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September 22, 2005

Advancing to the Rear


New Taiwan Business Bank chairman Michael Chang said that he plans to restructure the bank without any layoffs: "We are not afraid of having a lot of people. We're only afraid that people aren't being used efficiently."

He also disavowed any merger plans for the near-term:

"The mission that the government gave me was not a merger and I told them mergers are not my strong suit," Chang said. "I have no pressure from the government to merge by a certain time. Once we do things right, if people have faith, they are welcome to buy our stocks on the open market."

Presumably, if people don't have faith in this probably unworkable plan, they are free to short -- anyone have borrow in TBB?

Posted by The Banker at September 22, 2005 09:49 PM

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