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Meredith Whitney Clears Throat, Asks, "Excuse You?"

Over the next month or so, there may be some openings for the role of CEO at our nation's banks. If Ken Lewis, Vikram Pandit and friends are to get canned, many would like to know who the Christ would be willing to take their places. While we'd rather not be restricted to thinking up candidates from inside the box, given that there are slew of people whose names would go great with "Bank of America Chief," among them Stan O'Neal, Gary Busey, Cliff Asness and either of the two Coreys, others are taking the opportunity to put female-only names in the hopper. For those of you familiar with their work, do we see it happening for any of these would-be lady CEOs?

1) Heidi Miller will be the first person on most recruitment lists for large financial services company CEOs. She is currently the head of the JPMorgan's huge securities and treasury management operations. Before her current job she was CFO of Bank One. She is on the boards of Merck and General Mills. Her boss, Jamie Dimon, is at an age where he is likely to run JP Morgan for another decade. She will be a bank CEO by the end of the year.

2) Sallie Krawcheck, who is only in her early 40s, was pushed out of Citigroup in a dispute with current CEO VIkram Pandit, a man she may end up replacing. She was extremely well respected on Wall St. when she was the chairman of the big financial research firm Sanford C. Bernstein. She served as CIti's CFO for three years and then ran the company's wealth management unit. She is as well qualified to run a large bank as anyone in America.
3) Pat Callahan is the other candidate who would have to be near the top of any recruiting list for large bank CEOs. She is the Wells Fargo executive vice president who is handling the merger integration of Wachovia, great training for running another large financial institution. Earlier in her career she ran wholesale banking operations and financial operations.

Ten Women Who Should Be Big Company CEOs [24/7 Wall Street]


Meredith Whitney: Citigroup Should Just Give Up

Earlier today, we wondered if, in light of the news that Vikram Pandit had resigned as CEO of Citigroup, analyst Meredith Whitney's opinion of the bank had changed. Choice comments that Whitney has made about the Big C in the past have included: "Citigroup is in such a mess Stephen Hawking couldn’t turn this company around"; "Citi is like an old broken-down Victorian house"; and Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years." She also once told Maria Bartiromo that the only way she'd change her mind about company would be if she received "a new brain." Still, sometimes analysts change their tune when new blood is brought in and, like former FDIC chair Sheila Bair, perhaps some of her beef with the bank had been a personal dislike of Uncle V. Now that he's gone, is she seeing Citigroup in a new light? Not so much, no. In the wake of CEO Vikram Pandit‘s surprise departure this morning, Whitney, founder and CEO of Meredith Whtney Advisory Group LLC, issued a note cautioning clients to be wary of Citigroup even under new leadership. “Citigroup is ‘the incredible shrinking bank,’ and the least interest of the big four, in our opinion,” Whitney said. “No CEO will be able to change these facts in the near-term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.” [...] On Tuesday, the stock has wavered between gains and losses on heavy trading volume in reaction to Pandit’s resignation. Shares are up 29% this year through Monday’s close. Despite signs of incremental improvement, Whitney isn’t backing down from her bearish stance. “Any seat in Citigroup’s court should come with a warning label,” Whitney says. Meredith Whitney: No CEO Can Fix Citigroup [WSJ] Earlier: Meredith Whitney Cannot Stress Enough How Little She Thinks Of Citigroup

Meredith Whitney Is Returning To Her Roots

Running a hedge fund is out, making Citigroup wish it had never been born is (back) in.