The bankers know the global economy is fucked...

I saw this on another forum the other day and thought it might provoke some good discussion here. I don't even claim to be an expert on these types of issues or even the full impact of whats displayed here but the trends look quite concerning. It's like they're all pulling out before the world crashes and the shit hits the proverbial fan...

(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

(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

(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

sources and further info:

sources and Further Info:

http://online.wsj.com/article/SB10001424052970203687504577003734190522426.html

http://www.reuters.com/article/2011/12/15/coutts-fleming-idUSL6E7NF23S20111215

http://www.thenews.coop/article/more-directors-beed-district-bank-resign

http://www.bloomberg.com/news/2011-11-22/ubs-s-japan-investment-banking-chairman-yasuki-matsui-to-re

sign.html

http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.htm

l

http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html

http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/

http://www.ftadviser.com/2012/01/05/ifa-industry/people/saunderson-house-chief-executive-steps-down-

M0vEWlpbSqKA3OCLZDCcGM/article.html

http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html

http://www.bankingtimes.co.uk/2012/02/01/lloyds-head-of-wholesale-quits/

http://www.expatica.com/es/news/spanish-news/spanish-bank-santander-s-americas-chief-quits_202395.ht

ml

http://www.euromoney.com/Article/2959021/Nomuras-head-of-wholesale-banking-quits.html

http://www.france24.com/en/20120121-banks-top-negotiator-quits-greece-but-talks-go

http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html

http://articles.economictimes.indiatimes.com/2012-02-07/news/31031134_1_kotak-mahindra-bank-falguni-

nayar-shanti-ekambaram

http://finance.yahoo.com/news/iran-denies-central-bank-resignation-164154294.html

http://finance.fortune.cnn.com/2012/02/17/gary-cohn-goldman-sachs/

http://articles.businessinsider.com/2012-02-09/europe/31040509_1_anti-money-laundering-law-vatican-f

inances-italian-tv

http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/

http://business.thinkghana.com/pages/finance/201202/57429.php

http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/

http://www.businessweek.com/news/2012-02-20/credit-suisse-s-private-bank-chief-asian-economist-tan-r

esigns.html

http://www.washingtonpost.com/business/industries/kuwait-central-bank-chief-resigns-amid-political-t

ensions/2012/02/13/gIQAcxrOAR_story.html

http://www.socialenterpriselive.com/section/news/people/20120214/social-finance-pioneer-hayday-steps

-down-charity-bank

http://bosco.foreignpolicy.com/posts/2012/02/15/did_the_white_house_tell_the_world_bank_president_th

at_hes_out

http://www.centralbanking.com/central-banking/news/2152753/parliamentary-committee-calls-kenyan-gove

rnor-resign

http://www.a1saudiarabia.com/4489-saudi-hollandi-banks-md-quits/

http://www.theaustralian.com.au/business/wall-street-journal/andrew-chick-to-lead-royal-bank-of-scot

lands-australian-arm/story-fnay3vxj-1226272513981

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/national/18-Feb-2012/ajk-bank-

s-executive-steps-down?utm_source=feedburner&utm_m

http://newsley.com/articles/head-of-russian-bank-regulator-steps-down/206711

??

At what point does the conclusion that bankers know the global economy is fucked relate to all the changes in management listed here? Perhaps I'm too lazy to go through all the posted links, but that list tells virtually nothing. Or better, you can draw all kinds of conclusions.

The Chinese bankers taking a jump to functions in government is not like pulling out in any way. Rather the contrary. And if they'd actually think the financial system is close to a new collapse, odds are they'd walk out with some cash. Just like the last time. Even better: the few banks that would survive another crash would be goldmines.

Bankers have nothing to lose. The more obvious conclusion would be that banks are changing their business models, and are perhaps forced to do so by the various governments, and tightening their organizations so people get sacked.

They still have a lot of responsibility for what happened. Quitting like that is to me a mere act of selfishness and cowardice. It is easy for them to quit since they got enough money to support several of their family's future generations. I don't see how this is any benefit to the common good.

I doubt bankers have any better foresight on what's to come. There were a ton of "experts" that did not see the 2008 crash coming either.

Right, a bank CEO is no expert on financial business. He's there only to collect the money.

They know well what they are doing. Either they are easily manipulated/corrupted or their idea is to keep the money flowing for their own good, so they can buy expensive yachts and villas. They have the expertise, they are the experts. They "just" lack a vision and responsibility for what their job is actually supposed to be.

  Quote

But corporate governance experts have emphasized that leadership changes at the nation's largest financial institutions go a long way toward helping those firms move past the troubles - particularly the reputational damages – wrought by the financial crisis. The feisty Blankfein, the son of a postal worker who grew up in Brooklyn, is one of the only big bank CEOs to have kept his job after the financial crisis. The other is Jamie Dimon, CEO of JPMorgan Chase (JPM).

Still not seeing the novelty of the posted list though. O well, people just looking for excuses to have another shoot at bankers. Whatever floats your boat.

  On 2/26/2012 at 10:54 AM, Godwin Austen said:

They still have a lot of responsibility for what happened. Quitting like that is to me a mere act of selfishness and cowardice. It is easy for them to quit since they got enough money to support several of their family's future generations. I don't see how this is any benefit to the common good.

That's kinda what I was gathering from it...