We're not exactly sure what the Fed wanted that Citi didn't have in the capital plan it submitted to regulators a few weeks ago, but after the plan got rejected, the company had one idea for fixing things: cancel Eugene McQuade's retirement. McQuade, 65, already had been succeeded by Barbara Desoer as CEO of Citi's commercial banking subsidiary, Citibank N.A. Now he'll be a vice chairman, reporting to Citi CEO Michael Corbat. "Whatever the gaps between the Fed's expectations and our performance, we need to close them. Gene is fully empowered to do whatever is necessary," Corbat wrote in a staff memo obtained by Bloomberg News.
Bankers at the $4.5 billion-asset WSFS Financial in Delaware better think twice about pulling any financial shenanigans. The company says its new controller, Syracuse University alum Chuck Mosher, has a degree in economic crime investigation. He also has bank branch experience, having joined WSFS in 1998 at its Glen Mills, Pa., branch and becoming a branch sales manager before moving to the controller's department, where he has held various roles.
Fed Gov. Jeremy Stein is headed back to Harvard, where he'll teach in the economics department and no doubt have some tales to tell his students about the inner workings of the U.S. central bank. Stein has spent two years on the board, serving on the committee on bank supervision and regulation and as co-chair of the Financial Stability Board's official sector steering group.
Knocking Your Socks Off
Who's got the best socks in the business? A number of industry analysts have vied for the title on Twitter, posting photos of their fashion-forward footwear under the hashtag #sockwars. Financial technology consultant JP Nicols has sported socks with the Seattle skyline on them and even tweeted a photo of a "live" sock war with a fellow attendee at a recent payments expo in Las Vegas. Another techie, Elizabeth Dias, posted a photo of green socks with shamrocks. But we're partial to the sock warring ways (and punning abilities) of IDC payments analyst James Wester, whose sock pic featured a pair of grizzlies. "Bear feet" indeed.