Zions CFO on Tarp
Some bankers are in a hurry to return government bailout money, saying the restrictions make it more trouble than it's worth. Zions Bancorp's chief financial officer, Doyle Arnold, isn't one of them.In fact, Arnold said the Salt Lake company, which received $1.4 billion through the Troubled Asset Relief Program in the fall, may apply for more funds.
Asked this week if he was concerned about mounting restrictions for companies that take additional government funds, Arnold joked, "What more could they do to me? … They've already cut my pay, taken away my stock options and told me how to rewrite my mortgages."
Arnold, who spoke at a conference in Boston Wednesday, said Zions is weighing whether to apply for additional capital and whether the $14 a share it would receive would be enough to offset heavy dilution. At midafternoon Thursday Zions was trading at $6.93 a share. Banks have until May 25 to decide to apply for more funds and until November to decide to take it.
Leaving Wells …
Another Wachovia Corp. veteran, Ranjana Clark, is leaving Wells Fargo & Co., which bought the Charlotte banking company on Dec. 31.Clark, who had been Wachovia's chief marketing officer, is moving to Englewood, Colo., to become the head of global payments and global strategy at Western Union Co. A Wells spokeswoman said Clark would leave the company shortly and is expected to join Western Union by early April. Both companies said Clark was unavailable for comment.
Cecelia Sutton, who oversaw retail and small-business banking at Wachovia, left before the Wells deal closed to head banking efforts at Morgan Stanley. Benjamin Jenkins 3rd, who was Sutton's supervisor when he ran Wachovia's general bank, is working as a consultant to Morgan Stanley.
… Joining GMAC
Al de Molina has recruited another former Bank of America Corp. colleague to join him at GMAC Financial Services.The finance arm of General Motors Corp. said Tuesday that Jeffrey Brown, 35, would become its corporate treasurer, the role he held at B of A.
De Molina, B of A's chief financial officer until December 2006, became chief executive of GMAC last year. "The strength of our leadership team is the reason I am optimistic about the future of GMAC," he said. Brown, who joined GMAC Monday, will report to another B of A veteran. Sam Ramsey, GMAC's chief risk officer. Bank of America promoted Mark Linsz, who had been a risk executive for global banking and securities, to succeed Brown.