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How many times in a career had I sacrificed my own interests for the sake of the team?
September 26 -
The Permanent Subcommittee on Investigations' hearing into the "London Whale" mess at JPMorgan Chase will include a number of bank and OCC officials. Notably absent will be JPM CEO Jaime Dimon.
March 13 -
The Federal Reserve Board on Monday asked Bank of America to resubmit its capital plan and halt any planned distributions.
April 28
A lot of people are crediting General Motors Chief Executive Mary Barra with taking ownership of the car maker's recall crisis.
I can think of one example HSBC USA's Irene Dorner, who stepped up two years ago to answer for her bank's compliance failures and has been working ever since to rectify the underlying problems. But few other examples come to mind. Where was Goldman Sachs CEO Lloyd Blankfein when mid-level trader Fabrice Tourre was
Today, one might ask where Bank of America's Brian Moynihan will be when he is called to account for miscalculations of capital that
It's understandable why a CEO wouldn't want to touch controversies like these with a 10-foot pole. And in a big organization where there's no shortage of other people who can be sacrificed, it's relatively easy to keep one's hands clean.
But in this day and age, taking ownership of a problem, especially the kind of problem that threatens to envelop a company in scandal, would seem to be the only smart course of action for a CEO. I say this not just because the public and the equity markets are increasingly demanding responses that include a mix of recognition, contrition and accountability, but because it's hard to envision how else a leader makes the cultural and operational changes needed to address an organizational failure.
I haven't spoken to anyone over at GM as to how Barra crafted her response to the
Dorner's appearance before Congress that summer was a masterful example of a CEO striking the right balance between resoluteness and reconciliation, between her role as a corporate leader and her influence on bank activities that serve a broader, systemic objective. (The full text of her testimony can be found
Like Barra, Dorner had some personal distance from the scandal, having mainly inherited the problems from a predecessor. And like Barra, Dorner is female, a parallel that Wolff examines in his USA Today article. Are women in leadership positions simply more willing to get their hands dirty when it's time to clean something up? That's a theme I've
Will Bank of America's Moynihan prove that he can be equally handy at mopping up messes? I, for one, will be watching.
Heather Landy is Editor in Chief of American Banker Magazine.