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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