Wall Street embraces the ‘Forever CEO’

Sep 27, 2021

Chinese cities are intervening in the Evergrande crisis, seizing presale funds to prevent misuse. The SPAC bubble is losing steam as investors withdraw funds at a rapid pace. Economists warn that new abortion restrictions in the U.S. could harm women economically. The discussion shifts to 'Forever CEOs' in Wall Street, examining how long tenures affect leadership diversity and morale, while noting the high pay and limited opportunities for upcoming leaders in finance.

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INSIGHT

Forever CEOs

US bank CEO tenures are shrinking, averaging seven years in 2017.
However, some CEOs, like Jamie Dimon and Brian Moynihan, remain for decades.

INSIGHT

Tenure and Performance

Long CEO tenures on Wall Street are not new; past CEOs also held positions for over a decade.
Performance and stock prices are key factors influencing a CEO's longevity.

ADVICE

Evolving CEO Role

Bank CEOs face increased public and regulatory scrutiny, including appearances before Congress.
They must constantly report to regulators and manage complex organizations.

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Read a transcript of this episode on FT.com

https://www.ft.com/content/c2d3fe11-799d-4f66-be2c-806dda7a9f87

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

https://www.ft.com/content/595c3f50-755d-4dcc-afc3-4c993e50a936

Soaring Spac redemptions signal their fall from favour

https://www.ft.com/content/1a9be04e-a298-49bb-a3d8-2efee22bca01

Lack of abortion access will set US women back, economists warn - with Claire Bushey

https://www.ft.com/content/61251b31-0041-461c-bd33-aacf2f13fe10

In era of quick-fire bosses, Wall Street embraces the ‘Forever CEO’ - with Joshua Franklin

https://www.ft.com/content/4814a8ca-57a2-43f1-a6da-f126a4254f6d

German election likely to extend Merkel’s long goodbye

https://www.ft.com/content/f30df070-5415-4bd7-b4b4-0bdd4dff3b3c

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.

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