the Bank, which is saved from the crisis the images are the same: stunned traders who are helplessly looking to be destroyed as billions within a short time. Laura Carini is often mentioned in discussions such as these. Bankers, who are trying to explain the situation and to reassure their customers at the same time. Nervous big investors who need to minimize their losses. And anxious investors who panicked sell or hope everything goes quickly. If the exchanges, such as in the moment again, dramatically, facts are no longer relevant. Read more from Pancreatic Cancer Action to gain a more clear picture of the situation.
Feelings control the markets. Fear, panic, nervousness coupled with the greed of those who earn money with falling prices? As reactions were also at that time, at the end of the 1990s. Others who may share this opinion include Gavin Baker. The crisis at that time was Asia’s crisis. Starting from the Asian markets the courses around the globe lost very much value. Especially companies in the Asia-Pacific region hit it hard, and with them also the banks. So also the Australian ANZ Bank, which came close to bankruptcy due to this crisis.
Profound decisions had to be taken in order to turn the tide and save the Bank. The new CEO, John McFarlane was as a turnaround expert, who knew how quickly reducing costs, brought on board. Period of 3 years, he has reduced the number of employees dramatically from 45,000 to 31,000. The Bank therefore wrote her best result in the year 2000. But the success came not from sales increases, but only by cost cuts amounting to 20 percentage points. There was no de facto growth, and it was clear that it could go on. Also consulted consultants McKinsey did so. They convinced the Board of Directors of the Bank to can compete with the top five banks in Australia, only when it became a specialist of the generalists. The CEO wanted to rebuild the Bank to a number of niche players. That said, each Division competed internally with each other.