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Mar 27

February Fever Becomes March Madness: Mass Banking Resignations Continue Unabated

By Madison Ruppert / Contributing Writer for Wake Up World

Previously I covered a small slice of the huge number of resignations of executives of financial institutions across the globe, and surprisingly these have not seemed to slow down at all.

At the time, we posted a mere 40 resignations, now that number has jumped up to a shocking 450. These include major figures in everything from saving retirement funds to equity funds, sovereign wealth funds, banks, investment houses and other financial institutions.

The big question that remains from all of this is: why?

Currently the answer to that is unknown and anyone offering a concrete answer is engaging in pure speculation.

One of the most recent resignations is Tarek Amer, the Chief Executive Officer of the National Bank of Egypt. He announced that he will be stepping down from his position at the end of 2012, according to the Egyptian Al Ahram Weekly. Interestingly, he stated that he has not received offers from any other banks and refused to disclose why he was leaving. Apparently Amer first submitted his resignation in February 2011 but it was not accepted.

Also recently announced was the resignation of the UK’s Bank of America Corporation’s Jonathan Moulds. In addition to Moulds quitting, Andrea Orcel, the chairman of global banking and markets, is slated to leave Bank of America Corp. (BAC) to head to UBS AG.

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