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They are plagued by chronic excess capacity and gigantic losses when the economy slips.
Gigantic losses were piling up from bad mortgages, and new regulations were threatening the profitability of traditional banking, among other pressing matters.
When Mr. Prince resigned late last year amid gigantic losses in the mortgage portfolio, Mr. Pandit was tapped to take his place.
Mr. Rubin got somewhat testy when he was asked about a risk assessment conducted by federal supervisors in November 2007, soon after the bank reported gigantic losses related to subprime mortgages.
Some, but probably not all, will have been motivated by a sense of decency, and the feeling that a 20% pay rise for a boss whose company had just made gigantic losses and sacked thousands of people did not look good.
"But they'll need to get more pickup quickly or they're going to be running gigantic losses".
Similar(48)
The Albany public schools have paid more than $100 million to charters, a gigantic loss for a small district.
That prospect is unlikely to reassure investors.Asset inflationVivendi's gigantic loss for last year included a euro12.6 billion writedown in the value of assets bought during its acquisition binge.
Millions of pounds swilled round Whitehall, drenching consultants with fees and fooling ministers into gullible decisions that have meant a gigantic loss of money to the taxpayer.
But in reality, the company made a gigantic loss because of a very bad deal that Cheney made for Halliburton – by buying a company called Dresser Industries in 1998.
The latter group a gigantic loss for art and humanity; the former, a blight and pox on the world and it's occupants.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com