Wachovia CEO’s Ouster is Sign of Changing Times on Wall Street
- Jun 04, 2008
By Anuradha Kher, Online News EditorCharlotte, N.C.–The firing of Wachovia’s CEO indicates the changing times in the financial markets, according to Ernie DesRochers, senior vice president and managing director of NorthMarq Capital. “There is disciplined underwriting in the market today. Where once the glass was viewed as half full, today it is viewed as half empty. People are not as aggressive.”Wachovia Corp. ousted its CEO, G. Kennedy Thompson this week after months of criticism from shareholders and the company’s weak financial performance.“These are the ways of Wall Street. The whole thing hasn’t shook out yet and there will be more to come. There is a chance that more CEOs will be fired,” notes DesRochers.Wachovia was one of the top three commercial/multifamily originators in 2007 based on Mortgage Bankers Association (MBA) 4th Annual Commercial/Multifamily Finance Firms Annual Originations Rankings.Wachovia’s Securities and Multifamily divisions were in the Multi-Housing News Top Multifamily Lender’s List of 2007. Shares of the company have fallen more than 50 percent in the past year.