign
http://www.centralbanking.com/central-banking/news/2152753/parliamentary-committee-calls-kenyan-governor-resign
(26) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group
http://business.thinkghana.com/pages/finance/201202/57429.php
(27) 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Quits
http://webcache.googleusercontent.com/search?q=cache:ZVfFZypqVIcJ:www.a1saudiarabia.com/4489-saudi-hollandi-banks-md-quits/+&cd=4&hl=en&ct=clnk&gl=us
(28) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns
http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoill
(29) 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
http://www.theaustralian.com.au/business/wall-street-journal/andrew-chick-to-lead-royal-bank-of-scotlands-australian-arm/story-fnay3vxj-1226272513981
(30) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer
http://finance.fortune.cnn.com/2012/02/17/gary-cohn-goldman-sachs/
(31) 2/18/12 (PAKISTAN) AJK Bank’s executive steps down
http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/national/18-Feb-2012/ajk-bank-s-executive-steps-down?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+pakistan-news-newspaper-daily-english-online%2F24hours-news+%28The+Nation+%3A+Latest+News%29
(32) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down
http://newsley.com/articles/head-of-russian-bank-regulator-steps-down/206711
(33) 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://www.businessweek.com/news/2012-02-20/credit-suisse-s-private-bank-chief-asian-economist-tan-resigns.html
(34) 2/10/12 (KOREA) Korea Exchange Bank chief steps down
http://english.yonhapnews.co.kr/business/2012/02/10/0503000000AEN20120210005100320.HTML
It appears that all the rats are being cleaned out of the banks. One wonders if it is to escape angry citizens or because they are being ferried off to some underground bunker? Add to this list Germany’s President. .. Netanyahu’s Bureau chief – Natan Eschel ….. Las Vegas State Senator Elizabeth Halseth … and more.
Susoni
Romanian prime minister and cabinet resign en masse
http://www.guardian.co.uk/world/2012/feb/06/romania-pm-cabinet-resign
Global bank resignations
Resignations Global Banks ….
1 World Bank CEO Zoellick resigns
http://business.time.com/2012/02/15/…llick-resigns/
2 Anz Bank CFO Australia resigns
http://www.proformative.com/news/147…s-amid-turmoil
3 Nicaraqua Central Bank Pres Rosales resigns
http://www.bloomberg.com/news/2012-0…-amid-row.html
4 Credit Suisse Chief Joseph Tan resigns
http://www.businessweek.com/news/201…n-resigns.html
5 GERMAN PRESIDENT Christian Ruff resigns
http://www.dailymail.co.uk/news/arti…ed-resign.html
6 Royal Bank of Scotland Austrailin CEO Stephen Williams resigns
http://www.theaustralian.com.au/busi…-1226272513981
7 Kuwait Central Bank CEO resigns
http://www.washingtonpost.com/busine…OAR_story.html
8 Slovenia TWO largest Banks CEO’s (2) resign
http://www.bloomberg.com/news/2012-0…s-resigns.html
9 Bank of India CEO Chaturvedi resigns
http://www.livemint.com/2012/02/0616…itabh-Cha.html
10 Tamilnad Mercantile Bank CEO resigns
http://www.business-standard.com/ind…resigns/464259
11 GOLDMAN SACHS CEO Blankenfein to resign (Nothing printed on this yet UNLESS this JUST happened. Last article said he is not stepping down in 2011).
http://www.huffingtonpost.com/2011/0…_n_858647.html
http://www.washingtonpost.com/busine…OAR_story.html
12.
N.C. banking official resigns
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=13&ved=0CDgQFjACOAo&url=http%3A%2F%2Fwww.newsobserver.com%2F2012%2F02%2F15%2F1855967%2Fnc-banking-official-resigns.html&ei=6HxCT8bUJNLy2gWwz6GSCA&usg=AFQjCNGleDoGYbSQrE_4mggScv3D9yxQ-w
13. Switzerland’s central bank chief resigns
http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html
***********************
Mass Resignation of the Proxies: Why Are So Many Key Financial Figures Waiving the White Flag?
(some are repeats on this list)
Here are the recent resignations in chronological order:
February 6, 2012: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits: http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
February 10, 2012: Tamilnad Mercantile Bank MD resigns: http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
February 13, 2012: Kuwait central bank chief resigns amid political tensions: http://www.washingtonpost.com/business/industries/kuwait-central-bank-chief-resigns-amid-political-tensions/2012/02/13/gIQAcxrOAR_story.html
February 14, 2012: Nicaragua’s Central Bank President Antenor Rosales quit admist row:http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
February 15, 2012: Slovenia’s Two Biggest Banks’ CEOs Step Down: http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
February 15, 2012: World Bank President Zoellick Resigns: http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/
February 16, 2012: CFO of ANZ Bank Resigns Amid Turmoil: http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoil
February 16, 2012: Royal Bank of Scotland’s Stephen Williams quits the role: http://www.theaustralian.com.au/business/wall-street-journal/andrew-chick-to-lead-royal-bank-of-scotlands-australian-arm/story-fnay3vxj-1226272513981
February 17, 2012: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns:http://www.businessweek.com/news/2012-02-17/credit-suisse-s-private-bank-chief-asian-economist-tan-resigns.html
That’s 9 resignations in eleven days, we have not included the other resignations from the likes of the head of the central bank in Switzerland a month ago, and the talk of the head of Goldman Sachs leaving. Why are the heads of very large financial instutitions resigning? Corporate governance experts would say that people resign to make room for new policies, and way of doing things, but this is a peculiar situation of contagion amongst those with key exposure.
The first to see the flame, usually leave the building, maybe this is not the case, nonetheless, such events with obvious patterns should be taken note of.
http://valuebin.wordpress.com/2012/02/20/mass-resignation-of-the-proxies-why-are-so-many-key-financial-figures-waiving-the-white-flag/
REGARDS ......... WASP
PLUS -
There were 12 more in the last day or so ...
* 2/27/12 (GERMANY) Deutsche Bank Americas chief steps down
http://www.cbsnews.com/8301-505245_162-57385821/deutsche-bank-americas-chief-steps-down/
* 2/27/12 (BAHRAIN) Ebrahim Ebrahim quits as CEO of Khaleeji Commercial Bank
http://www.cpifinancial.net/news/post/12845/ebrahim-ebrahim-quits-as-ceo-of-khaleeji-commercial-bank
* 2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Steps Down
http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/
* 2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
http://twentyfoursevennews.com/banking-finance/elaf-bank-ceo-dr-el-jaroudi-resigns/
* 2/27/12 (JAPAN) Nomura’s Head Of Wholesale Banking Quits
http://atomiclotusbox.wordpress.com/2012/02/27/nomuras-head-of-wholesale-banking-quits/
* 2/27/12 (INDIA) Falguni Nayar Quits Kotak Mahindra Bank
http://atomiclotusbox.wordpress.com/2012/02/27/falguni-nayar-quits-kotak-mahindra-bank/
* 2/27/12 (GERMANY) Equiduct chairman steps down
http://www.efinancialnews.com/story/2012-02-27/equiduct-chairman-steps-down?mod=sectionheadlines-home-TT
* 2/27/12 (BAHRAIN) Al Zain steps down as Mumtalakat Holding CEO
The board of directors of Bahrain Mumtalakat Holding Company (Mumtalakat),Bahrain’s Sovereign Wealth Fund, has accepted the resignation of the Chief Executive Officer, Talal Al Zain, following the completion of a four year term as head of the investment arm for non-oil and gas assets of the Kingdom of Bahrain.
http://twentyfoursevennews.com/bahrain-news/al-zain-steps-down-as-mumtalakat-holding-ceo/
* 2/27/12 (IRAN) Iran’s Bank Melli CEO Resigns Over Loan Scam
http://atomiclotusbox.wordpress.com/2012/02/27/irans-bank-melli-ceo-resigns-over-loan-scam/
* 2/27/12 (INDIA/KASHMIR) AJK Bank’s Executive Steps Down
http://www.monitorkashmir.com/content/ajk-bank-s-executive-steps-down?destination=node%3Ftimeframe%3Dall%26filter%3Dall
* 2/27/12 (UNITED KINGDOM) Moreno to step down at Lloyds Banking Group
Lloyds Banking Group has announced that Glen Moreno, its senior independent director, intends not to seek re-election at the bank’s annual general meeting on 17th May, and will retire from the board on that date.
http://www.bankingtimes.co.uk/2012/02/27/moreno-to-step-down-at-lloyds/
* 2/28/12 (HONG KONG) Leung `to enjoy life’ as she calls it quits
http://www.thestandard.com.hk/news_detail.asp?we_cat=11&art_id=120161&sid=35559525&con_type=1&d_str=20120228&fc=1
Posted by Wish13 to the tap
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