Highs, lows, curveballs and surprises are routine for every business, including accounting firms. Pandemics, however, are not routine (thankfully!). This crisis tests and provokes us all to the extreme.
Periods of significant loan defaults are tough on banks and force unpleasant choices. Here are steps to evaluate collateral in such uncertain times.
The Bonadio Group, a Top 100 Firm based in Rochester, New York, began returning to its offices this week as the stay-at-home order to combat the spread of the coronavirus was lifted in some parts of the state.
The takeaway from the PPP rollout is that bankers must protect their reputations and limit their risk appetites as they participate in further government-backed rescue programs.
Banks would be wise to dust off their Great Recession playbook and shed nonperforming loans while growing through M&A.
Every firm and many businesses are going through a crisis like none that anyone could foresee, or one that any of us have had to ever navigate before.
As companies are evaluating continued operations, balancing profits with acceptable levels of loss, functioning with massively more remote work and trying to make up for economic disruptions, the first thought tends to be “How can we cut costs?”
Saul Van Beurden's team is tasked with keeping systems running during the pandemic, including driving equipment to homebound workers. Yet the bank must continue making upgrades demanded by regulators, investing in new technology and recruiting top talent, he says.
Coronavirus has taken bankers out of their comfort zone. But they should view adaptations they’ve made in confronting the pandemic as a chance to hone their emergency response skills, not a permanent new normal.
Lawmakers should approve a program to distribute stimulus funds using a government-sanctioned coin, which would be speedier than the current system.