First it started in China and then hit the US. You know it is a trend when something like this impacts banking! Coming in a range of colors, the “Facekini” is the latest summer craze hitting the U.S. and offers the latest in high-spf protection. In China, the Facekini became popular as a deep skin color is often associated with outdoor physical labor. Wanting to look pale, beachgoers started donning the Facekini by the millions.
Of course the downside is you look like a bank robber, but maybe it is appropriate given some of those we have seen sporting facekinis in banking. Bank of America’s CEO, Brian Moynihan did bring home over $13mm in compensation for producing a 9% ROE - a figure, we point out, that is below the average return of his peers.
It all started when an analyst remarked during an Umpqua earnings release that the whole management team seems to be spending more time outdoors given their deep tans. Ever the trend setter, Umqua’s CEO, Ray Davis, was seen looking like a Mexican wrestler at various branch ribbon cuttings and client golf outings.
The trend has caught on and now major CEOs and leaders throughout banking have picked up the fad, with JP Morgan Chase’s Jamie Dimon commenting that not only does the ski mask-like cover protect against the harmful rays of the sun, but it also presents a barrier for jellyfish, insects and photographs during mortgage securities settlements.
We will see if this makes it down to community banks…
Submitted by Chris Nichols on August 20, 2014