America’s biggest bank by assets needs a dynamic, take-charge chief executive unafraid of taking on the greatest management challenge in the financial services industry. Position available after previous chief executive “retired” and preferred replacement candidate decided to take another job at a competing investment bank. The role will include following responsibilities: Bringing new direction to units engaged in retail, consumer and investment banking, as well as trading, structured finance, wealth management, prime brokerage and risk management. The candidate will have at least 10 years’ experience working in each of these eight areas.
Potentially overseeing the dismantling of the company into at least four different organizations, among them an investment bank, a stock brokerage, a retail bank and an international consumer financial business. Candidates should be willing to put themselves out of gainful employment over the next 24-36 months. Managing a talent pool that has been badly depleted by forced and voluntary departures under previous management. This will require exceptional leadership and inter-personal skills. Managing an increasingly restless shareholder base that has seen its investment decline by 7% over the past eight years.
Among these is a septuagenarian deal-maker who built the business through acquisitions and is chomping at the bit to dive back in. Also on the investor roll are an Arabian prince, whose desert compound must be visited on a regular basis; and an activist Greenwich-based hedge fund manager with a reputation as the next Warren Buffett.
Among some of the company’s current managers are seasoned Wall Street executives, who are angling for the job you are now considering , and will almost certainly resent your arrival. You will be required to dive into a seeming black hole created by the company’s poor risk management, culminating in excessive exposure to the subprime mortgage market and collateralized debt obligations.
The successful applicant will have experience in the esoterica of fixed-income markets, and should be prepared to discuss the company’s accounting of its holdings in the sector with regulators whose views may differ from the company’s. Addressing all of the above without contradicting the acting chairman of the board, whose international profile as a former US Treasury secretary creates additional sensitivities.The chairman’s public statements about the company’s strategy could make some or all other tasks difficult to pursue. The successful candidate will need gravitas and diplomatic skills and, ideally, a strong sense of humor and irony.
To apply, please address a cover letter and resume to search committee c/o Richard Parsons. Specify remuneration requirements, keeping in mind that these should be modest in light of company’s recent poor share price performance and substantial payments made to outgoing management.