Bank of America is revamping its board of directors. A few of its current directors are bumping up against the retirement age of 72, so the bank has announced plans to add four new faces around the conference table to support President and CEO Brian Moynihan. The four new members are Sharon Allen, Linda Hudson, Jack Bovender and R. David Yost. What experience do they bring to the table? And are they good choices, or is BofA walking in JPMorgan’s unfortunate footsteps?
Standard Chartered has reached a settlement with the New York Department of Financial Services over its transactions with sanctioned Iranian entities. It has agreed to pay $340 million in penalties to the relatively new, previously obscure regulator whose dramatic action against the British bank has catapulted it to the global stage.
Yet there’s something quite odd about the whole affair. Continue Reading
Today the Washington Post has a story on the suicide epidemic that is sweeping Greece, Italy, and Ireland. Ariana Eujung Cha writes that “so many people have been killing themselves and leaving behind notes citing financial hardship that European media outlets have a special name for them: ‘economic suicides.’” She also points out that “studies have estimated that people with employment difficulties are two to three times as likely to commit suicide than the population as whole.”
America’s economic problems were caused by a different set of circumstances than those in Europe. Yet we have one sad fact in common: millions of people are having trouble finding work. And many of them will eventually kill themselves because of this. Continue Reading
The London Olympics have ended. The bankers who had been working from home for the past two weeks can now return to their perches in Canary Wharf. Yet while the athletes and spectators have left town, the nationalistic flag-waving in the banking world is only just getting started. Continue Reading