Newcomers settle into the CFO hot seat
"The words I have heard more often in the past two months than in my whole life up to this point are ‘unintended consequences’. It will be the phrase of the year for 2010."
Stefan Krause, Deutsche Bank
Since the global financial crisis that began in 2007, many of the largest banks and financial firms have replaced their chief executives. With heads rolling at Citigroup, UBS and Bank of America Merrill Lynch, and a changing of the guard at Morgan Stanley, new chief financial officers have also taken the hot seats at each of those firms. And there are other relative newcomers to the CFO role at Deutsche Bank and Credit Suisse. So when Euromoney asked the CFOs of a dozen of the world’s biggest banks to give their views on regulation, capital, funding and liquidity, it found that half have been in the job for less than two years. Two of these newcomers built their careers outside banking. Charles (Chuck) Noski, was CFO at AT&T and at Northrop Grumman before being appointed CFO of Bank of America in April of this year.