User 182542

National City Corporation Q1 2008 Earnings Call Transcript

The only beneficiaries of this whole travesty is Senior Management and those employees who will not get laid off during the next few years as employee reductions continue in the form of expense controls. Ultimately, there may be fewer employees laid off versus a outright sale, but the fat lady has not sung on this one. I am upset over the dilution and the fact that shareholders cannot participate in the $5 share price deal. I think customers are not benefitting from this result because an outright sale would have gained efficiency in the market place that would ultimately benefit consumers. Also, there seems to be no accountabililty at the Senior Management level. I was hired by National City and recruited away from another bank in 2007. I was given six months to perform after inheriting many problems. After six months, I was let go based on Peter Raskinds directions to manage out the bottom performers. Peter does not apply this direction to himself or his immediate Senior Staff. I personally think he should resign. I feel sorry for the employees who loyally invested any amount of their retirement plan into NCC stock and now face an uncertain retirement future. How do you recover from that and what responsibility will Raskind and his team take for this travesty. Can you blame it all on the employees for not diversifying in a culture that discouraged diversifying?