Financial Management

Banking crisis? Implications and actions for CEOs

Chairs Darrell Jackson and Aimee Daniels discuss the banking crisis.

On top of the economic uncertainty for CEOs, last week’s collapse of Silicon Valley Bank (SVB) and Signature Bank created a lot of questions from small and midsized business leaders about the safety of their money. At SVB, that fear lead to a classic bank run as people looked to pull their money out before a collapse. As the adage goes: Trust takes a lifetime to build and seconds to break, and those who lived through the 2007-08 financial crisis have little appetite for risk.

Runs on banks show that there is a segment of the market reluctant to place their trust in these institutions again. Small and midsize businesses may be especially vulnerable given that they might not have the personnel, expertise or diversified cash management plan to protect their cash assets.

To help CEOs understand the appropriate actions to take and how to understand the implications of this event, we spoke with Vistage Chairs Darrell Jackson and Aimee Daniels to get their perspectives on this event and its implications. 

With deep backgrounds and more than 60 years of combined experience in financial management, Jackson emphasized the stability and security of the banking system — CEOs can be extremely confident in the system, he says — while Daniels spoke about the importance of managing the relationship with your institution and building relationships up the line at your bank.

About the presenters 

Aimee DanielsAimee Daniels

After 26 years of experience in building and growing financial service businesses in the Banking industry, Aimee Daniels decided to focus her passion for growing businesses and leaders on helping closely held businesses achieve their next level of growth. As a former Regional President/Executive Vice President, she has personally led teams both in creating new markets and through market expansion. What she learned from this experience and the last several years of working with closely held businesses is that we can all benefit from the perspective of others and from consciously working on our own leadership.

As a Master Chair for Vistage International since 2012, Aimee has led three CEO peer groups and a Trusted Advisor Group comprised of CEOs, C-level executives and senior leaders meeting monthly to advise each other in a completely objective forum. She serves as the Best Practice Chair for Vistage in Chicago, leading a group of others who do the same work she does. Additionally, she serves on the Diversity and Inclusion Committee for Vistage.

Darrell Jackson Darrell Jackson

Darrell Jackson served as President and CEO of Seaway Bank and Trust Company and as EVP and President of Wealth Management-Illinois for the Northern Trust Company. A Senior Executive with 37+ years of building and growing businesses, leading change initiatives, creating business strategies for emerging market segments, and successfully managing major P&Ls, credit risks, balance sheet risk, regulatory issues and multiple business disciplines.

Darrell built a high-performing leadership team that produced record earnings over a five-year period during the worst economic recession in U.S. history. He earned an MBA from Northwestern University and a BA degree in communications from St. Xavier University. 

Additional Banking Resources 

Network discussions (password req’d) 

Silicon Valley Bank Collapse: Implications, Actions to Take [Chairnet only]  

Failing Banks [Entrepreneurs and Small Business Network] 

Insights into bank failures and its effects [Entrepreneurs and Small Business Network]

12 best new banking books to read in 2023 [Lead and Read Network]

Third-party resources

Why U.S. Regional Banks Are Still in Crisis [Kellogg Insight]

Insights for business owners after the fall of SVB [UBS]

US takes action to stabilize banks after SVB collapse [UBS]

Bank Failures, Like Earlier Stocks, Raise Odds of Recession [The Wall Street Journal]

Video: UBS on Financial Resilience

Yellen tries to reassure Americans that bank collapse will be contained [NPR]

Worried About Your Bank? How to Protect Yourself [Barrons]

Category : Financial Management

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About the Author: Joe Galvin

Joe Galvin is the Chief Research Officer for Vistage Worldwide. Vistage members receive the most credible, data-driven and actionable thought leadership on the strategic issues facing CEOs. Through collaboration with the Vistage community of…

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