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Hits and Has-Beens

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A management shake-up at JPMorgan Chase bumped chief financial officer Michael J. Cavanagh to chief executive officer of treasury and security services, succeeding Heidi Miller, who was named president of Chase's international operations.

Doug Braunstein moved from head of investment banking for the Americas to CFO.

JPMorgan Securities CEO Barry Sommers was named CEO of retail affluent and investment services, a new position. His succeessor is Greg Quental, the former global hedge fund leader at Bear Stearns.

Niall Booker was tapped to succeed Brendan McDonagh as CEO of HSBC North America.

Synovus Financial president and COO Kessel Stelling stepped in as acting CEO for Richard Anthony, who took a medical leave.

Ed Yingling is stepping down as president and CEO of the American Bankers Association. The search is on for a new leader.

 

 


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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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