It is really not the time for global leaders to be quibbling over executive compensation and it is ironic that these discussions take place at a time when the industry requires the best talent money cannot buy. In its March 16th edition, Fortune says that “the storm is entering an entirely new phase that’s potentially more dangerous: a historic meltdown in the bread and butter business of credit card, home equity and mortgage lending”. America’s big four — Bank of America, Citigroup, JP Morgan Chase and Wells Fargo — hold US3.6 trillion in these debts and predictions are that they will write off nine percent of their loan portfolios at a rate of US100 billion a year (Will the Banks Survive, Shawn Tully, Fortune, March 16, 2009).
These are difficult waters which will require the best talent at the wheel.
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