A Davos, ritornano i banchieri
● I grandi banchieri sono tornati in forza al Forum economico internazionale di Davos, dopo alcune assenze eminenti lo scorso anno. L’odore delle opportunità di affari offerte dal contatto con dirigenti d’azienda (oltre 100), regolatori e leader politici (circa 30 presidenti e primi ministri) soverchia il bombardamento contro i privilegi della categoria nelle public relation.
● Dato che regolatori e politici stanno studiando una serie di nuovi regolamenti bancari, Davos rappresenta un’opportunità senza pari per l’attività di lobbying informale; oltre che una platea internazionale per i dirigenti aziendali fornita dai 500 giornalisti presenti.
● Alcuni dirigenti partecipano anche a forum sociali (ad es. il capo di Goldman partecipa ad un forum sulla povertà nelle campagne)
o Una tempistica non favorevole dato l’annuncio per complessivi $150 MD di bonus nel 2009, per le sole grandi banche e assicurazioni americane.
o E questo nel quadro della catastrofe di Haiti.
● MA : la ricostruzione dell’economia haitiana sarà uno dei punti centrali del dibattito, che cercherà di spingere i grandi gruppi internazionali ad investire in un’economia piuttosto dimenticata anche in fase di forte crescita economica.
– Bankers’ reputations are at an all-time low, but top financial officials are turning out in force at this year’s World Economic Forum meeting in Davos, Switzerland, calculating that the business opportunities of rubbing shoulders with industry CEOs, regulators and world leaders outweigh any public-relations flak for attending an elite jamboree in a Swiss ski resort.
– Last year, at the height of the financial crisis, many prominent bankers decided against making the trek to Davos. But next week, most of the biggest banks will be represented. Two no-shows from last year, Robert E. Diamond, president of Barclays PLC, and Vikram Pandit, chief executive of Citigroup Inc., will both be there. Goldman Sachs Group Inc. is sending five top executives, led by Chief Operating Officer Gary Cohn.
– Bank of America Corp. sent none of its top executives last year. This year, new CEO Brian Moynihan, who has made statements expressing remorse for the financial crisis since his elevation in December, will use the opportunity to make his first overseas trip in the post and will attach trips to other European cities to meet clients, regulators and bank employees. Morgan Stanley Chairman John Mack and Josef Ackermann, chairman of Deutsche Bank AG, will attend. One prominent no-show: JP Morgan Chase & Co. Chief Executive James Dimon.
– By one measure, the timing could hardly be worse, coming just as major banks and securities firms announce bonuses for 2009—total executive compensation for the year is expected to be nearly $150 billion for U.S. institutions alone, based on an examination of securities filings. Public wrath is running as high as ever, with everyone from President Barack Obama to tabloid editors taking aim at bank executives.
– Worse still, Davos and the bonus season come amid blanket coverage of the catastrophe in Haiti. "It’s a double-edged sword," says Leslie Gaines-Ross, chief reputation strategist for public-relations firm Weber Shandwick. "Davos represents a serious forum and they should be part of it. But to Main Street, it’s the Alps versus Haiti right now."
– The reconstruction of the Haitian economy will be at the forefront of discussions, with an emphasis on galvanizing international businesses to invest in an economy they largely shunned even during the boom. Former U.S. President Bill Clinton, a U.N. special envoy for Haiti, will address a session Thursday.
– The banks’ representatives stress that Davos is a sterling opportunity for their executives to meet with clients, regulators and politicians. About 30 presidents and prime ministers are expected to attend, as well as a slate of central bankers and scores of high-ranking industry executives.
o For the biggest banks, the list of clients at Davos can run well over a hundred, and no-shows risk seeing rival bankers cozy up to their best contacts.
– Moreover, with regulators and politicians currently considering a host of new banking regulations, Davos affords a unique opportunity for informal lobbying. BofA says Mr. Moynihan, its new CEO, expects to meet with European banking regulators.
– At the same time, the panels offer executives a chance to get their message out to the roughly 500 journalists from around the world in attendance. Messrs. Ackermann, Diamond and Cohn will appear on panels dealing with compensation, risk management and rethinking the banking sector.
"If the story line at the moment is executive compensation, this is the chance to get out and say ‘This is our rationale,’" says Richard Edelman, president of public-relations firm Edelman. "You have to get out there and sell your story."
– Public-relations experts advise the bankers to tread carefully at Davos, to avoid any glitzy photos ending up in the press. Bank officials say client dinners and cocktail parties will be deliberately low-key this year. Some executives are also participating in the social forums organized at Davos; Goldman’s head of corporate engagement will appear at a forum on rural poverty, for instance.
"They don’t want be seen skiing or with a drink in their hand," says Ms. Gaines-Ross. "They should fly commercial and double or triple up in cars. They need to make sure this is all business."
Barclays’ bankers are flying commercial, a company representative says. Mr. Pandit will take Citigroup’s corporate jet because he has to fly to a number of other international meetings, says a company spokeswoman. BofA said its executives will use a corporate jet because they are making a number of stops in Europe, including London. Representatives at Goldman and J.P. Morgan declined to comment on their executives’ mode of travel.
For their part, organizers take pains to depict Davos as a serious opportunity to discuss the world’s most vexing problems, not a celebrity-filled shindig in a posh resort. Indeed, unlike Gstaad or St. Moritz, Davos is more of a mountain village than a chic ski destination. It has only one five-star hotel, leaving many executives in accommodations they would normally shun. "This is the nearest to slumming it that these chief executives get to these days," said one WEF official.
"Stereotyping Davos as this playground is erroneous," says Mr. Edelman. "People are working 18 hours a day. You come back exhausted."
—Dan Fitzpatrick and Stephen Fidler contributed to this article.