Household HSBC Watch

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Chairman and CEO of HSBC North America and successor to William F. Aldinger, Siddarth Mehta, has company at the top of the banking food chain. Many prefer to think of Mehta as a non-banker, having roots in the finance company world. A top Indian banker has been named CEO of Citigroup’s international operation, affirming the growing clout of Indian corporate, management and financial honchos who have migrated to the international playing field. Ajay Banga, 45, an IIM Ahmedabad alumnus who joined Citigroup in India only in 1996, will succeed Marjorie Magner, chairman and chief executive of the company’s Global Consumer Group, who is leaving after what has been a continuous bloodletting that has resulted in the exit of several top executives.

In the US a non-stop bloodletting saw the fall of Schrushy, Kozlowsky, Schwartz, Ebbers, Sullivan, and many more. Today, about 250 investigations have resulted in 25 CEO convictions. “We also see many jobs going to India for obvious reasons, but many Indian colleges and universities are equal to, or better, than MIT and Ivy League schools in the U.S. from an educational standpoint. The situation makes many people uneasy” said a class of business majors recently.