Abigail with attitude
Abigail Hofman muses on the banks that are succeeding, Euromoney’s success in raising £600,000 for a worthy cause, and why bank chiefs are so bad at managing their succession
The banking industry will miss Joe Ackermann... As Deutsche’s chief executive, Josef Ackermann, spoke briefly about the euro, the European ideal and courage, I found myself thinking what a loss he will be for the industry when he finally retires.
A mole at the dinner murmured that he had interviewed a senior Deutsche employee recently. The potential candidate had revealed that the battle over who should replace Ackermann is acrimonious and is taking a toll on morale.
The highlight of the evening was the generosity shown towards Euromoney’s chosen charity: Little Rock Inclusive Early Childhood Development Centre.
It occurs to me that none of the major banks has a proper succession plan in place today. Think about UBS, Credit Suisse, Barclays, Goldman Sachs and even HSBC. Who would step into the breach if the current chief fell under a bus?
Someone who was an autocratic bank chief and who never bothered to put in place a proper succession plan was Ken Lewis, the former chief executive and chairman of Bank of America. Lewis’ legacy is a murky mess.
Titans of the financial and political establishment gathered in Montenegro on July 7 for a three-day fiesta to celebrate Nat Rothschild’s 40th birthday.
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