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Why is there a change of bank CEO and fall in profits?


There has been a sharp fall in the recently reported quarterly profits of Yes Bank and ICICI Bank. Their quarterly profits fell by over 50% and did not even meet the tapered down expectation of the street analysts. This collapse of quarterly profits coincides with the change of guard at the two banks. Both, Ms. Chanda Kochhar the former MD/CEO of ICICI Bank, as well as Rana Kapoor, the truncated founder CEO of Yes Bank, have been found guilty of accounting malpractices, violation of corporate governance norms and regulatory failures by the RBI, all of which make the financial statements of the two bank, authored under their tenure, to be suspect. The question is why is there a change of bank CEO and fall in profits? Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance shares his insights on the matter.

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