Tuesday, November 13, 2012

Bad HR Policies Leads to Resignation by Good Officers

Collected from the Blogs of  
Himadri Shekhar Bhattacharjee

 Annotation from ‘musings of life’.

Attrition! Attrition! these nightmarish words  are making HR honchos  of banks all over the world, tumbling in their beds, since, major bank executives are resigning left and right

Though the turmoil in financial nerve centers of the world created ripples the effect is somewhat milder in Indian shores but, enough to give sleepless nights to think tanks of banks, over the shape of things to come in future.
So, it is high time that, banks in India, do some brainstorming and take steps to apply balms to the painful sores tormenting the banking and finance sector of India, before they turn cancerous and become un treatable:
  • A through revamp of HR set up of banks, to make the process performance and value oriented and transparent rather than molly coddling oriented, as at present.
  • Make the promotion process automatic after a definite intervals and seniority and lack of demerits should be the key in spite of those draconian ‘APARS’.
  • Transfer and postings should be on the basis of an un biased policy and particularly, for transfers, roasters should be made and should be make serially, on the basis of entries in those roasters. Transfers and postins should not be made weapons to ‘teach a lesson to employees, who refuse to tread along’.
  • Bosses should behave like ‘guides’ and ‘mentors’ not as bullies and all interactions with employees should be under ‘CCTV’ surveillance, to stop the menace of consigning employing to the lap of death through unparliamentarily reprimands.
  • All out efforts to boost ‘emotional salary’, in line with tangible salary and perks( for a brief write up on ‘emotional salary’ please visit this links below).
The excellent write up which lifted the veil from this new ailment afflicting banks all over the world and sent to ‘musings of life’ by ‘aiobeu NUBE’, is reproduced below:

February Fever: Why are Major Bank Executives Resigning Left and Right?
23rd February 2012
By Madison Ruppert

Contributing Writer for Wake Up World
This month has seen a rash of top level resignations across some of the most major banking institutions across the globe.

There has also been news of potential upcoming resignations which could have a considerable impact as well, not the least of which is the potential resignation of Lloyd Blankfein, chief executive officer (CEO) of Goldman Sachs.
According to Fortune, this could occur as early as this summer, although this is still merely a possibility and far from set in stone.

However, there are many very real and quite perplexing instances of bank heads quitting across major institutions like the World Bank, the Nicaraguan Central Bank, Kuwait’s Central Bank, two of Slovenia’s biggest banks and more.

It appears this trend began some time early this month, perhaps with the resign of Amitabh Chaturvedi, the CEO of Dhanlaxmi Bank Ltd on February 6.

This was supposedly due to Chaturvedi having “serious differences with the board regarding the strategies of the bank. He had different views on several issues. It was coming,” an anonymous bank official told Mint.

Chaturvedi’s resignation was just the beginning. On February 10, Business Standardreported that A K Jagannathan, the managing director and chief executive of Tamilnad Mercantile Bank resigned, citing personal reasons.

Then, on February 13, the Washington Post reported via the official Kuwait News Agency that Sheik Salem Abdulaziz Al Sabah, a member of the Kuwaiti royal family, resigned after 25 years heading up the nation’s central bank.

While the brief announcement gave no immediate reason for the move, internal speculation surrounds his opposition to increased domestic spending, including wage increases.

Just the next day, the head of the Nicaraguan Central Bank, Bloomberg reportedthat Antenor Rosales quit, apparently over disagreements with Nicaraguan President Daniel Ortega, however an official statement claimed that the resignation was “normal government procedure” and not the result of a disagreement.

The following day brought reports of the CEOs of Slovenia’s two largest banks stepping down along with the planned resignation of World Bank President Robert Zoellick, who will leave the bank on June 30.

Then the next day, February 16, the chief financial officer of Australia and New Zealand Banking Group Ltd (ANZ Bank) resigned after 15 years as the bank’s CFO. Also on that day, it was announced that Andrew Check would lead the Royal Bank of Scotland’s Australian arm after Stephen Williams resigns in the next three to six months.

On the February 17 the news broke of Blankfein’s possible future resignation along with Bloomberg reporting that Credit Suisse Group AG’s private bank in Signapore’s chief Asian economist, Joseph Tan, resigned.

On February 18 the British Daily Mail reported that Germany’s president, Christian Wulff, resigned over a scandal involving an attempt to gag a press investigation into political favors and possible bribes. While this obviously isn’t a bank executive, it is noteworthy nonetheless as it is still part of the trend of prominent individuals resigning, quitting and otherwise stepping down from their position of power.
The reasons behind this trend are unknown as of yet and indeed they could not be connected in any way, yet I think that is highly doubtful. I am not yet prepared to speculate as to why this is happening with such frequency right now, however I will say that I hope it is due to some serious changes being made in the financial system – hopefully for the good of us all.

About the Author
Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at admin@EndtheLie.com
40 RESIGNATIONS FROM  BANKS ALL OVER THE WORLD SINCE 25TH SEPTEMBER 2011
INDIA, NOT TO BE LEFT BEHIND HERE TOO:
(18) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits: http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks http://online.wsj.com/article/SB10001424052970203687504577003734190522426.html
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign http://www.thenews.coop/article/more-directors-beed-district-bank-resign
(4) 11/21/11 (JAPAN) UBS?s Japan Investment Banking Chairman Matsui to Resign http://www.bloomberg.com/news/2011-11-22/ubs-s-japan-investment-banking-chairman-yasuki-matsui-to-resign.html
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam http://www.dailymotion.com/video/xlcznz_iran-s-bank-melli-ceo-resigns-over-loan-scam_news
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank] http://www.reuters.com/article/2011/12/15/coutts-fleming-idUSL6E7NF23S20111215
(7) 12/22/11 (FRANCE) Societe Generale?s Investment Banking Chief Steps Down http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/
12/23/11 (USA VA) Bank feud: Chairman Giles quits VNB with other directors http://www.readthehook.com/102524/bank-feud-chairman-giles-quits-vnb-other-directors
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down http://www.ftadviser.com/2012/01/05/ifa-industry/people/saunderson-house-chief-executive-steps-down-M0vEWlpbSqKA3OCLZDCcGM/article.html
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html
(10) 1/12/12 (United Kingdom) Lloyds? head of wholesale quits http://www.bankingtimes.co.uk/2012/02/01/lloyds-head-of-wholesale-quits/
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits http://www.expatica.com/es/news/spanish-news/spanish-bank-santander-s-americas-chief-quits_202395.html
(12) 1/30/12 (UNITED KINGDOM) Head Of UK Private Bank Steps Down [Butterfield Private Bank] http://www.wealthbriefing.com/html/article.php?title=Head_Of_UK_Private_Bank_Steps_Down&id=43933
(13) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits http://www.euromoney.com/Article/2959021/Nomuras-head-of-wholesale-banking-quits.html
(14) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September http://www.bloomberg.com/news/2012-01-29/new-zealand-reserve-bank-governor-alan-bollard-to-step-down-in-september.html
(15) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on http://www.france24.com/en/20120121-banks-top-negotiator-quits-greece-but-talks-go
(16) 2/02/12 (VENEZUELA) Key Chavez Minister Resigns Amid Banking Corruption Fallout http://www.laht.com/article.asp?CategoryId=10717&ArticleId=348565
(17) 2/05/12 (USA – NY) Two Top Morgan Stanley Bankers Resign http://www.stockbroker-fraud.com/lawyer-attorney-1133774.html
(20) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?) http://finance.yahoo.com/news/iran-denies-central-bank-resignation-164154294.html
(22) 2/10/12 (KOREA) Korea Exchange Bank chief steps down http://english.yonhapnews.co.kr/business/2012/02/10/0503000000AEN20120210005100320.HTML
(23) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
(25) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
(26) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank http://www.socialenterpriselive.com/section/news/people/20120214/social-finance-pioneer-hayday-steps-down-charity-bank
(28) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
(30) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group http://business.thinkghana.com/pages/finance/201202/57429.php
(32) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoill
(35) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer http://finance.fortune.cnn.com/2012/02/17/gary-cohn-goldman-sachs/
(36) 2/17/12 (SWITZERLAND) SNB Council President To Leave Central Bank http://online.wsj.com/article/BT-CO-20120217-710604.html
(38) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down http://newsley.com/articles/head-of-russian-bank-regulator-steps-down/206711
(40) 2/20/12 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=25695731

http://mitalismusings.blogspot.in/2012/11/major-bank-executive-resigning-left-and.html
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