What Happened to the Management of the Largest Banks After the Financial Crisis

I found some info when I was trying to decide on which bank to move my account into & I thought I would share.

These are the 13 banks which received the largest bailouts, the time put in by the active CEOs in September 2008 when the subprime mortgage bubble burst, and the fates of those CEOs in the aftermath.

Bank Name CEO Time Put In Fate Source
Bank of America Kenneth Lewis 8 yrs retired end of 2009 w/ $53M in pension benefits Link
Citigroup Vikram Pandit 9 mos resigned 10/2012 Link
JPMorgan Chase Jamie Dimon 2 yrs 8 mos still CEO Link
Wells Fargo John G. Stumpf 1 yr 3 mos still CEO Link
GMAC (now Ally Financial) Alvaro de Molina 6 mos forced to resign 11/09 w/o severance pay Link
Goldman Sachs Lloyd Blankfein 2 yrs 4 mos still CEO Link
Morgan Stanley John J. Mack 3 yrs 3 mos retired in 2010 Link
PNC Financial Services James E. Rohr 8 yrs 4 mos still CEO Link
U.S. Bancorp Richard K. Davis 1 yr 9 mos still CEO Link
SunTrust James M. Wells 1 yr 8 mos retired 4/2011 w/ pension valued at $4.5M in 2010 Link
Capital One Financial Corp. Richard D. Fairbank 20 yrs still CEO Link
Regions Financial Corp. C. Dowd Ritter 1 yr 10 mos retired 3/10 Link
Fifth Third Bancorp Kevin T. Kabat 1 yr 5 mos still CEO Link

Here is the same info for the CFOs

Bank Name CFO Time Put In Fate Source
Bank of America Joe Price 3 yrs fired 9/2011 & given $5M severance Link
Citigroup Gary L. Crittenden 7 mos replaced 3/09 & appointed as chief executive of Citi Holdings which he vacated 5 mos later Link
JPMorgan Chase Michael Cavandagh 4 yrs became CEO of Treasury & Securities Services 6/2010, now Corporate & Investment Bank Co-CEO Link
Wells Fargo Howard Atkins 7 yrs retired 2/11 w/ 9.25M in deferred compensation & pension benefits & stock grants valued at $17.96M Link
GMAC (now Ally Financial) Robert Hull 9 mos resigned 3/10 Link
Goldman Sachs David Viniar 9 yrs 4 mos retired 1/13 Link
Morgan Stanley Thomas Colm Kelleher 11 mos promoted to Co-President, Institutional Securities 1/10; now sole president of said division Link
PNC Financial Services Richard J. Johnson 3 yrs 2 mos still CFO Link
U.S. Bancorp Andrew Cecere 1 yr 7 mos still CFO Link
SunTrust Mark A. Chancy 4 yrs 1 mo became Wholesale Banking Executive Link
Capital One Financial Corp. Gary L. Perlin 5 yrs 1 mo still CFO Link
Regions Financial Corp. Irene M. Esteves 5 mos resigned 2/10 Link
Fifth Third Bancorp Daniel T. Poston 4 mos (interim) took over the position officially after Ross J. Kari served as CFO 11/08-9/09 Link

Ditto for the CROs

Bank Name CRO Time Put In Fate Source
Bank of America Amy Woods Brinkley 8 yrs retired 6/09 w/ $12M pension Link
Citigroup Brian Leach 6 mos promoted to Head of Franchise Risk and Strategy 1/13 Link
JPMorgan Chase Barry Zubrow 10 mos became Head of Corporate & Regulatory Affairs 1/12 & left organization at end of ’12 Link
Wells Fargo Michael J. Loughlin 2 yrs 5 mos still CRO Link
GMAC (now Ally Financial) Samuel Ramsey 9 mos resigned 5/10 Link
Goldman Sachs N/A
Morgan Stanley Kenneth deRegt 7 mos promoted to Global Head of Fixed Income Sales and Trading Link
PNC Financial Services John J. Wixted, Jr. 6 yrs 1 mo there has been a new CRO since 2/12 Link
U.S. Bancorp Richard J. Hidy 3 yrs still CRO Link
SunTrust Thomas E. Freeman 1 yr 1 mo still CRO Link
Capital One Financial Corp. Peter A. Schnall 2 yrs 3 mos promoted to Executive VP 2/13 Link
Regions Financial Corp. William C. Wells 2 yrs 3 mos resigned 11/10 Link
Fifth Third Bancorp Mary E. Tuuk 1 yr became Market President of Western MI region 10/11 Link

These are the 9 largest retail banks in the US which did NOT receive bailout money.

1. HSBC – Although they did receive federal money indirectly through the AIG bailout. Also, they were implicated in a money laundering scheme on behalf of Mexican drug cartels recently. (http://www.bloomberg.com/news/2013-02-06/hsbc-reputation-crushed-by-mexican-money-laundering-ceo-says.html)
2. TD Bank – Bought South Financial Group which did receive bailout funds
3. BMO Harris – Also received federal $ thru AIG
4. Charles Schwab
6. Union Bank (The one that is a subsidiary of UnionBanCal)
7. Sovereign Bank (Santander in the future)
8. Bank of the West

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2 comments on “What Happened to the Management of the Largest Banks After the Financial Crisis
  1. jc says:

    I’m hoping to move my account away from Santander soon. Are there any cooperative or community banks in the US? Maybe we have more choice in the UK. Hopefully we’ll have ‘Banks of Dave’ across the country soon: http://www.burnleysavingsandloans.co.uk/about-us/

  2. chankyr says:

    Thanks for the comment JC. We do have quite a few community banks and credit unions in the US. One just has to search locally, and sometimes they are not as local as one would like. If the Bank of Dave has some success, we will likely see some institutions mimic their model across the pond, that is if they don’t exist already.

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