Seeking Alpha

Yet another move from banking to private equity

  • William Egan, Bank of America's (BAC -0.7%) co-head of global financial institutions has exited, reports Reuters, to join Oaktree Capital (OAK -0.1%) for a leadership role in its new life reinsurance company.
  • Egan's former co-head at BofA Jim O'Neill will take over the role by himself. Egan had been with the bank since 1999.
  • Mass exodus is probably too strong a term, but - amid slow growth at banks and a brutal legal/regulatory environment - the pace of movement to greener pastures is picking up.
  • Previously: Citigroup's FX chief jumps to Fortress
  • Previously: P-E in high cotton lures bankers
Comments (8)
  • funfun
    , contributor
    Comments (2472) | Send Message
     
    The serial exits of some top talent from Bank of America in recent weeks suggests strongly that not all is well in this intractably weakened financial conglomerate manned by CEO Brian Moynihan and his Chairman sidekick, Chad O. Holliday, Jr, who has "no banking experience". Taking into account the shuttering of hundreds of branches and various businesses and concomitantly, the termination of thousands of positions, the killing of careers, and it appears there may be a morale problem permeating this bank.

     

    Employees and middle-level Managers fearful of their positions do not go all out on behalf of the Bank or take risks to create and innovate. And that is not good for BAC shareholders.

     

    …funfun..
    18 Jun, 03:13 PM Reply Like
  • Wow72
    , contributor
    Comments (442) | Send Message
     
    Wrongwrong,

     

    Get a life, what about all the good people who work at BAC that your constantly referring to as crooks, I thought the 100's of thousands of employees were all seasoned criminals? BofA is just like the MOB right wrongwrong...

     

    Wrongwrong GET A LIFE DUDE! This Country is run by jackasses right now!
    19 Jun, 06:00 AM Reply Like
  • funfun
    , contributor
    Comments (2472) | Send Message
     
    This heckler has made an inaccurate and misleading statement. We have never referred to "all the good people who work" at this corrupt Bank as "crooks", only those executives at the top tier of Management who have presided over, if not aided in the execution of serial fraud and documented law-breaking during the 21st century. …funfun..
    19 Jun, 07:06 AM Reply Like
  • Wow72
    , contributor
    Comments (442) | Send Message
     
    Wrongwrong,
    Much like the crooks who pose as our government who let this whole thing happen and six years later are making sure things are still a mess... The real law "Had" a statute of limitations which our DOJ thought was inconvenient for them, so they changed it...Thats our law, my question wrongwrong is WHAT GOOD IS IT? ...Get a Clue and Get a life Wrongwrong... This is not "Justice" at all! "Just" is a term that has left our "Justice" system...

     

    Its because people like you focus on what is right smack in front of them and not the causes of what you are seeing... You would believe anything your government tells you and that will be a very painful lesson for you!
    19 Jun, 07:30 AM Reply Like
  • funfun
    , contributor
    Comments (2472) | Send Message
     
    Folks, "Government" politics and maneuvering has nothing to do with the documented orchestrated fraud and law-breaking on a Herculean scale pulled off by a dishonest Management of this ethically crippled financial conglomerate in the 21st century! And now long-suffering BAC shareholders are paying the huge tab, and some are shrieking and blaming anyone and everything, other than those who generated the massive mess.

     

    …funfun..
    19 Jun, 07:35 AM Reply Like
  • Wow72
    , contributor
    Comments (442) | Send Message
     
    Wrongwrong,

     

    Define Fraud... I define it as when our government bails out a bank for 50 billion and sues back 60 billion....on top of making them pay the 50 billion back with interest...They make everything look like it was all the banks fault, especially when you consider "Free" Trade...and the extraction of the taxpayer bailout allows them to pay their friends off at Freddie and Fanny to insure their future employment...That is FRAUD! of the People's Tax Money! Plain and simple... Have you have heard of a "Conflict of Interest"? Read up!

     

    Again why don't you bail someone out with your money wrongwrong so I can sue them? This makes perfect sense to you right? But when its taxpayer money, its just money that is there right? It has no right to legal fairness?

     

    The only reason why I believe you put so much effort into this is maybe your paid by our government as part of the "social" strategy to offset ALL the negative comments about our DOJ and our P.O.S. Government
    19 Jun, 07:54 AM Reply Like
  • Wow72
    , contributor
    Comments (442) | Send Message
     
    The reason I put my energy into this is because I am sick of my government SCREWING EVERYONE!
    19 Jun, 08:15 AM Reply Like
  • 15820852
    , contributor
    Comments (8) | Send Message
     
    I certainly hope the SA community is taking a position.

     

    The more it is beaten the more i like it, especially when I can be long on BAC+B warrants, as I am in my smallish 'learn to trade options and warrants' portion of my portfolio.

     

    Four years is a very long period for an institution to reinvent itself, the political winds to shift 180 degrees, and its financial fortunes to turn around.
    19 Jun, 01:01 AM Reply Like
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