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☆ Banks are in limbo without a crucial lifeline. Here's where cracks may appear next
▼ + stars: | 2024-03-19 | by ( Hugh Son | ) www.cnbc.com time to read: +8 min

Most of the banks deemed to be potentially challenged are community lenders with less than $10 billion in assets. These banks need to either raise capital, likely from private equity sources as NYCB did, or merge with stronger banks, Graham said. There are other signs of mounting stress among smaller banks. They ranged in size from $90 billion in assets to under $1 billion, according to Fitch. He predicts a surge in merger activity from lenders between $3 billion and $20 billion in assets as smaller firms look to scale up.

Persons: Klaros, Steven Mnuchin, Brian Graham, Graham, you've, PacWest, Banks, Jerome Powell, Powell, Fitch, Brendan Mcdermid, I've, Chris Caulfield, West, Spencer Stuart, You've, Frank Sorrentino, Stephens, It's, that's, Sorrentino Organizations: Silicon Valley Bank, Federal Reserve, Klaros Group, York Community Bank, ex, Fitch, Federal Deposit Insurance Corporation, Traders, New York Stock Exchange, Reuters, U.S, First Republic, Mercer Capital, Bank, Dominion Bank, Capital, Regulators Locations: Silicon, California, New York City, U.S, Toronto, West Monroe, FirstSun, Seattle

☆ Mandatory retirement ages for boards and CEOs. What you need to know
▼ + stars: | 2024-01-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Boards are most likely to have mandatory retirement age policiesHaving a mandatory retirement policy for board members is up to the discretion of individual companies. “In 2023, 69% of [S&P 500] boards reported having a mandatory retirement policy — down one point from 2022,” according to an August 2023 report from executive search firm Spencer Stuart. Many other public safety occupations do have mandatory retirement ages. The whys behind mandatory retirement agesThere may be varied stated reasons for having a mandatory retirement age, such as opening up the pipeline for younger talent to have more opportunities. For that reason, advocates for older workers, like the AARP, contend all mandatory retirement ages should be eliminated, even for demanding jobs involving public safety.

Persons: Al Gore, Russell, —, Berkshire Hathaway’s Warren Buffett, Spencer Stuart, ”, Matteo Tonello, Tonnello, Tonello, Brian Cornell, Dave Calhoun, Thomas McKinney, McKinney, “, Mary O’Neill, ” O’Neill Organizations: New, New York CNN, Former, Berkshire, Conference Board, Corporate America, The Conference Board, Boeing, American College of Surgeons, Capitol Police, U.S ., Personnel Management, Commission, AARP Locations: New York, Corporate America, Corporate, Calhoun, Castronovo, McKinney, , New Jersey, —, Federal, New York State

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ UniCredit picks headhunters to advise board on own slate of nominees
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILANO, Sept 26 (Reuters) - UniCredit (CRDI.MI) said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the board in identifying candidates to be included in the slate of nominees current directors will put forward to appoint their successors. The current board is up for renewal next spring. In June UniCredit Chief Executive Andrea Orcel said he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Egon Zehnder, Spencer Stuart, Andrea Orcel, Gianluca Semeraro, Valentina Za Organizations: REUTERS, UniCredit, Thomson Locations: Siena, Italy, Italian

☆ Wall Street's hottest career move: the volatile, lucrative world of private credit
▼ + stars: | 2023-09-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

So it's no wonder that through the past couple of years, working on and around private credit deals has become Wall Street's career du jour. Private credit is most often floating-rate debt — that is, debt where interest rates rise in concert with rate hikes. 'Unheard of' salaries, while risks abound in the marketIt's worth noting what private credit is: we're talking about debt and loans. "For most of my career, attracting new attorneys to private credit was a challenge. Proskauer's private credit group now has 90 lawyers, 24 of whom are partners, working full-time on private credit.

Persons: that's, Marc Rowan, Marc Lipschultz, Goldman Sachs, Paul Heller, Hannah Robb, Robb, It's, Cliffwater, Heller, Caldwell, Banks, Carlyle, Blackstone, Marco Acerra, Spencer Stuart, it's, Acerra, Richard Fernand, Nicholas Kalogeropoulos, Sam Iles, I've, Mike Mezzacappa, Evan Palenschat, Robert Lewin Organizations: Blackstone, Partners, CFA Institute, Columbia Business School, Wall Street, Alpha FMC, Barclays, Goldman Locations: New York

Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.

Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, —, Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida

☆ US boardroom diversity gains slow as S&P 500 seeks resumes from finance
▼ + stars: | 2023-08-09 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

[1/2] A boardroom is seen at the legal offices of the law firm Polsinelli in New York City, New York, U.S., June 3, 2021. REUTERS/Andrew KellyAug 9 (Reuters) - Boards of S&P 500 companies made recruiting directors with financial expertise their top priority over the past year, slowing boardroom gains for minorities, according to a new report. According to research firm Equilar, just three of 68 financial services CEOs in the S&P 500 are nonwhite. Investors have sought more boardroom diversity as part of a broader U.S. reckoning on race relations. The decline in the share of new minority directors came from a drop in Black or African-American directors.

Persons: Polsinelli, Andrew Kelly, Spencer Stuart, Julie Daum, Spencer Stuart's, Daum, Ross Kerber, Jonathan Oatis Organizations: REUTERS, Investors, Thomson Locations: New York City , New York, U.S

A senior Treasury official said the lunch with the Chinese economists would give Yellen, who was also the first woman to head the U.S. Federal Reserve, a chance to "interact with a number of people kind of outside the normal policy structure." Yellen told the women - one of whom described herself as a feminist economist - she was curious to learn more about their backgrounds and research. A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women's representation in government. Yellen, by contrast, is one of 13 women in President Joe Biden's 25-member Cabinet, the most gender-diverse in U.S. history. China also lags in terms of women's representation in the top echelons of industry, a recent study showed.

Persons: Janet Yellen, China's, Yellen, Li Qiang, I'm, Xi, Communist Party's, Shen Yiqin, Joe Biden's, Spencer Stuart, Andrea Shalal, Tian, Trevor Hunnicutt, Heather Timmons, Leslie Adler, William Mallard Organizations: . Treasury, U.S . Treasury, Treasury, U.S . Federal Reserve, Communist, United Nations, Women, People's Congress, Communist Party, U.S . Senate, Rutgers University's Center for Women, Bain & Co, Thomson Locations: BEIJING, Beijing, China, United States, Politics

BEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with female economists in Beijing on Saturday, an effort to spotlight gender diversity following meetings with China's largely male government leaders. A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women's representation in government. Yellen, by contrast, is one of 13 women in President Joe Biden's 25-member Cabinet, the most gender-diverse in U.S. history. One-quarter of the U.S. Senate and 28.7% of the U.S. House of Representatives seats are currently held by women, according to Rutgers University's Center for Women in Politics. China also lags in terms of women's representation in the top echelons of industry, a recent study showed.

Persons: Janet Yellen, China's, Yellen, Xi, Shen Yiqin, Joe Biden's, Spencer Stuart, Andrea Shalal, Tian, Trevor Hunnicutt, Heather Timmons, Leslie Adler Organizations: . Treasury, U.S . Treasury, Treasury, U.S . Federal Reserve, United Nations, UN, Women, National People's Congress, Communist, U.S . Senate, U.S . House, Rutgers University's Center for Women, Bain & Company, Thomson Locations: BEIJING, Beijing, China, Politics

☆ Verizon searching for new finance chief and potential CEO successor - WSJ
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Verizon Communications (VZ.N) is searching for a new finance chief and looking for potential candidates to later succeed CEO Hans Vestberg, the Wall Street Journal reported on Monday citing people familiar with the matter. The company had reshuffled its senior leadership roles in March and appointed Tony Skiadas to replace former Chief Financial Officer Matt Ellis while naming Sowmyanarayan Sampath as the CEO of Verizon Consumer Group. Verizon did not immediately respond to a Reuters request for comment. The company is working with executive recruiting and advisory firm Spencer Stuart, the report added. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Hans Vestberg, Tony Skiadas, Matt Ellis, Sampath, Vestberg, Spencer Stuart, Chavi Mehta, Krishna Chandra Organizations: Verizon Communications, Wall Street, Verizon Consumer Group, Verizon, Thomson Locations: Bengaluru

☆ Banks are all-in on AI, but there's one problem: They can't hold on to the talent. Here's why.
▼ + stars: | 2023-05-23 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +9 min

Big banks are hiring a lot of AI talent, but are having a tough time holding on to it. The difficulty banks have retaining AI talent, however, isn't due to poaching among peers. Banks can lure in AI talentIt's true that big banks have the wherewithal to hire and capitalize on top AI talent and are attractive at the outset to those looking for a new shop. "The AI talent coming to the financial-services industry is almost like supporting the tech talent, if you will," Hirsch said. Big Tech has its own problems right nowTo be sure, banks are snagging from Big Tech too.

☆ How to join a board of directors
▼ + stars: | 2023-05-18 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

NEW YORK, May 18 (Reuters) - When Hayley Woodin was thinking of giving back to the community while taking her career to the next level, one option stood out: serving on a board of directors. The Catch-22 is that companies want directors with board experience to fill board seats. Before you reach that stage, you will likely start on a volunteer board, as Hayley Woodin did. To find such opportunities, "often local boards of trade will host events designed to pair those looking for board experience, with organizations looking for board members," Woodin said. "If an organization is looking to bring someone onto their board, what is the first thing they are going to do?

☆ Most CMOs Who Leave Their Jobs Move Up, Study Finds
▼ + stars: | 2023-05-02 | by ( Patrick Coffee | ) www.wsj.com time to read: 1 min

The job of chief marketing officer has become more complex, which has opened paths higher on the corporate ladder, says Richard Sanderson, head of Spencer Stuart’s marketing, communications and sales practice in North America. Photo: timothy a. clary/Agence France-Presse/Getty ImagesThe idea that chief marketing officers face more scrutiny and have less job security than those in other C-suite positions is misleading, according to new research from executive search firm Spencer Stuart. The increasing complexity of marketing operations has created new opportunities for CMOs in recent years, with the job more likely to serve as a steppingstone to more senior positions, said Richard Sanderson , leader of the firm’s marketing, communications and sales practice in North America.

☆ Chevron’s CEO short-termism has benefits
▼ + stars: | 2023-02-13 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Chevron's operating margin last year was 18%, the highest in four decades, and the firm earned a record $35 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap. If so, oil companies will be well served by executives who can squeeze additional pennies out of existing production, while buying potentially available rivals when they are cheap.

☆ More Companies Are Hiring CMOs With Performance-Marketing Backgrounds
▼ + stars: | 2023-01-17 | by ( Patrick Coffee | Destination Xl Ceo Harvey Kanter | ) www.wsj.com time to read: +6 min

Companies looking to hire CMOs and other top-level marketing executives amid an economic downturn are increasingly favoring candidates with deep experience in so-called performance-marketing. Performance-marketing campaigns push consumers to take a specific action, such as clicking a link or providing an email address, while brand marketing aims to increase awareness of a company and shape perceptions of that business. The trend will create a challenging job market for senior executives whose careers have centered on more traditional, brand-based marketing. “If we are awesome at performance marketing and don’t understand what it means to engage a consumer—in reality that means brand-level marketing as well—we will lose,” Mr. Kanter said. PREVIEWIndustry leaders frequently debate whether brand and performance marketing should be separate disciplines run by different people.

☆ Behind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuse
▼ + stars: | 2022-12-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +38 min

"It was a complete whirlwind, and it felt too good to be true," Morrison told Insider. "Everyone is given a calendar reminder of when they have to submit a review," one former employee told Insider. Durlston told Insider she wasn't a credible source given the acrimonious nature of her departure from Durlston. "Everyone gets pretty loose at these events," a former employee told Insider, noting the availability of alcohol throughout the day. Bahram told Insider this was not a prohibition but merely a suggestion that it would not be an appropriate arrangement.

☆ From Disney to Target to Boeing, retirement is a thing of the past for CEOs
▼ + stars: | 2022-12-11 | by ( Bob Woods | ) www.cnbc.com time to read: +5 min

SUN VALLEY, ID - JULY 13: (L-R) Bob Iger, chairman and chief executive officer of The Walt Disney Company, Dick Costolo, former chief executive officer of Twitter, Lachlan Murdoch, co-chairman of Twenty-First Century Fox, Sundar Pichai, chief executive officer of Google, and Randall Stephenson, chief executive officer of AT&T, mingle during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho. The average tenure for departing CEOs during that same time period was about 11 years, up from nine years in 2020. That's not surprising, because of the impact of the pandemic and [other] crises, where boards put CEO succession on hold," Anterasian said. "In our research, boards put CEO succession on hold during crises," Anterasian said. At Disney, Iger has said he will only stay on for two years before a successor takes over.

☆ HSBC ditches its cost-cut tsar before job is done
▼ + stars: | 2022-10-25 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, Oct 25 (Reuters Breakingviews) - HSBC (HSBA.L), (0005.HK) boss Noel Quinn is getting rid of a cost-cutting finance chief, Ewen Stevenson, while his skills are still in need. The former Royal Bank of Scotland chief financial officer and Credit Suisse (CSGN.S) banker only started as HSBC CFO in January 2019. HSBC has so far managed to axe about $4.9 billion of gross annual expenses under a programme launched in early 2020. To keep HSBC’s investors happy, Elhedery will have to do his best impersonation of the bank’s outgoing cost-cutting tsar. Reuters GraphicsFollow @liamwardproud on TwitterloadingCONTEXT NEWSHSBC on Oct. 25 appointed Georges Elhedery as chief financial officer.

☆ Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties
▼ + stars: | 2022-10-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

This compares with 8% in September 2021 and 11% in the same month in 2020, Russell Reynolds said. It is also leading some companies to prepare for a potential downturn by looking for CFOs with experience in cutting costs or restructuring operations, they added. Photo: NordstromNordstrom, meanwhile, last Monday said finance chief Anne Bramman will leave in December after more than five years in the role. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. That trend is continuing, with the slowing economy forcing finance chiefs into thinking about their next steps, she said.

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