The general public sees bankers, and especially investment bankers, as public enemy number one and no amount of spin is going to change that. But some chiefs are now engaging with the press so rarely that they have become an invisible force.
The general public sees bankers, and especially investment bankers, as public enemy number one no amount of spin is going to change that. But Tom Montag and Eric Varvel are now engaging with the press so rarely that they have become an invisible force
I am surprised that Montag has not ventured into the public arena to give us an insight into the synergies of the Merrill/Bank of America merger and what progress his troops are making. But then I hear he takes a dim view of the press, having been left rather singed by the reaction to the $50 million pay packet that Merrill offered him in 2008, mid-crisis.
All the references are to Varvels contributions to Mitt Romneys election campaign and the fact that both men are Mormons. I can only assume that Eric is too busy increasing the velocity of huge capital levels imposed by the Swiss finish to speak to the Fourth Estate.
It was thus a relief for me to spy the lesser-spotted mammal that is a bank chief executive in one of the animals natural habitats.
In late August, I was enjoying a light supper on the terrace of the famous Baur au Lac hotel in Zurich. Through the blur of my second Kir royale, I spotted a familiar figure at the next table. Looking closer, I decided that the deeply tanned man was either Sergio Ermotti, the chief executive of UBS, or his long-lost twin brother. Ermottis companion was a serious-looking middle-aged man who seemed to do most of the talking. Ermotti asked the occasional question and then leaned in to listen to the ensuing soliloquy.
I strained to overhear the conversation, but the two men were speaking softly and I am unable to relay any more titbits to my loyal readers. Nevertheless, I am delighted that some bank chiefs are still brave enough to show their faces in public.