As large segments of the world's banking system flirt with insolvency and require unprecedented bailouts, treasury staffs are operating on high alert and maneuvering delicately to test relationships on which they depend. Those relationships may be of long standing, but these days they're anything but familiar.
"This turmoil is worse than I ever thought it would get," says Greg Weigard, assistant treasurer at $10 billion Air Products & Chemicals Inc. in Allentown, Pa., and a 25-year treasury veteran. "I think bankers are trying to figure out what banks will look like going forward, what lines of business they will keep or sell, who will own them."
Geopolitics and macroeconomics have collided with routine treasury operations. The bailouts worry Rick Moss, treasurer of $4.5 billion Hanesbrands Inc. in Winston-Salem, N.C. "You have to wonder how high levels of government ownership will impact how banks function; they're subject to enormous oversight–called to appear before Congress, criticized for golf tournaments and jet purchases.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
