Not sure if you have heard of Andrew J. Hall...but he has become a symbol for all bankers. He is the head of a company called Phibro, a small commodities trading firm in Westport, Connecticut.
The deal is that Phibro is a subsidiary of Citigroup. They trade energy commodities and have made a ton of money....almost $2 BILLION in net revenue in the past 5 years. That equates to about 20% of Citigroup's net revenue...think about that. One guy and his team of 54 employees have made 20% or more of Citigroups operating profit!!
Impressive....
Perhaps more impressive, or scary, depending on your viewpoint, is the $100 million bonus he is about to receive....the 2nd $100+ million bonus he has received in the past 3 years.
Earned? No doubt. Citgroup obligated to pay? Yes, it is in his contract. Out of sight bonus? You bet! I will offer no other commentary...other than to say you know what I could do with $100 million???? (maybe buy a German castle with 150 rooms like Andrew Hall did!)
This gives us all cause to pause....certainly our community banks and CUs are not paying such bonuses to the degree of Citi, but we will all be, again, grouped into one pot. All taking a hit on our reputation and trust factors.
Today, we are hosting a Reputation Management eCollege session....this is EXACTLY why you have to proactively manage your own reputation. Because if you do not, someone else will!
I encourage you to proactively think about your brand and your reputation...there has never been a more important time!
With the strategic planning "season" coming upon us...you need to add this to your agenda!
Cheers...
Bruce Clapp
PS: Remember, we can help make 2010 the "Best Year Yet" with our proven strategic planning process!! Give us a call or email...
Here is the article on Andrew Hall
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