Inbreeding

Look up “banks and shuffle” on Google and you get over half-a-million hits. I checked it out today when I saw a news article about Bank of America shuffling executives. I wasn't surprised because as long as I can remember banking executives have either been shuffled from one position to another or from one bank to another. I can't think of any top banking position that has been filled by a C-Level executive from a different industry. I'm sure it has happened but not often. Most other industries will hire talented people from other sectors in order to gain from their diverse experience. Banks hire bankers.

It seems to me that the financial services executive shuffle is kind of incestuous in nature.

The result may very well be that all the shuffling does is continue business as usual. If you're experiencing the problems that Citi or Bank of America are right now does it make sense to keep hiring the same people or moving them around the executive suite? Isn't one of the definitions of insanity to continue doing the same thing over and over again and expect different results?

I like to think that small business owners understand this better. We have to hire the most talented people we can find. There aren't too many old boy's clubs in small business. If you're not hiring the best people your business will suffer – and it will show up quickly on the bottom line. 

There are a lot of very talented people available right now – all ages, experience, and backgrounds who could bring a wealth of new ideas to your company. 

Someone should let the banks know.

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