Pay dirt: Salomon Brothers. (management of CEO Deryck Maughan)
Economist (US), The, July, 1995
Maughan has made several poor decisions that have adversely affected Salomon Bros stock and profits. Several key traders have resigned from the brokerage house, and investor Warren Buffet will either convert his stock into cash to get out of a bad investment or try to oust Maughan from his position.
DERYCK MAUGHAN, the chief executive of Salomon Brothers, an American investment bank, may be in danger of becoming the John Major of Wall Street. Unlike the British prime minister, Mr Maughan does not face an open challenge to his leadership; but his authority is being sapped by internal bickering, and by defections of senior traders and managers. The latest to jump ship is Dennis Keegan, head of the firm's proprietary-trading operation (which bets the firm's own capital),...
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