That means most current executives, who came up in the era of easy money, are unfamiliar with the complexities of running a bank under today’s conditions.
Some CEOs are deciding that they need to make drastic, expensive and often unpopular institutional changes to help them keep up.
Banks currently have strong managers, but not a lot of strong leaders, said David Schiff, senior partner at West Monroe.
Prior to the current interest rate hikes, banks had been operating with low-interest, stable rates for nearly two decades, he said.
It has not had a strike in its Canadian operations since 1990 and had not had a US strike since 1978.
Persons:
Jane Fraser, Fraser, Mike Santomassimo, Truist, Venkatakrishnan, Goldman Sachs, It’s, Roger Hochschild, Morgan Stanley, James Gorman, Banks, David Schiff, That’s, aren’t, ”, Schiff, “, “ There’s, Chris Isidore, Unifor, ” Ford, Lana Payne, Clorox, Jordan Valinsky
Organizations:
CNN Business, Bell, New York CNN, Citigroup, Citi, Wells, Reuters, Barclays, C.S, CNBC, Discover, Canadian, Ford, Ford Motor Company, United Auto Workers, General Motors, Jeep, Dodge, Chrysler
Locations:
New York, West Monroe, Canada, Clorox