Word on the street is SWS, FSB is firing off all their experienced bankers. Wonder why all the turn over? Seems strange that the CEO is the only person left from the old bank. IF all the bankers were the cause of their problems why does none of that fall on the man siging off on all the loans. The bankers weren't the ones approving deals yet the old CEO is gone, CCO is gone all the bankers are gone. Does this worry anyone? Assets continue to decline as well as revenues.
Bank is shedding assets, both good and bad ones. The "interim" CEO doesn't know what he is doing. They keep running off their good business. Soon they will be in a position they can't get out of because they refuse to make proactive decisions. The banking side is run by a dictator and will never turn around until he is ousted. Hopefully the new guys will notice this and save this company. How can no one see this??? Wipe out the management that put them in this situation! The way i see it is they will continue running off good customers until they get to a position they like and by then no one will want to bank with them and they can't book new loans. Sad to watch.
I doubt naming an interim CFO to "official" CFO will change anything for SWS. Their real problems lie in management of the Bank. Check out the website and tell me what other $1B + banks run off a 2 person management team and no other leadership??? They need to completely wipe the slate clean and put someone in power who knows what they are doing.