HALISTER: U.S. Banks Should Uncouple CEO-Chair Roles, Slyngstad Tells FT

U.S. Banks Should Uncouple CEO-Chair Roles, Slyngstad Tells FT

(Bloomberg) -- Having CEO also serving as chairman is “not a sustainable position,” Yngve Slyngstad, CEO of Norway’s sovereign wealth fund, said in interview with the Financial Times.
  • Fund voted against combining the roles at Morgan Stanley and Wells Fargo last yr, also voted against shared roles of CEOs of Goldman Sachs, JPMorgan and Bank of America
  • Slyngstad says time is running out to end the practice, though could take generation to disappear
  • After 2008’s financial crisis, it’s untenable for banks not to separate such roles, Slyngstad says
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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BAC US (Bank of America Corp)
GS US (Goldman Sachs Group Inc/The)
JPM US (JPMorgan Chase & Co)
MS US (Morgan Stanley)
NORGPFG NO (Norges Bank Government Pension Fund Global)

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