During the Goldman Sachs trial, Lloyd Blankfein, Goldman Sachs' CEO,
became arguably the most well-known banker in the world. Prior to this SEC
hearing, most people probably didn't know who was running the most
powerful banks in the world - if they gave it any thought at all.
Blankfein became the face of the subprime crisis'
after-effects, whether he deserved to or not. In the large scheme of
things, though Goldman Sachs is one of the largest banks in the U.S.,
there are still bigger banks stateside and much bigger banks worldwide.
We'll take a look at these huge banks and the powerful bankers that run
them. (To learn more, see Goldman Sachs: By The Numbers.)
The Public Face
Goldman
Sachs is far from the largest bank in the world, but it is considered
by many to be the preeminent investment bank in global finance. Lloyd
Blankfein is currently the CEO and chairman of the board for Goldman
Sachs and has been since 2006. Despite some people's opinion of
Blankfein's maneuvers during the financial crisis of 2007 to 2009, the
Financial Times named him "person of the year" for 2009. Blankfein
received a $9 million (all-stock) bonus from Goldman in 2009, but he
grew up in Brooklyn housing projects before making his way to Harvard,
where he earned his B.A. and J.D. Blankfein's been working for Goldman
since 1981, and he may be most known, aside from the SEC trial, as the
banker who claimed he was doing "God's work."
Europe's Biggest Banks and Bankers
The
largest global bank in the world is France-based BNP Paribas, which was
named largest bank this year by Bloomberg, with assets of $3.2
trillion. This bank was formed through a merger
of two of France's biggest banks, Banque Nationale de Paris and
Paribas, in 2000. The CEO of this megabank is Baudouin Prot. Prot
graduated from the Ecole des Hautes Etudes Commerciales (HEC) and Ecole
Nationale d'Administration, and he took a number of positions with the
French government before joining BNP in 1983. Prot became CEO of the
world's largest bank in 2003. BNP Paribas is different from its large
North American counterparts as it emerged from the financial crisis
relatively unharmed when compared to their counterparts, and Prot's
strategy for the company is seen as one of the reasons that the bank did
so well.
Another of the world's largest banks is Munich, Germany's Deutsche Bank,
which had assets in excess of 1.5 trillion euros in 2009. Deutsche Bank
was founded in 1870 and today is listed on both the Frankfurt and New York Stock Exchanges.
The CEO of this German behemoth is Josef Ackermann. Ackermann is
originally from Switzerland and has been CEO of Deutsche Bank since
2006. He has also worked at Credit Suisse and served as a guest
professor at the London School of Economics. Businessweek reports that
Ackermann received compensation of nearly 10 million euros in 2009 at
Deutsche Bank.
The U.S.'s Big PlayersTurning
back to North America, we'll look at one of the most powerful bankers
in the U.S. Jamie Dimon is the CEO of JPMorgan Chase, the largest bank
in the U.S. by market capitalization. JPMorgan Chase has assets in
excess of $2 trillion, and Dimon has been the CEO since 2004. Dimon got
his undergrad in psychology and economics from Tufts University before
getting his MBA from Harvard in 1982. Before becoming the CEO of
JPMorgan chase, Dimon was one of the people responsible for forming
Citigroup, and he was head of Bank One before it was bought by JPMorgan.
Dimon and JPMorgan Chase were criticized during the TARP
payments of 2008, as many questioned if JPMorgan really needed to be
bailed out, but still accepted the TARP bailout, which it later paid
back.
The largest bank in the U.S. by assets is Bank of America, with Brian
Moynihan as its CEO. Moynihan graduated from Brown in 1981, and then
received his Juris Doctorate
(JD) from Notre Dame. Moynihan joined Fleet Boston in 1993, and Fleet
Boston merged with Bank of America in 2004. Moynihan served in various
positions at BofA before becoming CEO in 2009.
Dimon may have helped form Citigroup, but it is going on fine without
him at this point, being helmed by Vikram Pandit since 2007. Pandit was
born in India but moved to the U.S. when he was 16, doing his schooling
there before becoming a professor at Indiana University and eventually
joining Morgan Stanley in 1983. He became CEO of Citigroup in 2007,
shortly before Citigroup felt the brunt of the subprime crisis and had
to receive a large bailout from the U.S. government in 2008. Citigroup
has assets of nearly $2 trillion and is one of the Big Four Banks in the
U.S, along with Bank of America, JP Morgan Chase and Wells Fargo. (For
more, see Banking Has Changed: What Does It Mean For Consumers?)
No comments:
Post a Comment