Modern Middle Manager
Primarily my musings on the practical application of technology and management principles at a financial services company.
Another Battle Begins

Sunday, July 03, 2005  

From time to time I have documented the factions that struggle for supremacy in our company. Last week another potential contender for the CEO throne, the head of our investments department, was derailed from his ambitions. Instead of being in line for the kingship, he was "booted upstairs" and will now work directly for our parent company. In many ways this is a good thing, for his skills are in sales and marketing, not in management. I do not know for a fact whose hand was behind this, but I have a pretty good suspicion. Naturally, I support it. Why? Because our investments department's culture has not been assimilated into ours. They do not yet serve the role for which they were acquired, i.e., to service our clients. Instead, they want to be a boutique research firm. However, their cost structure is still a drain on our wealth management line of business. I expect to see further departures in the near future, most of which will probably be welcome.

The race is now down to two senior managers -- the head of the banking line of business (LOB) and the wealth management LOB. This sets the table for my next blog post, which will be about IT cost allocations and how I believe I can prevent my department from being a football between these two fiefdoms.

posted by Henry Jenkins | 7/03/2005 10:08:00 PM

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