Some Bank Bosses Face Axe: FDIC Chief

After feds' stress tests comes 'evaluation process,' Bair says

By Matt Cantor, Newser Staff

Posted May 15, 2009 1:00 PM CDT

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Some Bank Bosses Face Axe: FDIC Chief — Sheila Bair, chair of the Federal Deposit Insurance Corporation, talks with Citigroup exec William Rhodes at the Economic Club of New York, April 27, 2009. (AP Photo)

An “evaluation process” following banks’ stress tests will lead to the sacking of some execs, Federal Deposit Insurance Corp. chair Sheila Bair tells Bloomberg. “Management needs to be evaluated,” she noted. “Have they been doing a good job? Are there people who can do a better job?” Ten banks have been ordered to raise $74.6 billion; an “evaluation process” is “part of the capital plan,” Bair said. (More FDIC stories.)

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