Financial Services

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Jan 19, 2024

BankWorld 2024: Our Takeaways

by Maryo Bruno

Are we heading into a recession or not? While there’s a lot of talk about a “soft landing” for the US economy, many prominent leaders in the financial services industry aren’t so sure. The recent BankWorld Conference held at Mohegan Sun revealed alarming insights into the financial world. While our team had some great conversations at this event, it was clear that participants had mixed feelings about the forecast for 2024. Whether or not a recession is on the way, leaders from across the banking industry need to be prepared with innovative approaches to support their stakeholders, their communities, and their employees. “How can you become innovative?” asked Jay Sidhu of Customers Bank. “You need to ask your customers about their pain points — then change those to make them say Wow!” Monsters under the bed JPMorgan Chase & Co CEO Jamie Dimon recently expressed skepticism about the “Goldilocks kind of scenario” being discussed by leading economists. Instead of seeing a silver lining, he cited forecasts of a historically high 42% chance of a recession this year. One session that highlighted this concern was “Monsters Under The Bed: What The CFO Sees”. In this panel discussion, CFOs from Thomaston Savings Bank, Liberty Bank, and Torrington Savings Bank spoke about the challenges facing the banking sector in 2024, including the dreaded Inverted Yield Curve. The phenomenon of inverted yield curve, where short-term interest rates exceed long-term rates, has historically been associated with impending recessions. However, what made this revelation particularly noteworthy […]

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