First FarmBank looks up during downturn
Not planning to be around 30 years, or even 30 more days, are a couple of top execs at the Federal Deposit Insurance Corp.
After nearly a year-and-a-half on the job, Joseph Jiampietro, senior advisor for markets to FDIC Chairwoman Sheila Bair, is on his way out. Jiampietro’s last day will be the day this column publishes – Aug. 13. His departure was announced on Aug. 4.
The FDIC announcement gave few details about why Jiampietro is leaving, but burnout might be a good guess. He was essentially charged with explaining and unwinding some of the more complex financial institution messes that faced the agency in the last year – and there were a lot. During Jiampietro’s tenure at the FDIC, more than 280 banks failed.
“Joe has given the FDIC invaluable service during a challenging time in the FDIC’s history,” Blair said in announcing his departure. “His input on marketing and resolution strategies and substantive expertise on capital markets has contributed to the FDIC’s ability to address many complex and difficult failed bank resolutions. This in turn has provided stability to the banking system and maximized the FDIC’s ability to recoup money for the Deposit Insurance Fund.”
On Aug. 6, the FDIC announced that General Counsel Michael Bradfield has also decided to resign his position effective on Aug. 13 after just over a year on the job. He had previously served as general counsel for the Federal Reserve Board but was in private practice immediately before jumping on board with the FDIC in May 2009.
The departures seem to be unprecedented – at least the announcements of them. A quick search of the FDIC press releases shows no previous announcements of a departure. No successors were announced, nor was it disclosed if a search is currently under way to fill the positions. It’s likely the benefits package for such jobs will include career-long supply of Rolaids.
Speaking of departures, Kristen Tatti has covered the banking industry for the Northern Colorado Business Report for six years, but this issue is her last. Send any comments or story ideas to editor@ncbr.com, and join us in wishing Kristen the best in her new career in public relations.
