FT EDITORIAL: Top global bank executives jump ship before another burst
From Goldman Sachs to UBS, changes in top jobs mark turn of the cycle
FINANCIAL TIMESThis week’s changing of the guard at Goldman Sachs, with Lloyd Blankfein, a former trader, handing over as CEO to advisory banker David Solomon, has coincided with several other departures from top banking jobs. At BBVA, Francisco González, executive chair for 17 years, has retired. Bank of America investment bank boss Christian Meissner has quit. Andrea Orcel, his opposite number at UBS, has left to be Santander’s CEO. In recent months, two European heads of US banks — Bank of America and Citigroup — have left as well. That a handful of senior bankers should resign simultaneously would not normally be so noteworthy. But this is not a normal juncture, either in terms of the state of banking or the state of the economies and markets that banks serve. At last week’s annual bank conference in London hosted by Bank of America, participants noted low attendance and a downbeat mood. “Everyone is waiting for something to go wrong,” one conference-goer noted. What that might ...