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Lunchtime Links: 52% of senior staff at Bank of America have left since 2005

So much for intertemporal consistency. According to the Charlotte Observer (via Dealbreaker), the imminent departure of Amy Brinkley as chief risk officer at BofA will mark the 52nd exit among the bank's 100 top executives since 2005.

A BofA spokesperson told the paper such things are to be expected and that turnover at the bank was, "consistent with the history of the organization and a consolidating industry." Unnamed departed executives said it had more to do with poor morale under Lewis and that, "You can't keep draining a bank of [this] size and complexity without replacing it."

Ken Lewis "can be reckless." (Clusterstock)

Is it a miracle that Ken Lewis is still the CEO of Bank of America after all this? Yes. (Clusterstock)

Lloyd Blankfein predicts long recession. (Reuters)

ECB fears bank crisis in 2010. (Telegraph)

NIESR thinks the recession is already over in the UK. (Telegraph)

Gordon Brown too weak to defend the City against the EU. (Financial Times)

It's ok, US Pay Czar will only provide 'guidance' on pay rules. (Wall Street Journal)

How to Network Like Jason Bourne. (MergersandInquisitions)

For those 65% of you who failed Level I last weekend, I futurely feel sorry for how much of your life you poured down this horrible Chartered drain. (Longorshortcapital)

Vast swathes of ideologically uncommitted citizens who were happy to drink the free market Kool Aid when it justified, encouraged, and helped pay for a standard of living they could not otherwise afford now view anyone from the finance sector with as much enthusiasm as a dose of the clap. (Epicureandealmaker)

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AUTHOReFinancialCareers UK Insider Comment
  • Gl
    Global_Citizen
    12 June 2009

    So much for democracy in UK, right Sarah?

    Anyway, if you're debating that subject, how far can we go with the xenophobia? If you don't live in Canary Wharf, you can't work there?

    Back to BoA - Just like the bank's motto states "Bank of Opportunity" Ken only drives the bank on opportunities, not on long term planning. Everything in the bank is decided based on his impulsivity and chase for more, not better. There is a ridiculous amount of staff turnover and you can have staff and management change several times a year on you - so much for even a year ahead planning.

  • po
    ponterotto
    12 June 2009

    @Sarah - you mean henry's from south london?

  • Cu
    Curious
    12 June 2009

    There is always someone who runs away from a good debate. Why? The debate, to which we have referred, was perhaps the debate which had the strongest interest from the readers of eFinancialCareers!

    I say, bring back people "very senior" who respect free speech!

  • Sa
    Sarah, Editor, eFinancialCaree
    12 June 2009

    @Curious - the objection was from someone very senior whose opinion counts more than most.

  • Cu
    Curious
    12 June 2009

    What happened to the right to freedom of speech? Surely, one person's objection, does not constitute reasonable grounds upon which to take action.

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