Clarke Murphy on Succession at U.S. Financials - Bloomberg TV

Clarke Murphy, Global Leader of the CEO and Board Services Practice at Russell Reynolds Associates, talks about succession planning for the U.S. financial-services industry. Murphy speaks with Stephanie Ruhle on Bloomberg Television's "Inside Track." (Source: Bloomberg)

Interview Highlights

• Despite layoffs, succession planning still important to financial services firms. Chief executives and board members at financial services firms need to know who can run operations in the case of change as many got caught out during the crisis. However, wall street firms often have a shorter sight on CEO succession planning (3-4 years), than organizations such General Electric or United Technology who may groom executives for up to twenty years ahead.
• Are bankers leaders? Profits often drive succession and promotion at financial organizations but there is a greater focus on management skills in the next generation of leaders.
  
• Banks are looking to grow in new areas through strategic hiring. During the heavy layoffs of the financial downturn, clients were in crisis mode looking to replace the chief executives or board members.  Now the focus is upon hiring strategic talent to grow revenue, build operations in key markets such as Asia, and to run businesses, joint ventures or acquisitions.

About Russell Reynolds Associates

Leadership for a Changing World. In today’s global business environment, success is driven by the talent, vision and leadership capabilities of senior executives. Russell Reynolds Associates is a leading global executive search and assessment firm with more than 300 consultants based in 40 offices worldwide. Our consultants work closely with public and private organizations to assess and recruit senior executives and board members to drive long-term growth and success. Our in-depth knowledge of major industries and our clients’ specific business challenges, combined with our understanding of who and what make an effective leader, ensures that our clients secure the best leadership teams for the ongoing success of their businesses. www.russellreynolds.com