Prospective Candidate for the Coveted Position of Chief Executive of Bank America - Essay Example

No: Interview of Mr. Tony Mr. Tony, who is a prospective candi for the coveted position of Chief Executive of Bank America, is a man having fame of a successful Corporate legal consultant and notable businessman, born in the month of October 9, 1960 in the United States of America. The rationale of choosing said gentleman as CEO of Bank of America is due to his business acumen, rich experience and a good track record of success. The main reason of his selection amongst the available lot is because of his accomplishing various tasks assigned to him as Group Executive of certain groups by the management of the bank. Before qualifying as President and CEO of Bank of America Mr. Tony, held important portfolios as Group Head of Consumer and Small Business Banking in the United States. He started his career with Fleet Boston in the year 1993 as Deputy General Advisor. He successfully held the assignments of managing Fleet’s brokerage and wealth from 1999 to April 2004 in the capacity of Executive Vice President. After the merger of mentioned bank with Fleet Boston Financial in the year 2004, he served as Group Head of global wealth and investment management of the Bank of America. He also served as a) General advisor to the said bank from 2008 to 2009 and b) incumbent of global corporate and investment banking groups from 2007 to 2008. Thereafter, he became the top notch of Merrill Lynch after its acquisition by the Bank of America in the year 2008. Finally, he took over the charge of Bank of America in the year 2010. In accordance with the rating of Standard & Poor, Bank of America performed well and acquired the status of the top bank amongst 500 banks around the globe. This credit of course goes to Mr. Tony. However, more efforts are required to keep his position intact. The multiple tasks assignment by the apex management of the bank in the past to Mr. Tony, which he delivered with the entire satisfaction of the management, surely qualifies him for the position of CEO of the bank. Mr. Tony keeps the quality to get the organization out of the financial turmoil and to establish its’ credibility amongst the stakeholders by taking appropriate measures to fine-tune the bank. Some of the required measures told by Mr. Tony are a) restructuring of the organization b) maintenance of capital ratios to satisfy the investors c) response of capital market in light of the remedial measures to be taken d) how to drive the core earnings e) how to cut down unproductive and uncalled for expenses and f) rightsizing of existing of groups, if need arises. The interviewer while interviewing a prospective candidate should keep in mind the qualification and the rich experiences of a candidate in light with the requirement of the regulatory authority. Mr. Tony has successful deliveries during his career by working in certain groups as a successful Group Executive or as Head of Division. Without mentioned qualities and sound planning of Mr. Tony, I am afraid that the bank would hardly achieve the desired goals. Mr. Tony informed the interviewer that he has the required capacity and the capability to take over the highest position of the bank due to his in depth knowledge and experience which he acquired during the tenure of his working with the mentioned groups. Therefore he has the courage, expertise, experience and the determination to get on well and to accomplish the tasks ahead of him as Chief Executive of the bank. According to Mr. Tony, the prominent groups of the bank are a) Consumer b) Commercial c) Corporate d) Retail e) Investment banking f) Funds management g) Business Risk Review h) Risk Management I) Credit Risk Management j) Portfolio management k) Branch Banking Operations l) Treasury m) General Administration Division n) Human Resource Division and o) Compliance Division. Further, Mr. Tony informed the interviewer that he would place the right person for the right job in the concerned groups / divisions. He would definitely utilize the expertise of the members of the competent board committees of the bank who have the capability to transform the business plan into remarkable success story. By using the following groups as important instruments of the bank, he could be in a position to cope up / overcome with the financial crisis and to increase the profitability of the bank: a) Business groups as mentioned above b) Branch banking operations c) General Administration Division d) Treasury e) Investment banking and Funds management. Before utilizing the services of important organs of the bank, he would like to reposition / relocate the existing groups / divisions along with their heads, if found feasible in view the business prospective and to curtail the bank’s uncalled expenses so as to enable the bank to perform in the best interest of depositors / investors. To make the bank more profitable venture, he likes to introduce innovative products to attract the existing / walk in customers of the bank. Nowadays funds management group / division is playing an important role to attract different sorts of deposits from depositors at a lower rate of interest. Mr. Tony is of the view that without investing bank’s liquidity into profitable ventures, bank cannot run its affairs successfully. Therefore, it is incumbent for the bank to lend in consumer banking where bank can earn high rate of return as compared to the other sorts of lending. Since he is in the banking sector for last two decades and has the opportunity to work in important positions which inculcate in him the confidence, capability and the capacity to perform well in order to achieve the desired results. He is of the firm opinion that without sound road map, determination, capacity, capability and the desired rich experience which are the most important ingredients of leadership, no one can deliver and compete with other leading market players. During the course of Mr. Tony’s interview for the highest echelon of the bank, we have learned that good governance can only flourish by putting in right person for the right job. While selecting CEO, the organization must consider his education, experience in line with the requirement of regulatory authority and of course the ability to deliver. According to Mr. Tony, failure of top organizations of the United States of America is due to mismanagement besides other factors. Read More