Remove 2011 Remove Banking Remove Committee Remove Operations
article thumbnail

The Leadership Blind Spots at Wells Fargo

Harvard Business Review

The bank has since fired 5,300 employees for the illegal behavior and eliminated retail bank sales goals entirely. As a result of this fraud, the bank is now being investigated by Federal prosecutors and Congressional overseers. But the fallout is far from over. A blind spot among senior leaders.

Banking 10
article thumbnail

Can JP Morgan Transparently Police Itself?

Harvard Business Review

boss, Ina Drew , the former head of their unit in of the bank's, the Chief Investment Office (CIO); and CEO Jamie Dimon, to whom the CIO reported who oversaw the CIO. Drew quickly retired after the losses, and Iksil and Macris are, according to news reports, leaving the bank.

CIO 8
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Could I Miss That? Jamie Dimon on the Hot Seat

Harvard Business Review

It's easy to assume that Jamie Dimon, the accomplished CEO of JPMorgan Chase, was simply stonewalling when he claimed that mounting trading losses in his bank were "blown out of proportion" — that he was unaware of how grave the situation really was. But I believe that Dimon literally didn't see perceive disaster unfolding before him.

article thumbnail

China’s Slowdown: The First Stage of the Bullwhip Effect

Harvard Business Review

The essence of the phenomenon is the fact that each stage in the supply chain plans its capital projects and operations, including inventory levels, based on its future expectations. Senate Banking Committee to save his competitors. This is exactly what happened during 2010 and 2011 as the global economy was bouncing back.)

article thumbnail

Why the Decline in Corporate Statesmanship?

Harvard Business Review

And the Business Roundtable , picking up where it left off in the summer of 2011, has continued its ineffectual pleas for the president and Congress to find a solution to the deficit , while failing to offer a single concrete solution. American corporations operated in a very different environment in the postwar period.

article thumbnail

Ending the Shareholder Lawsuit Gravy Train

Harvard Business Review

In the two biggest settlements, the offending companies — Enron and WorldCom — went belly up, leaving their banks stuck with most of the tab, a somewhat more logical outcome but not the standard one. Then there are the lawyers. In the Enron case the plaintiffs’ attorneys got $798 million in fees and expenses; with WorldCom $530 million.

article thumbnail

The Big Picture of Business – Business Lessons to be Learned from the Enron Scandal

Strategy Driven

I further made recommendations that future charitable requests would go through committee and that the client’s partners and key executives were better suited by serving on community boards, thus polishing their own luster. The Enron scandals of 2001 and 2002 focused only upon cooked books audit committees and deal making.