????今年的股東大會(huì)上，美國(guó)銀行（Bank of America）的股東們或許希望討論一下下面這個(gè)話題：根據(jù)股價(jià)表現(xiàn),，布賴恩?莫伊尼漢被評(píng)為美國(guó)銀行業(yè)最差勁的CEO,。需要說明的是，這次評(píng)選活動(dòng)是在美國(guó)銀行股價(jià)今年飆漲40%之后進(jìn)行的,。
????周三,，美國(guó)銀行的股東們將趕赴夏洛特市，參加一年一度的股東大會(huì),。股東們將表決的議題之一是,，是否批準(zhǔn)莫伊尼漢和其他高管的薪酬安排。絕大多數(shù)股東預(yù)計(jì)會(huì)批準(zhǔn)這些方案,，部分原因是莫伊尼漢已經(jīng)接受減薪300萬美元,，減少到700萬美元，成為2011年美國(guó)銀行業(yè)薪酬最低的CEO之一。然而,，鑒于該公司的股價(jià)表現(xiàn),，你或許懷疑這樣的薪酬是不是還是太高了。
????最近,，法國(guó)農(nóng)業(yè)信貸銀行（Credit Agricole Securities）證券分析師邁克爾?梅奧根據(jù)美國(guó)各大銀行現(xiàn)任CEO任職期間所在銀行的股價(jià)表現(xiàn)對(duì)這些銀行業(yè)大佬的績(jī)效進(jìn)行了排名,。2010年初，莫伊尼漢開始出任美國(guó)銀行CEO,。自那時(shí)起,，這家銀行的股價(jià)已下跌了42%。有鑒于此,，莫伊尼漢在這份榜單中成為墊底的一位,，但這不僅僅是因?yàn)槊绹?guó)銀行的股價(jià)表現(xiàn)。梅奧表示,，莫伊尼漢做錯(cuò)了許多事情,。最大的敗筆之一是銀行借記卡收費(fèi)風(fēng)波，盡管美國(guó)銀行最終在壓力之下被迫決定將不會(huì)收取這筆費(fèi)用,，但此事依然讓該行損失了不少客戶,。此外，跟其他銀行的CEO一樣,，莫伊尼漢沒有迅速阻止其抵押貸款業(yè)務(wù)部門出現(xiàn)的種種問題——美國(guó)銀行業(yè)與州政府最終達(dá)成了一筆價(jià)值250億美元的和解協(xié)議才算了事,。
????對(duì)于莫伊尼漢來說，一個(gè)積極的情況或許是,，其他大銀行CEO的表現(xiàn)也半斤八兩,。自詹姆斯?戈?duì)柭诱颇Ω康だ∕organ Stanley）以來（他履新的時(shí)間也是2010年初），這家銀行的股價(jià)已經(jīng)下跌了39%,。潘偉迪擔(dān)任花旗集團(tuán)（Citigroup）CEO期間,，花旗股價(jià)的下跌幅度高達(dá)89%。但他的任職時(shí)間橫跨了金融危機(jī)最嚴(yán)重的時(shí)期,，而莫伊尼漢和戈?duì)柭臄?shù)據(jù)并不包括這一時(shí)期,。在梅奧看來，業(yè)績(jī)最好的CEO是PNC金融服務(wù)集團(tuán)（PNC Financial Services Group）的掌門人吉姆?羅爾,。自從2000年中期接掌這家總部位于匹茲堡的銀行（羅爾也由此成為美國(guó)頂級(jí)銀行中任職時(shí)間最長(zhǎng)的CEO）以來,，這家銀行的股價(jià)已累計(jì)上漲了43%。
????本周在芝加哥舉行的特許金融分析師協(xié)會(huì)（CFA Institute）年度會(huì)議上,，梅奧表示,，過去銀行可以依靠規(guī)模的不斷擴(kuò)大，逐漸擺脫它們的問題,，但現(xiàn)在不良貸款,、對(duì)銀行資本充足率的新要求,，以及增長(zhǎng)機(jī)會(huì)的欠缺意味著這一幕這次不可能重演,。他預(yù)測(cè),，這將是20世紀(jì)30年代以來，銀行營(yíng)收增速最糟糕的十年,?！盎ㄆ旒瘓F(tuán)和美國(guó)銀行不應(yīng)該維持現(xiàn)在的規(guī)模，它們需要瘦身,?！?/p>
????譯者：任文科 |
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????Here's something Bank of America (BAC) shareholders might want to discuss at the firm's annual meeting: Based on its stock performance, Brian Moynihan ranks as the worst big bank CEO in the United States. And that's after this year's 40% rally in the bank's shares.
????On Wednesday, B of A shareholders will congregate in Charlotte for the bank's annual meeting. Among other things, shareholders will vote on whether to approve the pay packages of Moynihan and other executives. The majority of shareholders are expected to approve the payouts, in part because Moynihan took a pay cut of $3 million, making his $7 million payout for 2011 one of the smallest among bank CEOs. Based on the company's stock market performance, though, you might wonder if even that payout is too high.
????Michael Mayo, a bank analyst at Credit Agricole Securities, recently ranked current bank CEOs by the relative performance of their shares during the time since they took over the banks. Moynihan became the CEO of B of A in early 2010. Since that time the bank's shares have fallen 42%. That puts Moynihan at the bottom of the heap. It's not just the stock market performance. Mayo says there are a number of things that Moynihan has done wrong. One of the biggest was the bank debit card flip-flop, which turned off customers despite B of A eventually deciding under pressure that it wasn't going to charge the fee afterall. What's more Moynihan, like other bank CEO, was slow to stem the problems in its mortgage servicing division, which led to the $25 billion industrywide settlement with state AGs.
????The one positive, perhaps, for Moynihan, is that CEOs of other large banks aren't far behind. Shares of Morgan Stanley (MS) are down 39% since James Gorman started as the head of that firm, also in early 2010. Citigroup's shares are down a whopping 89% since Vikram Pandit took over the job as CEO of Citigroup (C). But that includes the heart of the financial crisis, which are not included in Moynihan's or Pandit's figures. The best performing CEO, according to Mayo, was Jim Rohr, who heads up PNC Financial Services Group (PNC). Since taking the helm of the Pittsburgh-based bank in mid-2000, making Rohr the longest service top bank CEO, the banks shares are up 43%.
????"In the past banks were able to grow out of their problems," Mayo said, speaking this week at the CFA Institute's annual conference in Chicago. But Mayo said bad loans, new capital requirements and a lack of opportunity means that's not going to be able to happen this time around. He predicts this will be the worst decade for sales growth at the banks since the 1930. "Citigroup and B of A should not be their current size. They need to shrink." |
