Brooklyn Heights resident Alan Fishman has been tapped as the new CEO of troubled savings and loan Washington Mutual. The bank is currently taking steps to put itself up for sale according to reports.
Forbes: WaMu’s New Chief…: But whether Fishman can shore up Washington Mutual (nyse: – news – people ) remains to be seen. Time seems to be his most scarce resource.
Analyst Frederick Cannon of Keefe, Bruyette and Woods believes that Fishman might be wise to raise $5 billion in capital. If he were to sell shares to raise funds, even at their current low price, this would improve the confidence of depositors, regulators and investors, Cannon wrote in a report released yesterday. “We believe this would give Mr. Fishman the time he needs to implement his own strategies for the company.”