So in Private Wealth, you can hemorrhage assets, loose your top producers and get promoted to Chief Investment Officer. Talk about failing upward. Only at US Bank.
12 replies (most recent on top)
@rv DF’s only requirement of his market leaders is that they can pucker up. None of them are talented or belong in chair. But that never stops USB.
The only good thing about this is that AP can finally get fired. DF would never admit the mistake it was to promote AP to market leader, now we can finally be rid of AP. What a sorry state we are in.
@kv Yeah, STA, Notre Dame, and Wharton, plus the Interlachen membership. All the blue bloods are covered and I guess all of that is more important than actual experience and being a decent human at the workplace.
@ks well, do you know he has an mba from Wharton with high honors???? Maybe we should remind clients of that.
@ks spot on. One trait of a good cio is to encourage being challenged on their thinking. DF is vindictive and holds grudges. No PM in their right mind would dare challenge the great and powerful DF.
@OP Say what you will about Freedman, but I didn’t think we would take a step back, let alone fall off a cliff. DF is a complete a--hole who can never admit a mistake. How is he going to possibly handle communication during the next market pullback that demands at least some empathy to our clients. I truly believed we would find a someone who is currently in the #2 or #3 role at a place like JPM or MS, etc. How can we not attract something like that? How can any of the other current leaders in AMG view this as anything other than a complete slap in the face and admission that USB takes wealth management as a nothing business. I keep thinking I will understand the decision, but as each day has gone on, I am only more disappointed and frustrated.
Do you think it really matters? We have become such an unserious organization when it comes to asset management, particularly in private wealth. Just put it all in etfs that generate soft dollar commissions for bank and call it good.
The single objective of the firm is to replace as many Americans as possible with GK/DVs contractor buddies back in India (kicking them back millions in offshore accounts that are untraceable by US authorities). The hiring requirements, stated or otherwise, were "will this individual get in the way of the objective?"
He's the perfect hire.
@ey there was no one else. He’ll do whatever leadership tells him to do. Anyone with any dignity that is truly qualified to be cio at the 5th largest bank would want a certain level of control, which SF and BL don’t want to give me. Plus, one meeting with those two would be enough for anyone to run away from.
@OP It’s truly incredible… he should have lost his job with how poorly the business has been run, but somehow lands sunny side up. The other part no one seems to be mentioning is that he is truly not qualified for the job!!! What makes him qualified to be the CIO? He was a PM 10 years ago and a CFA? Complete nonsense.
Failing upwards isn't unique to this company. It's common corporate culture today. Don't sweat it. Do your job for the day, leave and get your pay. Only invest back into your job what the company invest in you. Other than that, just do your thing and don't stress. I guarantee you that this managing committee isn't spending time thinking about you.
Hilarious. Nearly fell out of my chair reading this.