Crisis Management: How Corporate Leaders Turned Challenges into Opportunities
Corporate leaders are often tested by crises that threaten the very foundation of their organizations. How do these leaders navigate turbulent …
August 24, 2023: On Monday, S&P Global slashed credit ratings. After a similar move by Moody’s, it revised its outlook for numerous U.S. banks, alerting that funding threats and weaker profitability will probably test the sector’s credit strength.
S&P devalued the ratings of Associated Banc-Corp and Valley National Bancorp on funding troubles and a higher reliance on brokered deposits.
It also demoted UMB Financial Corp, Comerica Bank, and Keycorp, citing large deposit outflows and prevailing higher interest rates.
A sharp rise in interest costs is weighing on many U.S. banks’ funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp-insured banks will continue to decline as long as the Federal Reserve is “quantitatively tightening.”
The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate exposure, among other factors.
Moody’s had earlier this month cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, on review for potential downgrades.
The decline of Silicon Valley Bank and Signature Bank earlier this year sparked a crisis of confidence in the U.S. banking sector. This led to a run on deposits at several regional banks, despite authorities launching emergency measures to shore up confidence.
Corporate leaders are often tested by crises that threaten the very foundation of their organizations. How do these leaders navigate turbulent …
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Ford Motor Company reported a modest increase in third-quarter sales, up 0.7% compared to the previous year. However, its crosstown …
General Motors (GM) released its third-quarter sales figures, revealing a slight decline of 2.2% compared to last year. While overall sales …
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Veronica Robinson, the CEO of Stepping Stones Behavioral Solutions leads with the Golden Rule in all facets of life. Her purpose is to treat everyone with the same kindness and grace. She demonstrates a deep respect for those that she serves with a willingness to gladly perform any task, whether it is changing diapers or cleaning toilets if it needs to be done.
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