Mulford, Redux
Credit Suisse Group has selected David Mulford, the former U.S. ambassador to India, to help manage global client relationships in the newly created position of international vice chairman.The hiring is a homecoming for Mulford, who was the head of the global privatization business of Credit Suisse First Boston before serving as the ambassador to India from 2004 to 2009. In his new role, he will work with Credit Suisse's corporate and government clients around the world.
Mulford also worked at the Treasury Department from 1984 to 1992 as the under secretary and assistant secretary for international affairs.
Royal Bank's Ace
Most companies in North America are expected to scale back on sponsorships this year, but Royal Bank of Canada has signed an endorsement deal with Anthony Kim, a pro golfer.Kim will appear in Royal Bank's U.S. advertising and marketing campaigns and will sport its logo on his golf bag during PGA Tour events, the Toronto company said Wednesday.
Some U.S. banking companies that have accepted federal aid are pulling back from sports sponsorships. Last month Bank of America Corp., citing political and economic pressures, said it had ended talks about a sponsorship deal with the New York Yankees.
A study released this week by IEG, a division of the ad giant WPP PLC, found that 51% of the companies surveyed planned to cut their sponsorship spending this year, and 47% said they would like to get out of their current deals.
Execs Feel Secure
As executives at troubled firms reel in perks like personal use of a corporate jet and reimbursement of country club dues, there is one benefit most companies seem wary of cutting: security.Companies like Wells Fargo & Co., Bank of New York Mellon Corp. and PNC Financial Services Group Inc. have said in regulatory filings that they will continue to cover security expenses for some top executives while reducing other compensation that is classified as a personal benefit.
For example, Wells said in a proxy filing with the Securities and Exchange Commission this month that it will continue to provide a car and driver to its chairman and its chief executive, since doing so allows them to "transit to work safely."
Bank of New York Mellon has said it will continue providing a car and driver for its top executives "for security reasons," though it has stopped paying their country club dues, parking fees and some of their medical bills.
PNC and Synovus Financial Corp. said in their proxies that they will continue covering the cost of monitoring their top executives' security alarms while restricting their use of the corporate jet for personal reasons.
