Given the troubles at Bank of America, the organization could probably do with a charismatic, witty CEO who can help lighten the atmosphere, make everyone feel good about themselves and exude confidence that he/she's in charge and has an exciting vision for the future.
Unfortunately, it has Brian Moynihan, who according to Bloomberg has developed the unfortunate internal moniker of, "the mumbler," on the grounds that he, "swallows most of his words."
Bloomberg also says that Moynihan, 'displays little if any humor in public.' More positively, he apparently has a "herculean work ethic" and is intelligent.
A 44 member internal team has been preparing restructuring plans at BofA since March. On Thursday, the bank's top executives will review its recommendations. (NYTimes)
Reducing pay by 10 percentage points would have boosted BofA's return on equity by about 2 percentage points (almost doubling it), other things being equal. (Financial Times)
Having fewer direct reports, Moynihan won't know firsthand what's going on in the bank. He will have even less grasp of the substance of his banking businesses. (PublicRadio)
Goldman Sachs, based in New York, "is being run for the benefit of employees rather than shareholders," a lawyer for shareholders said. (Bloomberg)
HSBC will be cutting 3,000 jobs in Hong Kong over three years, mostly in support functions. (Telegraph)
Macquarie must slash more than 1,000 full time jobs. (The Australian)
Waitrose is selling Chateau Latour at 425 a bottle in its refurbished Canary Wharf shop. (Guardian)
Engineering graduates are now working as shop assistants. (BBC)
Blind Citigroup treasury banker earning $100k a year, embezzled $22m and spent it on fast cars and fancy apartments. (Guardian)
18 people died in workplace accidents at Glencore last year, but the company is committed to a policy of 'zero harm.' (The Times)