|
|
Article: Preferred Issues: Banks' Board Members Next On Chop Block.(Brief Article)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- August 28, 2000
- Author:
CopyrightCOPYRIGHT 2000 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Banks have tried downsizing branch networks, back offices, and middle management -- and now more boards of directors are facing the ax.
Last week Chicago-based Bank One Corp. acknowledged that its board, swelled by years of mergers, was in dire need of a trimming.
Saying it had to be more "nimble and effective," Bank One president and chief executive officer James Dimon revealed that the number of directors would be cut by six, to 13, by the end of September.
Bank One is hardly alone. First Union Corp., which did a lot of bank buying itself the last several years, plans to reduce its 23-member board.
"The longer-term goal is a somewhat ...