Longer tenures at Wall Street banks is a contrast to what we're seeing in the broader financial industry, especially smaller ones. The leverage that these c os have that allows them to stay for as long as they are is the performance of the bank and the share price. If it's clear that investors don't have any qualms or concerns about them staying then boards seem happy t keep them in place. A replacing bank c Os is a very, very hard job. Youe got to find some one who can navigate the com city of these organizations, help manage the risk,. So theye'r e hard positions to fill.
At least two Chinese cities are seizing presale revenues from indebted property developer Evergrande in order to block potential misuse of funds, and the SPAC bubble appears to be deflating as investors pull cash out of special purpose acquisition vehicles at increasingly higher rates; more than 150 US economists and researchers have weighed in on how women will be affected economically if US states add new restrictions on abortion access, polls in Germany closed last night with the two leading parties neck and neck, and the FT’s US banking editor Joshua Franklin discusses shrinking CEO tenure among US finance companies and the “Forever CEOs” who are bucking that trend. Join FT journalists on October 4 for a subscriber-only webinar on the outcome of Germany’s historic election and its implications for Germany, Europe and the rest of the world. Register free at ft.com/germanwebinar
Chinese cities seize Evergrande presales to block potential misuse of funds
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