Chapter 537: Phoenix Bank

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After a long time, Guo Shouyun pressed down with his hands and signaled everyone to calm down, "From today onwards, we are the ninth largest bank in the United States after the Bank of New York Mellon in terms of total assets, and the seventh largest bank in the United States after Wells Fargo in terms of Tier 1 capital. But I believe that this is only the beginning of our time, and by no means our end. In the future, Phoenix Bank will become one of the top three banking giants in the United States, and our business will no longer be limited to the United States, but a truly world-class banking giant. Of course, I also assure you that any veteran who accompanies the development of the company will receive a rich return when the company goes public in the future. ”

This time the applause was louder. Because Guo Shouyun's words mean that the company will be listed in the future, everyone will have options to take.

There is nothing more touching than the naked interest.

After signaling everyone to calm down, Guo Shouyun continued: "With the merger of the two companies, the original business structure is no longer suitable for the development of the new company, and the personnel also need to be adjusted. Therefore, the main content of today's meeting is to reorganize the company's board of directors, adjust the company's structure, and announce new personnel appointments. ”

The atmosphere of the meeting became solemn. Although everyone had long expected that the two companies would make certain adjustments in the company's organizational structure and personnel after the merger, they did not expect it to come so quickly.

It's about their future, and everyone cheers up. Of course, the people at Phoenix are relatively relaxed. After all, this is nominally a merger of two companies, but in fact it is dominated by Phoenix Company. They are close to their cronies, while the people in the city banks are outsiders, and they must be the focus of adjustment.

"From today onwards, the business of Phoenix Bank is divided into two different areas of administration and business, a total of 18 departments, the administrative field is divided into: Administration Department, Planning Department, Personnel Department, Finance Department, Security Department, Legal Department, Strategic Development and Risk Control Department, seven departments, business areas are divided into: retail banking department, commercial banking department, wealth management department, asset management department, private banking department, venture capital department, PE investment department, investment banking department, insurance department, research and development department, online banking department 11 departments. ”

"The Administration Department, responsible for the daily office affairs management of the office, office goods management, document management, meeting management, travel arrangements, etc., Department Supervisor: Emma Wilder. ”

The planning department, the full name of the corporate marketing planning department, is responsible for the company's external publicity and promotion, as well as the research and improvement of corporate culture and management culture, market research, media public relations, and maintenance of corporate image. ”

"I believe that the responsibilities of the Personnel Department, the Finance Department, the Security Department and the Legal Department are not known to you. Head of Human Resources: Tim Smith, Head of Finance: Patti Sellers, Head of Security: Dawn Damon, Head of Legal: Michael Owen. ”

"The Strategic Development & Risk Control Department, as the name suggests, will be responsible for the company's M&A, restructuring and investment business, as well as risk assessment. Any project with an investment scale of more than $30 million must first pass the risk assessment of the Strategic Development and Risk Control Department. If there is a dispute between the business department and the risk control department, it will be reported to the board of directors and I will discuss before making a decision. David Reinsi, Head of Strategic Development & Risk Control. ”

A middle-aged man with gold-rimmed glasses nodded with a calm expression. Of all the administrative departments, the Strategic Development and Risk Control Department has arguably the most power. It is perfectly capable of stepping in on every major investment made by Phoenix Bank.

In addition, it can also be seen from the appointment of personnel that there is a close and distant relationship. Core departments such as finance, personnel, and risk control are all senior executives of the original Phoenix Company. Weaker departments such as administration, planning, and legal affairs were assigned to the former city bankers.

However, even if anyone is dissatisfied with such an appointment, they dare not say anything. After all, in this merger, Phoenix is the real leader.

Guo Shouyun felt the strange atmosphere in the meeting, but he didn't care. If he wants to take control of the new company, he naturally wants to install his cronies in the core department.

Thomas Thaler, Head of the Retail Banking Division, responsible for personal deposits and loans, credit card business, and SME loans; ”

"Department of Commercial Banking, responsible for the deposit and loan business of large enterprises, public institutions and social organizations; ”

In fact, the commercial banking department corresponds to the business of the wholesale banking department, but Guo Shouyun changed it because he thought the wholesale bank was not good.

Jaren Jackson, head of the Wealth Management Department, which is responsible for individuals, institutions and enterprises investing in funds, trusts, private equity, insurance and other financial investment businesses with a scale of less than $1 million. ”

Derek Tiar, head of the asset management department, which is responsible for funds, trusts, private equity, insurance and other financial investment businesses with an investment scale of more than $1 million by institutions and enterprises. ”

The Private Banking Department, which is responsible for the financial investment business of funds, trusts, private equity, insurance and other financial investment businesses with an individual investment scale of more than $1 million; ”

"The venture capital department, that is, the investment business in the two areas of angel and VC, department head: Ryan Investment, as the name suggests, is mainly aimed at the financing business of enterprises in the primary market, director: Paul Lehman. ”

"Investment Banking Department, responsible for corporate IPOs, investment and M&A, bond issuance, financial intermediation and consulting and other securities business, department head, Michael Moretz. ”

After glancing at his old partner with a calm expression, Guo Shouyun smiled faintly. Putting Michael Moretz in charge of the investment banking department is his conscious training of this talented old subordinate, if he does not live up to his trust, then he will win Merrill Lynch in the future, he is the most suitable CEO candidate.

"The insurance department, which is mainly focused on property insurance, life insurance and motor insurance, is the head of the department, Samaki Walker. ”

As soon as he finished speaking, a bald-headed, middle-aged man with black-rimmed glasses raised his right hand. He is Samaki Walker, the former head of the insurance department of the National City Bank.

"Boss, commercial insurance has always been our main business before, and if we adjust the business direction now, how will we deal with the previous business?"

"Sell!"

Guo Shouyun did not hesitate.

The subprime mortgage crisis that erupted four years later was highlighted in the financial market as two major cancers, namely CDS and CDO. The full name of the former is 'credit default swap', and the latter is 'secured debt certificate', both of which are frequent visitors in the U.S. financial derivatives market.

The relationship between the two will not be explained here for the time being. It is only necessary to emphasize that the CDO has killed a number of financial institutions that provide housing loans to the American public, including the famous banks and credit giants such as Freddie Mac, Fannie Mae, Washington Mutual, and Lehman Brothers.

CDS directly caused the world's largest insurance giant, the world's largest commercial insurance service provider, 'American International Group', to lose more than $60 billion in CDS alone. If it weren't for the more than $180 billion in financial support provided by the U.S. Treasury Department, the insurance giant would have collapsed long ago.

Other banking giants that have been victimized by CDS include Citigroup, whose Traveler Group is the second-largest insurance giant in the United States after AIG. If it weren't for the U.S. Treasury guaranteeing its debt of more than $300 billion and injecting $25 billion, I'm afraid there would be no Citi in '09.

And according to some investigative reports on the subprime mortgage crisis, in the entire crisis, the United States alone lost about $200 billion in CDO. But the scale of CDS losses is ten times greater.

Even if Guo Shouyun has a foundation, he doesn't want to try. This is no longer a 'pit', but a bottomless 'hell'. Jump in and you can't get out.

His categorical tone made Samaki Walker want to persuade him, so he held back directly.

The company has just merged, and the future is promising. He didn't want to lose his job by disobeying **oss.

The R&D department is responsible for designing financial products and regularly releasing evaluation reports on the stock market, foreign exchange market, bond market and other markets. ”

The Internet Banking Department is responsible for the design and revision of the company's website, as well as technical maintenance, and connects with various business departments to carry out online banking business. Head of Department, Avery Johnson. ”

Compared with the administrative department, the heads of the eleven specific business departments, Phoenix Company and the National City Bank are relatively balanced. Businesses such as retail banking, wholesale banking, and insurance, which Phoenix did not have, were basically supervised by the person in charge of the former National City Bank.

"Since then, the management of Phoenix Bank has been dominated by the 'business department' system, and all subsidiaries have been abolished. … In addition, Stephen Bryan will be the CEO, Ruben d'Estaing will be the COO, and Michael Moretz will be the co-CEO, and the two of you will help Stephen Bryan manage the company's executive management. ”

Guo Shouyun didn't say anything about himself, of course he was the chairman of the board of directors.

However, the merger proposal between Phoenix Bank and National City Bank has not yet been approved by the Federal Reserve, and National City Bank has not been delisted from the New York Stock Exchange, and there is no need to rush the merger of the board of directors for the time being.

In fact, if both parties hadn't consciously caught up with the IPO of LinkedIn, Google and Unocal, they wouldn't have started integrating their respective businesses before the merger was approved.

"Also, I want to emphasize it emphatically. Although many banks are now lowering the threshold for home mortgage loans, we at Phoenix Bank are determined not to relax. It is important to ensure that every individual who takes the loan from me has a regular and stable job, has sufficient repayment ability, and submits a down payment of at least 20%. ”

Although the subprime loan debt portfolio can be disposed of before the crisis, this kind of deceptive thing does not offend people. Sometimes it's easy to smash your hands.

Instead of distracting our energy here, it is better to concentrate our attention and keep an eye on the capital market. When the time comes, whether it is gold or oil, if you make money with your ability, you will be much less hostile in the future.

Now that the U.S. housing market is in the ascendant, there are not many subprime real estate mortgages, so it is lower than Guo Shouyun's explanation, and no one objects. At most, I just think he's a little more conservative in this regard.

"Okay, that's all I have to say, who has a problem?"

"Boss, the office area of No. 4 Times Square is less than 30,000 square meters, and I am afraid that it cannot accommodate the entire headquarters to work here. Ruben d'Estaing.

"What are your plans?"

"Why not keep the headquarters of retail banking and insurance in Cleveland and the rest of the business in New York?"

Ruben d'Estaing didn't do a good job. In fact, many large banks in the United States operate in this way, such as Seymour's global corporate banking is headquartered in London, and the credit card service is headquartered in Wilmington, Delaware.

Guo Shouyun thought about it for a moment and shook his head.

"It's not suitable, separating the headquarters will increase the cost of office time. Let's buy another building, and I think there must be office buildings for sale in Manhattan. ”

Ruben d'Estaing nodded and continued: "If the National City Bank is delisted, when will the new company be listed?"

"In the middle or late of next year, we will set aside a year to integrate the company!"

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