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Robert Steel
Latest Headlines
Latest Headlines
Ken Lewis to step down
You knew this was coming. In hindsight, it seems remarkable that the CEO of Bank of America hung on as long as he did. Ken Lewis was a celebrated executive for most of his career, a Banker of the Year, even as the ship was taking on water. He built his reputation on deals. In the end, the Merrill
Dimon, Lewis buy stock in their banks
Now this is a good PR move. Jamie Dimon, CEO of JPMorgan Chase, has purchased 500,000 common shares in the bank, reports MarketWatch . At $22.92 each, the investment cost more than $11 million. Meanwhile, Ken Lewis, CEO of Bank of America, bought 200,000 common shares of his bank, for roughly $
Bonus blues stalks big AIG, Wachovia
AIG definitely made the right move in announcing that its CEO would receive a $1 salary for 2008 and forego a bonus. The six other top executives will give up bonuses as well. About 50 other executives will give up pay raises in 2009. What else could the insurer do after accepting massive amounts
Should revolving Goldman-government door be investigated?
It's a grand tradition at Goldman Sachs: Retire wealthy and go into public service. Henry Paulson is but one example of a former Goldman exec who moved into the highest echelons of government. But so many execs have made the move that some wonder if all this creates some conflicts of interest. Is
In praise of Government Sachs?
At Goldman Sachs, the goal of all the really big wigs has long been to retire gracefully and do something for society. That was really the only way to prove your bona fides. Over the years, that ethic has eroded, though plenty of execs seek public service. The New York Times offers an interest
Robert Steel to step down from merged company
Robert Steel, we hardly knew ye. The CEO of Wachovia, which recently agreed to merge with Wells Fargo, says he will not stay at the combined company, as there isn't really an operating role for him. His tenure was short but eventful. Article
(Robert Steel, Wachovia)
Vikram Pandit lashes out in merger mess
Just when you thought that a measure of peace would prevail in the Wachovia-Wells Fargo-Citi mess, Citi CEO Vikram Pandit decides to shake things up. The Financial Times reports that in a "town hall" meeting with Citi's employees, Pandit lashed out at Robert Steel, Wachovia's CEO. Pandit says
Wachovia execs to get big payouts?
Here's some grist for the political mills that are churning in high gear right now: Three of Wachovia's top executives have change-in-control agreements that could result in multi-million payouts if they leave after Citi buys the company, reports bizjournals . Ben Jenkins, head of Wachovia's ge
Wachovia turnaround underway?
The pressure is on for Robert Steel, the new CEO of Wachovia , who has raised the number of jobs the bank will cut. The AP reports that in a quarterly SEC filing, the bank says it expects to eliminate 11,350 positions, including 6,950 active employees and 4,400 open positions. That's about
Should Goldman Sachs buy a bank?
People tend to assume Goldman Sachs wields extraordinary power over Wachovia. The recent appointment of Robert Steel, a former Goldman Sachs executive, as the troubled bank's new CEO only seemed to confirm the godly influence of the premier investment bank. So perhaps it was inevitable that ru
