Brandon Turbeville

Activist Post

According to a list compiled by independent blog, American Kabuki , at least 122 banking directors, CEOs, and board members of both national and international stature have resigned since September of last year. The blog recently posted a list of all 122 of these individuals with links to the announcements and reports of their resignation.

The fact that banks have been reshuffling their personnel is, of course, nothing new. However, 122 resignations does seem like a large number, particularly when one realizes that many of these resignations are coming from relatively large institutions.

As a result, there has been much speculation and concern on the part of many observers as to what these shifts actually mean.

While it should be mentioned that the list contains resignations from some institutions that are relatively small in terms of international finance, one might also do well to remember that banks, insurance companies, corporations, and governments are often tied together by a seemingly infinite number of spiderweb connections that only become visible as certain parts of the financial relationships are unearthed.

To be clear, this writer is not suggesting that every single bank included in this list is part of a criminal conspiracy, cover-up, or act of misconduct. In fact, I am not suggesting that any of them are. However, when it comes to some institutions such as the World Bank or the Bank of England, the history of treachery is obvious and should be kept in mind as you draw your own conclusions.

In fact, it is the resignations taking place amidst these larger institutions that should be a cause for greater concern in the first place.

Indeed, the number of resignations taking place amongst large institutions such as CitiBank, Lloyds Banking Group, UBS, Bank of America, Goldman Sachs, and JP Morgan alone should be enough to turn some heads.

But there is also an alarming number of central banks included on this list as well. Perhaps the most surprising is the fact that Phillip Hildebrand, the head of Switzerland’s central bank, recently handed in his resignation . Not only that, but there have been resignations coming from several other central banks including Argentina, Kuwait, Nicaraqua, and Kenya.

Even the World Bank is now accepting the resignation of Robert Zoellick.

The truth is, we don’t know what these resignations actually mean. Are they merely coincidence? Is this par for the course in the international banking industry?

Or are we witnessing the beginning of a rush for the exits by those who are in a position to see what is coming down the pike? Considering the state of the world financial system, this would not be too hard to believe.

Or are we witnessing a panicked flight of the guilty on the eve of a coming round of real investigations? Might there be a coming worldwide financial scandal that these individuals would drastically like to avoid?

Either way, 122 resignations from September to March at least sounds like a big number. It would be nice to know exactly what the rate of resignation was in previous years. Until we are able to find that number, it might be wise for us to ask ourselves what these individuals know that we don’t.

Below is the list of resignations as compiled by AmericanKabuki.blogspot.com along with some additions at the end:





9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP

http://goo.gl/NdW7q 1.Bank of New York Mellon ChiefResigns in a Shake-UP

09/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.

http://goo.gl/Dx8qs 2.SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of, the chairman of Scottish Widows and group deputy chairman.

9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis

http://goo.gl/WCeqB 3.UBS CEOquits over £1.5bn rogue trader crisis

9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012

http://goo.gl/7dNiD 4.SNB Bank Council:resigns as per end-April 2012

10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns

http://goo.gl/fdd9v 5.China Construction Bank Corp Chairmanresigns

10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns

http://goo.gl/yWX9R 6.Agricultural Bank of China Ltd Chairmanresigns

11/01/11 (INDIA) More directors of the Beed district bank resign

http://goo.gl/HD8BQ 7.More directors of the Beed district bank resign

11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 – DEFACTO RESIGNATION)

http://goo.gl/3L9gE 8.Lloyds Banking Group chief executive,, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF– DEFACTO RESIGNATION)

11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign

http://goo.gl/OiDiq 9.UBS’s Japan Investment Banking Chairmanto Resign

11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank

http://goo.gl/XncOc 10.Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank

12/15/11 (UK) Senior private banker James Fleming resigns from Coutts [private bank]

http://goo.gl/ANN5B 11.Senior private bankerresigns from Coutts [private bank]

12/23/11 (USA VA) Bank feud: Chairman Mark Giles quits VNB

http://goo.gl/dFDpH 12.Bank feud: Chairmanquits VNB

12/23/11 (USA VA) Bank feud: Board Member Claire Gargalli quits VNB

http://goo.gl/kowkW 13.Bank feud: Board Memberquits VNB

12/23/11 (USA VA) Bank feud: Board Member Leslie Disharoon quits VNB

http://goo.gl/kstLp 14.Bank feud: Board Memberquits VNB

12/23/11 (USA VA) Bank feud: Board Member Neal Kassell quits VNB

http://goo.gl/NrrPZ 15.Bank feud: Board Memberquits VNB

1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns

http://goo.gl/b6AoA 16.United Bank for Africa Plcresigns

1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years

http://goo.gl/xwlFt 17.Israel’s Bank Leumi CEOsteps down after 16 years

1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down

http://goo.gl/joExI 18.Suffolk Bancorp president and CEOsteps down

1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board

http://goo.gl/SKE7j 19.Arbuthnot Banking Group:resigned from the Board

1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.

http://goo.gl/bzZtQ 20.Arbuthnot Banking Group:left the Board.

1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down

http://goo.gl/zvo1L 21.Saunderson House [Private Bank] CEOsteps down

1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns

http://goo.gl/5qsUu 22.SNB Chairmanresigns

1/19/12 (SPAIN) Spanish bank Santander’s Americas chief Francisco Luzon quits

http://goo.gl/jEY7Y 23.Spanish bank Santander’s Americas chiefquits

1/30/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down

http://goo.gl/sdY1p 24.Butterfield Private Bank headSteps Down

1/20/12 (JAPAN) Normura’s head of wholesale banking Jasjit Bhattai quits

http://goo.gl/6FuWe 25.Normura’s head of wholesale bankingquits

1/21/12 (Greece) Institute of International Finance negotiator Charles Dallara quits

http://goo.gl/NbPlt 26.Institute of International Finance negotiatorquits

1/21/12 (Greece) Institute of International Finance negotiator Jean Lemierre quits

http://goo.gl/E3AkE 27.Institute of International Finance negotiatorquits

1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down

http://goo.gl/BwUgv 28.New Zealand Reserve Bank Govto Step Down

1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood

http://goo.gl/CoLVS 29.Royal Bank of Scotland former CEOStripped of Knighthood

2/01/12 (SOUTH AFRICA) ABSA [Barclay’s Bank] deputy CEO Louis von Zeuner resigns

http://goo.gl/IP8nH 30.ABSA [Barclay’s Bank] deputy CEOresigns

2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits

http://goo.gl/OqRVo 31.Lloyds Bankging Group head of wholesalequits

2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February

http://goo.gl/vjO5M 32.Llyods Banking Groupleaving end of February

2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption

http://goo.gl/bb5sh 33.Banking Crisisarrested for Banking Corruption

2/05/12 (USA – NY) Morgan’s investment banking chairman Joseph Perella quit

http://goo.gl/pG2jF 34.Morgan’s investment banking chairmanquit

2/05/12 (USA – NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit

http://goo.gl/bRv9K 35.Morgan Stanley investment bankingquit

2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:

http://goo.gl/OhCEb 36.Dhanlaxmi Bank CEOquits:

2/7/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires

http://goo.gl/i7AUY 37.Bank Of America’s Mortgage Business ChiefRetires

2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits

http://goo.gl/fP03J 38.Kotak Mahindra Bankquits

2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)

http://goo.gl/PiQSy 39.Iran denies central bank resignation rumor (don’t believe until its denied?)

2/09/12 (VATICAN) Institute for the Works of Religion (IOR) Four Priests (names were not disclosed) charged In Vatican Banking Scandal. CEO Paolo Cipriani and bank president Ettore Gotti Tedeschi (a member of Opus Dei) are under investigation.

http://goo.gl/tW8Sj 40.Institute for the Works of Religion (IOR) Four Priestsharged In Vatican Banking Scandal.CEOand bank president(a member of Opus Dei) are under investigation.

2/9/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits

http://goo.gl/8BuXy 41.National Bank of Ukraine deputy governorquits

2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down

http://goo.gl/DBKdc 42.Korea Exchange Bank chiefsteps down

2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns

http://goo.gl/wMl5g 43.Tamilnad Mercantile Bank CEOresigns

2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns

http://goo.gl/GFvIy 44.Kuwait Central Bank CEOresigns

2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns

http://goo.gl/iQ0n8 45.Nicaraqua Central Bank Presidentresigns

2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank

http://goo.gl/uHp6C 46.Social finance pioneerquits Charity Bank

2/15/12 (WORLD) World Bank CEO Zoellick resigns

http://goo.gl/dHDSm

Did the White House tell the World Bank president that he’s out?

http://goo.gl/wUOgb 47.World Bank CEOresignsDid the White House tell the World Bank president that he’s out?

2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns

http://goo.gl/SNsVI 48.Nova Kreditna Banka Maribor CEOresigns

2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns

http://goo.gl/TyYiJ 49.Nova Ljubljanska Banka d.d. CEOresigns

2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down

http://goo.gl/yT6rS 50.The Financial Services Authorityis to step down

2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down

http://goo.gl/c7PtU 51.Databank Group Executive Chairsteps down

2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits

http://goo.gl/CtmOU 52.Saudi Hollandi Banks Managing DirectorQuits

2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns

http://goo.gl/I7Alo 53.ANZ Bank Australia CFOresigns

2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested

http://goo.gl/WczHh 54.Royal Bank of Scotland Sr Equities TraderArrested

2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested

http://goo.gl/I7Alo 55.Royal Bank of Scotland director equities bus.director Arrested

2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested

http://goo.gl/I7Alo 56.Marex Spectron senior traderArrested

2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns

http://goo.gl/4r16D 57.Royal Bank of Scotland Austrailan CEOresigns

2/17/12 (USA) Goldman Sachs CEO Lloyd Blankfein out as by summer

http://goo.gl/UjpzD 58.Goldman Sachs CEOout as by summer

2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns

http://goo.gl/1n1Nr 59.SNB Council Presidentresigns

2/18/12 (PAKISTAN) The Bank of Azad Jammu & Kashmir executive Zulfiqar Abbasi resigns 60.The Bank of Azad Jammu & Kashmir executiveresigns

http://goo.gl/G0woP

2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down

http://goo.gl/Unuez 61.Head of Russian Bank RegulatorSteps Down

2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns

http://goo.gl/F5twL 62.Credit Suisse Chiefresigns

2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns

http://goo.gl/aA0RW 63.Bank Leumi le-Israel Ltd:resigns

2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits

http://goo.gl/6Dj0i 64.First Financial Northwest DirectorQuits

2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns

http://goo.gl/DuMrm 65.Central Bank of Argentina (BCRA) Gen Mgr, resigns

2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns

conflict of interest with director seat on unknown bank

http://goo.gl/aEmwB 66.Nitol Insurance Co. Ltd directorresignsconflict of interest with director seat on unknown bank

2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns

conflict of interest with director seat on unknown bank

http://goo.gl/aEmwB 67.Nitol Insurance Co. Ltd directorresignsconflict of interest with director seat on unknown bank

2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns

conflict of interest with director seat on unknown bank

http://goo.gl/aEmwB 68.Nitol Insurance Co. Ltd directorresignsconflict of interest with director seat on unknown bank

2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns

conflict of interest with director seat on unknown bank

http://goo.gl/aEmwB 69.City General Insurance Co. Ltd directorresignsconflict of interest with director seat on unknown bank

2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns

conflict of interest with director seat on Eastland Insurance Company Limited

http://goo.gl/aEmwB 70.Social Islami Bank Limited directorresignsconflict of interest with director seat on Eastland Insurance Company Limited

2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.

http://goo.gl/Z1rnw 71.CITIBANK JAPAN: Bakhshi is taking over duties from, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.