Citigroup Chairman Richard D. Parsons is stepping down after 16 years as a director, telling the board he won't stand for re-election at the shareholders annual meeting next month in Dallas. Michael O'Neill, the former chief executive officer of Bank of Hawaii, will succeed him.
O'Neill, who ran Bank of Hawaii from 2000 to 2004, has experience with returning banks to profitability. Citigroup, along with other big banks, is grappling with new regulations that will potentially affect its profitability. The 65-year-old O'Neill joined Citi's board in 2009, the same year he lost the top job at Bank of America to Brian Moynihan. At the time, the board of directors wasn't exactly thrilled with his proposition to break up the bank.
"Given the strong position that Citi is in today, I have concluded that the time has come for me to take my leave," Parsons said in a statement. "In Mike O'Neill, the board will have the perfect leader to enable it to continue providing the oversight and guidance America's global bank deserves."
Sunshine State (Sun-Sentinel)
You don't need to be in the Northeast to fulfill your dreams of going into retail banking. PNC is hiring in sunny Florida.
How She Got There (On Wall Street)
Jamie Kramer, a private bank official at JPMorgan, talks about her rise in the industry and why the asset management sector is the underdog.
Moving Quickly (Detroit Free Press)
Retail mortgage lender Quicken Loans is planning to hire 1,400 people, including underwriters and mortgage processors, for its offices in Detroit.
Cutting Through the Tape (DealBook)
Morgan Stanley's co-head of fixed income and capital markets in the Americas has been charged with assaulting a cab driver after refusing to pay a $300 fare. He's been put on leave. He claims he was abducted, which forced him to wield a knife.
Adding Bulk (Financial News)
Hiring is still going on at private banks. Wealth managers around the world are steadily adding to their teams.
Best of the Rest (Forbes)
Here's how to make $500 million in one year like hedge fund tycoon Chase Coleman III did in 2011. Yes, the number of zeroes in that figure is correct.
Buzz Around the Office
Watch out Neil Pert, a one-year-old drummer shows his skills.
List of the Day: The Thank-You Note
When writing a thank-you note to your interviewers, it may be a better idea to send one by email than by snail mail.
1. You can never be sure the person got the physical letter.
2. It's a good way to stay in their inbox.
3. You can send it immediately.
(Source: Business Insider)