Wall Street CEOs Who Embarrassed Themselves

Bangalore: It has already become a tendency among top managerial level, whole across the world, to quit the high-profile positions; and it is the same with bank CEOs. At Wall Street, the last couple of years, there have been many among them who have resigned from their posts for various reasons.

The latest among them was Nomura’s Kenichi Watanabe, who quit his job last month over alleged insider trading going on at his bank. There are 11 more, big bank executives who had been accountable for their bank’s poor or fraudulent performance, and have eventually left their position.

A point to be mentioned here, none of them got fired, though; but they walked away without much ado, since they were pretty smart enough to know when they weren’t wanted in the company. Now, have a look at the list.

1 Philip Purcell

Philip Purcell of Morgan Stanley left the firm in June 2005. His fellow executives and investors found fault with Purcell for the bank’s weak stock price and poor profits. They abused him saying that he was not controlling the bank enough and that he should have increased the bank’s exposure to profitable sub-prime mortgages. While he decided to leave the firm, he was offered with a $113 million package for his earlier contributions. After the Morgan Stanley days, he launched the private equity firm, ‘Continental Investors’ in 2006.