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Breakingviews: Bank boss bingo

Friday, May 17, 2013 - 03:48

May 17 - Breakingviews editors namecheck Wells Fargo's John Stumpf, who is venturing onto the anti-regulation soapbox, and Jamie Dimon of JPMorgan, who faces a potentially contentious annual meeting.

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If a couple of big American banks he is in the spotlight. One hasn't been limits Jones -- of will's photo shift is started taking over a little from -- most certainly a loss for crews tried to stay out of line whatever it is partly their heritage which is midwestern and also based on the West Coast are also primarily. On normal sort of -- -- rather than doing a lot of -- right investment banking so -- -- penetrate on the reputation -- little interpretations they may -- love them before -- people -- yet. Which is on the west on the east as it was -- they said. All we don't be anyway east of the Mississippi right there there's been a disdain for those that slick New York bankers that during the crisis they were clearly not happy about being. Beholden to Washington to -- all the -- it's not as it. But what has happened is. You know John Stumpf you know and his latest earnings call. Started talking about too big to fail has been sort of a renewed push to yes I don't know who was willing to about how to squash big banks that. Obviously break the coffins and if for whatever reason he has decided to sort of start. Getting on a soapbox and talk about his -- has not done either in his. Shareholder letter very frequently which is sort of a commonplace for people to -- or on its earnings calls it homicide from answering questions but not in the perfect. We -- the -- time you ever seen him always -- a stick of us are saying much -- When Dick gossage in private mislead how to go about the top program in 2000 -- time grounds of the spectacle it was more it. More -- what happened but the stump I think once said and show us we don't want it to have an amendment because it means excess revenue from that account as well. That's hardly controversial but now he's getting into the big Jamie -- territory right. And I think that's exactly deployment is two things that kind of happening right you have it. Right now stop is the chairman of the financial services roundtable which is as big. Employed a lobbying group but there's a million isn't your age you may be feeling leg and we don't he's gonna get himself out -- it wouldn't be surprising either and his colleagues in the back in history of sort of encouraging him to kind of be the speaker because. Wells is actually -- itself quite well. Bob it's the best performing back of her -- equity. It's the biggest bank in the United States by market value. And Jamie Dimon who really has sort of self appointed him as the statesman for the industry. Is kind of in the doghouse. It -- list of whether a little bit. They -- that a meeting next week yet. That is the big item in the headlines is about what's -- think about splitting the tendency and it rolled right so he'll -- down there and and keep -- -- presidents will do what he thinks life's getting exception is I think I think the big thing at the moment is that it's taking -- and clearly thinks. There's a big chance again only say. They go William Daley the -- used to look at the White House -- be. A big week sort take movement as well he's gonna upset that the shareholders who kind in favor of -- -- -- Communication that's this week and the unions and others have behind this proposal sent to my body. Unlike Goldman kind of dole. Goldman try touching get a things trip to have the of these proxy proposals for a complete and they relax they couldn't so wanna negotiate. Where is Jamie Dimon and Jake Long had this issue of well actually speaking at the proxy was should we look at splitting up the bank and completely mixed. This whole thing about Tennessee yet even though we've had. A year now -- -- time being political front -- -- -- -- loss last year he's busiest and a great job the open up to be good chairman. Some one else for the roles -- attendant now into this really big dual -- thing which is a pivotal. Okay we'll leave that thanks a lot. We'll keep -- oh Italy's bank CEOs and we'll have more breaking news for you next week.

Breakingviews: Bank boss bingo

Friday, May 17, 2013 - 03:48

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