Being the CEO of a bank these days is a pretty tough job. Even allowing for all the financial benefits that can often go with it, the stress, pressure and personal abuse heaped on bank CEOs means that many people would run a mile if they were offered the opportunity to job swap.
And the latest Charlie Gasparino article in the Huffington Post, Who Is the Best Person to Run Bank of America ?, certainly pulls no punches about Bank of America CEO Brian Moynihan.
Although acknowledging that Warren Buffett's investment in the firm and the recent China Construction Bank stock sale appears to have steadied the Bank of America ship, Gasparino describes Moynihan as 'possibly the most unqualified CEO(s) in all of corporate America', a man who, 'before he became CEO...was regarded as (a) B-player at best by his colleagues' who held 'a variety of jobs inside Bank of America's vast bureaucracy and failed to stand out at any of them. He was mediocrity personified', who only got the job 'by default'.
In an astonishing personal attack, Gasparino refers to Moynihan (and his board) as 'half-witted', and as a man who 'seems to have learned almost nothing from recent history of financial firms and their top executive assuring everything was OK when it really isn't'.
One banker told Here Is The City: 'Gasparino's article is a bit harsh, given that he recognises that Moynihan is a decent person who has worked tirelessly for the cause. But these big banks can take a long time to turn round, especially given what the market has gone through in recent times. It might be too early to judge Moynihan yet - remember, 18 months / 2 years ago many were calling for the head of Citi CEO Vikram Pandit, and he won Banker of The Year earlier this year!'.
To read the full Gasparino article, please go to: