February Fever: Why are Major Bank Executives Resigning Left and Right?

23rd February 2012

By Madison Ruppert

Contributing Writer for Wake Up World

This month has seen a rash of top level resignations across some of the most major banking institutions across the globe.

There has also been news of potential upcoming resignations which could have a considerable impact as well, not the least of which is the potential resignation of Lloyd Blankfein, chief executive officer (CEO) of Goldman Sachs.

According to Fortune, this could occur as early as this summer, although this is still merely a possibility and far from set in stone.

However, there are many very real and quite perplexing instances of bank heads quitting across major institutions like the World Bank, the Nicaraguan Central Bank, Kuwait’s Central Bank, two of Slovenia’s biggest banks and more.

It appears this trend began some time early this month, perhaps with the resign of Amitabh Chaturvedi, the CEO of Dhanlaxmi Bank Ltd on February 6.

This was supposedly due to Chaturvedi having “serious differences with the board regarding the strategies of the bank. He had different views on several issues. It was coming,” an anonymous bank official told Mint.

Chaturvedi’s resignation was just the beginning. On February 10, Business Standard reported that A K Jagannathan, the managing director and chief executive of Tamilnad Mercantile Bank resigned, citing personal reasons.

Then, on February 13, the Washington Post reported via the official Kuwait News Agency that Sheik Salem Abdulaziz Al Sabah, a member of the Kuwaiti royal family, resigned after 25 years heading up the nation’s central bank.

While the brief announcement gave no immediate reason for the move, internal speculation surrounds his opposition to increased domestic spending, including wage increases.

Just the next day, the head of the Nicaraguan Central Bank, Bloomberg reported that Antenor Rosales quit, apparently over disagreements with Nicaraguan President Daniel Ortega, however an official statement claimed that the resignation was “normal government procedure” and not the result of a disagreement.

The following day brought reports of the CEOs of Slovenia’s two largest banks stepping down along with the planned resignation of World Bank President Robert Zoellick, who will leave the bank on June 30.

Then the next day, February 16, the chief financial officer of Australia and New Zealand Banking Group Ltd (ANZ Bank) resigned after 15 years as the bank’s CFO. Also on that day, it was announced that Andrew Check would lead the Royal Bank of Scotland’s Australian arm after Stephen Williams resigns in the next three to six months.

On the February 17 the news broke of Blankfein’s possible future resignation along with Bloomberg reporting that Credit Suisse Group AG’s private bank in Signapore’s chief Asian economist, Joseph Tan, resigned.

On February 18 the British Daily Mail reported that Germany’s president, Christian Wulff, resigned over a scandal involving an attempt to gag a press investigation into political favors and possible bribes. While this obviously isn’t a bank executive, it is noteworthy nonetheless as it is still part of the trend of prominent individuals resigning, quitting and otherwise stepping down from their position of power.

The reasons behind this trend are unknown as of yet and indeed they could not be connected in any way, yet I think that is highly doubtful. I am not yet prepared to speculate as to why this is happening with such frequency right now, however I will say that I hope it is due to some serious changes being made in the financial system – hopefully for the good of us all.

About the Author

Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at [email protected]


(1) 9/25/11 (SWITZERLAND) Bank chief resigns over ?1.5bn rogue trader crisis

(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks

(3) 11/01/12 (INDIA) More directors of the Beed district bank resign

(4) 11/21/11 (JAPAN) UBS?s Japan Investment Banking Chairman Matsui to Resign

(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam

(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank]

(7) 12/22/11 (FRANCE) Societe Generale?s Investment Banking Chief Steps Down

12/23/11 (USA VA) Bank feud: Chairman Giles quits VNB with other directors

(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down

(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns

(10) 1/12/12 (United Kingdom) Lloyds? head of wholesale quits

(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits

(12) 1/30/12 (UNITED KINGDOM) Head Of UK Private Bank Steps Down [Butterfield Private Bank]

(13) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits

(14) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September

(15) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on

(16) 2/02/12 (VENEZUELA) Key Chavez Minister Resigns Amid Banking Corruption Fallout

(17) 2/05/12 (USA – NY) Two Top Morgan Stanley Bankers Resign

(18) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:

(19) 2/07/12 (INDIA) Falguni Nayar quits Kotak Mahindra Bank

(20) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)

(21) 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal

(22) 2/10/12 (KOREA) Korea Exchange Bank chief steps down

(23) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns

(24) 2/13/12 (KUWAIT) Kuwait Central Bank CEO resigns

(25) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns

(26) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank

(27) 2/15/12 World Bank CEO Zoellick resigns

Did the White House tell the World Bank president that he’s out?

(28) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign

(29) 2/15/12 (KENYA) Governor of Kenyan Central Bank to Resign

(30) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group

(31) 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Quits

(32) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns

(33) 2/16/12 (UNITED KINGDOM) Royal Bank of Scotland Bankers Arrested

(34) 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns

(35) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer

(36) 2/17/12 (SWITZERLAND) SNB Council President To Leave Central Bank

(37) 2/18/12 (PAKISTAN) AJK Bank?s executive steps down

(38) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down

(39) 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns

(40) 2/20/12 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank

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  • Lisa Farkass

    Wow, very, very interesting. It does seem like an unusual number of executives stepping down in fairly rapid succession. I hope it is for good too, but I am not going to hold my breath and I think I might just cash out some dead weight.

  • RonW

    I’m thinking. They have done their damage grabbed their severance pay and are running for cover as they know The American people have awakened thanks to Ron Paul. And once all the facts come out. The people are going to want blood.

  • Amaterasu Solar

    I’m thinkin’ it’s so They won’t be missed at work when They go hide in Their bunkers… Won’t tip off Their fellow workers.

  • Charlie

    I’m thinking- the fall of wealth mongering- from a slightly higher realm of thinking; please, pardon the redundancy-lol!
    Capitalism must exploit and enslave someone in order to be. Just as cops need lame minded people to engage in criminal behavior in order to be cops! Just as Western medicine thrives on sick people- rather than curing them. There’s no money in solved problems! And, that is what Capitalism is.
    Otherwise I’m glad to hear these bank execs are quitting!

    • royce

      I agree to a point , But capitalism does not make slaves. Only stupid people that expect entitlements will become slaves. With capitalism you can work all you want for a higher wage than in socialized countries of the world. You can get as much education as you like and become anything you like in the United States. But when you spend all you make on wine, drugs, toys , and whores, then you blame your failures on capitalism. People from every socialized communist country in the world are dying to get to the USA, And there are very few people trying to leave here, Now go figure that one out! Because the USA is the greatest most wonderful country on earth. And capitalism is the free market in the free world where you can make all you want and do with it what you want , Its called freedom. There is not a country in this world in the history of this planet where socialism did not fail dismally. Not even Europe’s democratic version of socialism. Obama needs to listen to Bill Clinton and extend the bush Tax cuts but he is to stupid. During Clintons 2nd term is when he generated a surplus and he did it by lowering the Capital gains Tax. Put yourself in a rich mans shoes, would you sell your goods when you have a 40% percent tax to pay on it? Or would you wait until it was lowered to 15 or 20 % ? Giving Tax breaks to the wealthy generates revenue and stimulates the economy. But that’s why the Democrats hate republicans because they say Republicans help the rich. But in truth republicans are actually just letting the Top 1 percent keep money that they earned and then the rich people put you to work and pay you 10 times the amount you would make in another country and if you choose to blow it at the casino well that’s your own stupidity so don’t blame your failures on capitalism.

  • Wild Dog

    They’re resigning because they know an economic tsunami is coming. When Greece defaults it will set off a chain reaction of sovereign defaults and bank closings. Banks have way too much exposure to sovereign debt. Credit default swaps will destroy them too. Better to leave now before the Titanic hits the iceberg.

  • Edgar Longenecker

    scamMERS…. is about to be audited, to reveal that millions of baled bogus note clones, have scammed world trade, while the banksters, reaped their rewards, first, continuing to collect on mortgages, they never owned, with the notes, skimmed off, knowing that selling clones, was concealed, by, not recording the new owners’ name, claiming to con the recorders, out of filing fees, but, in reality, to conceal all the sold note clones. Why would the banksters, skim the notes, leaving mortgages without notes, as in paid for, and, pretending that notes, once invalidated by separation, still had mortgage collateral, if not to get away with being part of the MERS scam; while still collecting upon mortgages, whose notes were already long gone ? Then comes the shell game of passing around the mortgages, and the complicity of attorney generals, settling, before the perjuries can be recorded, and, the felonies can be loggeg, and, a steady procession of these crooked attorney generals, aiding and abetting, by laundering the actual crimes, perpetrated upon world trade, and, those whose signature loans were sold all over the world, while the banksters, who sold the notes into the scamMERS, Ponzi scheme, before the ink was dry on the signatures, still, embezzled payments from those who used to have notes, on, their mortgages, and, not one of these banksters, has been brought before a court, wherein they can be forced to answer to, how many cloned notes’ dollars, they have collected from the scamMERS, scheme; and, ditto, the same questions from MERS, whom the lieyers have settled with, without proving exactly what they have done, and, how much these banksters have collected by embezzling the notes off the mortgages, right under the noses of bank investors and bank examiners, as if, racketeering, was not the precise intent of all who played their part…? Now, the banksters are all looking for a swamp to hide in, as if, further orchestration of damage control will not be visible, to those who are scammed. Audit them all, under penalty of perjury…. Edgrrr… Stalag Skew, Schizofornia…

  • Melcarthus

    Oh my gosh I think I know what it is. They dont want to be part of the bank holiday when they freeze our accounts and wont be allowed to take money out.

    • Steve

      They have been funneling that money to off shore banks with the help of the FED, and now there is a major lawsuit being brought against both the banks and federal agencies that will expose them and cause a major financial crises. They getting out while they can!

  • Tony

    Actually there have been 109 “resignations” and other cans of heads of major banks and top officials in govt, All but 15 are from the last two months.

    Well documented here: http://americankabuki.blogspot.com/2012/02/updated-22912-thanks-kauilapele-for.html?m=1

    There is a transition of power in the world. Expect to see many more changes including in the very controlled and corrupt media that supports the lies and coverups at the highest levels.

  • Bill

    ANZ Royal Cambodia has had 2 CEOs out the door already in the first quarter of this year…

  • Truth

    Maybe this will put things into perspective. Contains truth on the banking system that eveyrone should be aware of http://divinecosmos.com/start-here/davids-blog/1047-liens

  • Sage Durham

    I have a theory – the coverup of fukushima nuclear disaster is worst disaster for life on earth and life is about to end in 2012. This is why they are all leaving for their nuclear vaults underground.