No majic formula for CEO's

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Dec 16, 2009 9:25 pm

Neither Mcann, Krawcheck, ok....maybe Gorman has complete control over destiny. Great article in Investment news today....Don't be so invested in authority of these companies, there are a few leaders in history who have truly affected a company, though many try.... and accomplish little. They HAVE to try, of course, but we invest way too much in them, and they themselves begin to believe ther own sheet. I totally agree! Step back...they are only average Joe's like you and I.

Dec 16, 2009 9:31 pm

totally agree.

but dont tell those ego maniacs that!

Dec 16, 2009 9:35 pm
pewter:

Neither Mcann, Krawcheck, ok....maybe Gorman has complete control over destiny. Great article in Investment news today....Don't be so invested in authority of these companies, there are a few leaders in history who have truly affected a company, though many try.... and accomplish little. They HAVE to try, of course, but we invest way too much in them, and they themselves begin to believe ther own sheet. I totally agree! Step back...they are only average Joe's like you and I.





I think leadership at the top in our biz makes a huge difference

Dec 17, 2009 6:15 am

Ego maniacs yes! as  I would be too, if everyone was kissing my 10mil $ a year but. ST - I think a strong leader is recognizable, and necessary. I just feel the last two years revealed how average they are. While notable CEO's from 1980 - 2000 (ie Jack Welch) ruled in an era that was hard to screw up...(Love Jack by the way...not the god he is portrayed to be) I have seen small businesses (ex. $100 mil yr companies) founded and run by stronger, risk taking, competitive, bright leaders who deserve more credit than the guys we read about in WSJ. Just my observation, and opinion.

Dec 17, 2009 7:46 am

was jack really that smart?   



finance unit of GE was a ponzi just like leh,wb,aig etc

Dec 17, 2009 9:53 am

I don't believe Jack was that fabulous...I think he was built up by the media and academeia to be a legend. I don't doubt he had a diligent work ethic, and loyalty, and surrounded himself with like underlings. Though Jack & Eisner from DIS, and many others we have all read about....ran companies that already had great marketshare and momentum...in a growing 20 year time period - it seems more of an effort not to screw up!(show me the guy who perservered in the last 10 years..and is still around - there are some out there). Bill Gates... Steven Jobs I give great credit!! Henry Fords of our time. They developed an industry not just a company. There extreme success occured because their were few other players on the field!!!!! Once you obtain market share and brand recognition...it takes a serious chain of events to derail that momentum..(think about McDonalds...once the only game in town, 40 years ago. Today argueably not the best choice in the now saturated chain food business. But they still thrive! The CEO's of these banks & brokerages are in a business that is old and played...there is only so many ways to gain market share...there is nothing new there.....That's why when I hear Mcann talk it sound like blah blah blah..Good figure head, well spoken, passionate, but has just as many bullets as the next guy!? In my mind the only thing left to do is buy market share. It's been debated to death, but you can't have a near term impact hiring & training, or inspiring current personell! C'mon like we are not already trying to grow our businesses....we need to be incented or motivated, or hear made up statistics from branch managers?????

Dec 17, 2009 10:23 am

On that note...expect nothing great from Moynihan at BAC,,,,have you seen this guy speak...I'll just say, the job had to go to someone.

Dec 17, 2009 10:33 am
pewter:

Neither Mcann, Krawcheck, ok....maybe Gorman has complete control over destiny. Great article in Investment news today....Don't be so invested in authority of these companies, there are a few leaders in history who have truly affected a company, though many try.... and accomplish little. They HAVE to try, of course, but we invest way too much in them, and they themselves begin to believe ther own sheet. I totally agree! Step back...they are only average Joe's like you and I.

 
I would argue Jamie Dimon, turned Bank One into JP Morgan Chase, and then made them the envy of all banks..
 
 
Dec 17, 2009 11:04 am
pewter:

On that note...expect nothing great from Moynihan at BAC,,,,have you seen this guy speak...I'll just say, the job had to go to someone.



Totally agree.  He always gave me the creeps when we went to see him speak.  He looks like a puppet, moves like a puppet and speaks like a puppet.  He's seen as an up and comer although I could never keep up with his title because he bounced from position to position like a damn ping pong game.  For now, I believe he is a temporary talking head until the old Fleet Boston team can get a real leader in there.  Who would want to lead that bank right now knowing that his pay (amongst everything else) will be scrutinized regardless of the TARP being repaid?

Dec 17, 2009 11:22 am

Moynihan...think Amway recruiter??  Jamie Diamond definately deserving of praise, and as I eluded to, Gorman at Morgan is a man on a mission, and has game! Mitt Romney...Bain Capital..stud!

Dec 17, 2009 11:31 am

I am no MBA'er but what is wrong with maintaing a good working model with cost control, strong profitabilty, "FAIR-HEALTHY" wages relavent to all levels, and not trying to take over the world by size. We have enough employees and clients, and as long as we maintain, everyone has a good quality work and personal life!! What's wrong with that???

Dec 17, 2009 11:39 am
KensLoveChild:
pewter:

On that note...expect nothing great from Moynihan at BAC,,,,have you seen this guy speak...I'll just say, the job had to go to someone.



Totally agree.  He always gave me the creeps when we went to see him speak.  He looks like a puppet, moves like a puppet and speaks like a puppet.  He's seen as an up and comer although I could never keep up with his title because he bounced from position to position like a damn ping pong game.  For now, I believe he is a temporary talking head until the old Fleet Boston team can get a real leader in there.  Who would want to lead that bank right now knowing that his pay (amongst everything else) will be scrutinized regardless of the TARP being repaid?

 
I don't see Moynihan rallying his troops and boosting morale.  This guy is the epitome of an egotistical corporate hack.  Good luck to you Merrill Reps, now you have a lawyer running the big show!
Dec 17, 2009 1:15 pm
Omar:
KensLoveChild:
pewter:

On that note...expect nothing great from Moynihan at BAC,,,,have you seen this guy speak...I'll just say, the job had to go to someone.



Totally agree.  He always gave me the creeps when we went to see him speak.  He looks like a puppet, moves like a puppet and speaks like a puppet.  He's seen as an up and comer although I could never keep up with his title because he bounced from position to position like a damn ping pong game.  For now, I believe he is a temporary talking head until the old Fleet Boston team can get a real leader in there.  Who would want to lead that bank right now knowing that his pay (amongst everything else) will be scrutinized regardless of the TARP being repaid?

 
I don't see Moynihan rallying his troops and boosting morale.  This guy is the epitome of an egotistical corporate hack.  Good luck to you Merrill Reps, now you have a lawyer running the big show!
 
He's a place-holder.  Once they are out from under TARP (completely) and all this mess is behind them, the position will change hands.  Guaranteed.  He is just going to do the messy work.
Dec 17, 2009 1:51 pm
pewter:

On that note...expect nothing great from Moynihan at BAC,,,,have you seen this guy speak...I'll just say, the job had to go to someone.





no joke   dude sounds like a dumb ass

Dec 17, 2009 1:58 pm
chief123:
I would argue Jamie Dimon, turned Bank One into JP Morgan Chase, and then made them the envy of all banks..











He was big wig at table for dinner on club trip back in day with Sherson (or SSB or something) with my wife. (when he was Sandy's star).



I came away thinking he was the MOST intense MF I have ever been around in anything in my life. He did not give a cr*# about my kids or our dog.   All he talked about was numbers and biz. It was odd and sort of out of place in this setting.   He DID NOT want to be there. talked over you, like his brain was somewhere else.



That is probably why he ONLY one who got the fukc out of subprime.   You want him on your team.

Dec 17, 2009 8:09 pm

I always thought Brian Moyniham was a robot until today.  I thought the AP article was rather humorous when they asked what his reaction was...."pleased".  A robot at Bank America makes sense. Still better than Sallie Krawcheck.  I loved her email about protecting "our culture".  Umm, you're culture?  You've been here a month and everyone from Merrill left.  But hey at least of B of A brokers can sign their emails "Merrill Lynch financial advisor".  It's all about the brand  

Dec 17, 2009 10:23 pm
Shania Twain:
chief123:
I would argue Jamie Dimon, turned Bank One into JP Morgan Chase, and then made them the envy of all banks..











He was big wig at table for dinner on club trip back in day with Sherson (or SSB or something) with my wife. (when he was Sandy's star).



I came away thinking he was the MOST intense MF I have ever been around in anything in my life. He did not give a cr*# about my kids or our dog.   All he talked about was numbers and biz. It was odd and sort of out of place in this setting.   He DID NOT want to be there. talked over you, like his brain was somewhere else.



That is probably why he ONLY one who got the fukc out of subprime.   You want him on my team.





I have heard he is really intense. But I think way too much credit goes his way. One thing we need to remember is how much 'success' involves a great deal of luck. As little as we like to admit, being all 'type A' driven individuals, we do owe a portion of our success to luck. If Bill gates was born 50 yrs ago he might have been a car mechanic. Warren Buffett once said something to the effect: "Take me as an example. I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner."



The reason I said this involves JPM's business model. The primary reason they were not taken down along with C is the issues he had integrating the series of acquisitions. He stated early on in the unfolding of our current debacle that he wanted to expand into subprime and CMO's etc but was unable to allocate the resources. He originally viewed this as a major hole in JPM's business model, as we know it turned out to be his ticket to being king of the universe.



I'm not saying he does not deserve great praise for his abilities and what he has done with his org, but if the sequence of events unfolded slightly different we might have seen JPM trading at $3.20...

Dec 18, 2009 7:17 am

Shantom exactly!!!! DIamond and others are very good, much smarter than I. But given way too much praise. And not 100% responsible for the success of there organizations. And yes lucky, Taking over the rains of a sled going 300 mph on a straight course.

Dec 18, 2009 10:19 am

Are you guys even aware of what he did....?

 
He got fired from Citi because he refused to promote Sandy's daughter.. He then left and found some idiotic bank, Bank One, that was run poorly for years, yet dominated their markets because they had been there so long. He came in and cleaned house. Then he orchestrated the JPM /Bank One merger... And basically kicked out all of the JPM guys in the first couple years and replace them with his team....
 
You can call it luck, but luck is actually just the efforts of hard work.
 
And yes he is intense...
Dec 18, 2009 11:13 am

I thought he kicked ass in the congressional hearings.