You can't grow by cutting costs

摘要

My American friend is a bit down. Not surprising when Ken Thompson had been asked to step down from Wachovia, Kerry Killinger is having similar issues at WaMu, and Standard & Poor's is downgrading Merrill Lynch, Lehmans and other big name bank stocks. As a result, my friend is focusing upon the theme of 'inspiring the troops', focusing upon practical strategies for business improvements to the top and bottom line. He made it clear that big, strategic themes, such as innovation and disruptive strategies, were off the agenda. When banks are fighting for survival, the last thing they are going to think about is big picture ideas. They want practical ideas to survive.