By Patrick Jenkins in London
Some of the world?s newest bank chief executives are skipping this year?s pilgrimage to Davos, as more pressing matters – particularly concerns about the eurozone crisis and balance sheet restructuring – keep them otherwise engaged.
Among the most notable absentees from the 2012 World Economic Forum is Jean-Laurent Bonnaf?, the new chief of BNP Paribas, which will instead be represented only by its chairman Baudouin Prot.
Also absent will be Federico Ghizzoni, UniCredit?s chief executive, who is in the midst of seeking to raise 7.5bn euros of fresh equityto plug a regulatory capital hole in Italy?s biggest bank by assets. No one from UniCredit will be at Davos this year. The same goes for several other large lenders including the big British high street bank Lloyds.
Following a year of change at the top of many of the world?s biggest banks, the new generation of chief executives appears cool to the notion of discussing global issues at the Swiss ski resort. There could be public relations considerations at play here, too, given the level of scrutiny of everything from bank pay to balance sheets.
Even among those new chiefs, or appointees in waiting, who are en route to Davos for this evening?s opening, many will be keeping a low profile.
This list includes the likes of Sergio Ermotti at UBS, Anshu Jain at Deutsche Bank and Enrico Cucchiani at Italy?s Intesa Sanpaolo.
?For some, it?s a very efficient way to network with people from all over the world,? says one bank chief executive and Davos veteran. ?But if you?re a new CEO, making a splash at Davos is probably not on the top of your mind of things to do.?
In 2009 and 2010, some of the world?s big banks turned their back on Davos to concentrate on fighting the first phase of the financial crisis. Some of the industry?s biggest names, from Lloyd Blankfein of Goldman Sachs to Emilio Bot?n of Santander, have routinely avoided the event.
Nonetheless, Davos 2012 still boasts plenty of established bank chiefs – especially from outside the eurozone – including Jamie Dimon of JPMorgan, Brian Moynihan of Bank of America Merrill Lynch and Vikram Pandit of Citigroup.
In a sign that western bankers are still seen as a linchpin of hopes for a global rebound, despite the ructions of the ongoing crisis, Mr Pandit has been given the role of ?co-chair? at this year?s forum.
Two of the big debates launching the forum tomorrow feature three of the world?s leading bank bosses – Mr Pandit, Mr Moynihan and Urs Rohner, chairman of Credit Suisse.
? The Financial Times Limited 2012