Here are the recent resignations in chronological order:
February 6, 2012: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits
February 10, 2012: Tamilnad Mercantile Bank MD resigns
February 13, 2012: Kuwait central bank chief resigns amid political tensions
February 14, 2012: Nicaragua’s Central Bank President Antenor Rosales quit admist row
February 15, 2012: Slovenia’s Two Biggest Banks’ CEOs Step Down
February 15, 2012: World Bank President Zoellick Resigns
February 16, 2012: CFO of ANZ Bank Resigns Amid Turmoil
February 16, 2012: Royal Bank of Scotland’s Stephen Williams quits the role
February 17, 2012: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns
That’s 9 resignations in eleven days, we have not included the other resignations from the likes of the head of the central bank in Switzerland a month ago, and the talk of the head of Goldman Sachs leaving. Why are the heads of very large financial instutitions resigning? Corporate governance experts would say that people resign to make room for new policies, but this is a peculiar situation of contagion amongst those with key exposure.
The first to see the flame usually leave the building first…maybe this is not the case, nonetheless, such events with obvious patterns should be taken note of.
And many, many more:
1 World Bank CEO Zoellick resigns
World Bank President Robert Zoellick said Wednesday he is stepping down, raising the possibility that a non-American might be chosen for the first time to head the 187-nation lending organization. Zoellick, 58, informed the board he will leave June 30 at the end of a five-year term, during which he led the bank’s response to the global financial crisis. Read more:business.time.com…
The chief financial officer of Australia & New Zealand Banking Group Ltd. announced recently that he will resign from the position, a move that will reportedly lead to a significant executive shuffle.
According to MarketWatch, CFO Peter Marriott says he plans to pursue a non-executive career after spending 15 years as the bank’s finance chief. Marriott will officially leave the financial institution on May 1, at which time institutional banking head Shayne Elliott will reportedly take over the role.
Nicaragua’s Central Bank President Antenor Rosales quit amid differences with President Daniel Ortega over plans to use central bank reserves for the creation of a regional bank for a Venezuelan-led bloc of Latin American nations, known as Alba.
Joseph Tan, chief Asian economist of Credit Suisse Group AG’s private bank in Singapore has resigned. “I have left Credit Suisse,” Tan, who joined the Swiss bank in September 2008, said. “I’m considering my options at the moment.”
Germany’s president resigned in disgrace yesterday after failing to gag newspapers investigating him over political favours. The resignation of Christian Wulff – a victory for Press freedom – is an embarrassing blow to Chancellor Angela Merkel, who had hand-picked her political ally as president.
ANDREW Chick will step in to lead Royal Bank of Scotland’s Australian arm after Stephen Williams quits the role. Mr Williams confirmed yesterday that he will relinquish his position in three to six months.
The head of Kuwait’s central bank of more than 25 years has resigned, state media said Monday, in the latest shake-up among the Gulf nation’s veteran policymakers as political tensions grow. The official Kuwait News Agency said Sheik Salem Abdulaziz Al Sabah, a member of the Gulf nation’s ruling family, has stepped down after serving as Central Bank governor since 1986.
Nova Ljubljanska Banka d.d. and Nova Kreditna Banka Maribor d.d., Slovenia’s two largest banks, are without chiefs as they struggle with mounting bad loans.
Andrej Plos, the chief executive officer of Nova Kreditna Banka Maribor, who took the helm of Slovenia’s second-biggest bank in January, offered his resignation today without giving a reason. Bozo Jasovic, the CEO of the larger Nova Ljubljanska Banka d.d. stepped down in December over the bank’s attempt to sell the holding in retailer Mercator Poslovni Sistem d.d. to the Croatian rival Agrokor d.d.
Mumbai:Amitabh Chaturvedi quit as managing director and chief executive officer (CEO) of private sector lender Dhanlaxmi Bank Ltd on Monday, following alleged differences with the bank’s board on a range of issues relating to business strategies. P.G. Jayakumar, the bank’s executive director, took over as the new managing director and CEO, according to a release from the bank.
A couple of days after Dhanlaxmi Bank’s chief executive resigned, the top post in Tamilnad Mercantile Bank has also become vacant. A K Jagannathan, managing director and chief executive of the Tuticorin-based, old generation private bank, put in his papers on Thursday, citing personal reasons.
Arrests of seven people Thursday accused of involvement in the $1.7 billion accounting scandal at Olympus, including the company’s former chairman and executive vice president, point to a widening investigation into a cover-up ostensibly carried out by top management with the help of a group of former bankers.
A feud over corporate governance compounded an already painful December for a major Central Virginia financial institution. Virginia National Bank has experienced a leadership shake-up that has seen nearly one third of the board of trustees quit including the chairman, Mark Giles.
“My resignation is effective immediately,” Giles tells President Glenn Rust in a December 19 letter that followed an apparently contentious meeting earlier that day.
Arrests made in Italy after discovery of $6 trillion in “fake” U.S. bonds edition.cnn.com…
Italian authorities on Friday arrested eight people in possession of an estimated $6 trillion in counterfeit U.S. Treasury bonds, according to Italian paramilitary police and an Italian news agency. The discovery of the fake bonds — made to look as if they were printed by the U.S. Federal Reserve in 1934 — came about as part of an investigation into a local mafia association.
Italian investigators have charged four priests with laundering money out of the Vatican’s official bank, the Institute for the Works of Religion, the National Catholic Reporter’s John L. Allen Jr. writes. The Italian daily l’Unita was the first to report that the priests were being investigated for laundering hundreds of thousands of dollars. It’s the latest in a series of investigations into Vatican finances dating back to 2010.
In December of that year, Pope Benedict XVI decreed an updated anti-money laundering law for Vatican finances.
Italian prosecutors have demanded a five-year prison sentence for former premier Silvio Berlusconi in his trial on corruption charges.
Prosecutor Fabio De Pasquale urged the court to find Mr Berlusconi guilty of having paid a British lawyer 600,000 dollars (£382,000) to lie in other trials involving charges of tax evasion and false accounting related to the billionaire media mogul’s business dealings.
GOVERNMENT RESIGNATIONS as of 2/6/12
Romanian prime minister and cabinet resign en masse
2/20/12 (GERMANY) GERMAN PRESIDENT Christian Ruff resigns (financial corruption charges)
RESIGNATIONS FROM WORLD BANKS:
(1) 9/25/11 (SWITZERLAND) Bank chief resigns over £1.5bn rogue trader crisis
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign
(4) 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank]
(7) 12/22/11 (FRANCE) Societe Generale’s Investment Banking Chief Steps Down
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns
(10) 1/12/12 (United Kingdom) Lloyds’ head of wholesale quits
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits
(12) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits
(13) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September
(14) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on
(15) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
(16) 2/07/12 (INDIA) Falguni Nayar quits Kotak Mahindra Bank
(17) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
(18) 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal
(19) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns
(20) 2/13/12 (KUWAIT) Kuwait Central Bank CEO resigns
(21) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns
(22) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank
(23) 2/15/12 World Bank CEO Zoellick resigns
Did the White House tell the World Bank president that he’s out?
(24) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign
(25) 2/15/12 (KENYA) Governor of Kenyan Central Bank to Resign
(26) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group
(27) 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Quits
(28) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns
(29) 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
(30) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer
(31) 2/18/12 (PAKISTAN) AJK Bank’s executive steps down
(32) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down
(33) 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
(34) 2/10/12 (KOREA) Korea Exchange Bank chief steps down
It appears that all the rats are being cleaned out of the banks. One wonders if it is to escape angry citizens or because they are being ferried off to some underground bunker? Add to this list Germany’s President. .. Netanyahu’s Bureau chief – Natan Eschel ….. Las Vegas State Senator Elizabeth Halseth … and more.
Romanian prime minister and cabinet resign en masse