C-suite execs prepare to bring out cost-cutting ax amid economic concerns: Survey

Yahoo Finance2023-03-25

C-suite execs are poised to slash expenses as the rolling banking crisis takes its toll on demand and forward economic outlooks. A new survey out Friday from BCG showed that about 75% of 759 global C...

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That uncertainty has also been exacerbated by the recent failures of prominent banks Silicon Valley Bank, Signature Bank (SBNY), and Credit Suisse (CS). \n\"The recent failure of Silicon Valley Bank and others shows how difficult it is for executives to anticipate/ predict the future, even in the near-term,\" the report said. \"Therefore, it is crucial for C-suite leaders to continue strengthening cost-down efforts and building resilience while fueling long-term growth.\"\n\n\n\n  Chairman of the Swiss National Bank (SNB) Thomas Jordan (R) walks to the Swiss Federal Department of Finance for talks on Credit Suisse bank crisis, in Bern on March 19, 2023. (Photo by FABRICE COFFRINI/AFP via Getty Images)\n \n\n  FABRICE COFFRINI via Getty Images\n \n\nCompanies are locked and loaded to protect their profits against the volatile backdrop, the survey found. \n\"Regardless of region, cost reductions are a key priority, with a focus on efficiency, instead of pure cost-cutting,\" the authors wrote. In North America, execs are particularly focused on reducing talent and finding other ways to bolster productivity. \nThe clampdown on hiring and expenses comes as Wall Street begins to warn about the aftershocks of recent bank failures. \nThe likelihood of a U.S. recession is on the rise again for the first time since November 2022, according to the latest BofA fund manager survey released this week. About 42% of fund managers surveyed see a recession happening within the next 12 months, up from 24% in February.\nGoldman Sachs Chief Economist Jan Hatzius noted last week he sees a 35% chance of a U.S. recession in the next 12 months, up from 25% previously. The increase in odds reflects \"increased near-term uncertainty\" around the economic effects of small bank stress.\nHatzius also cut his 2023 GDP forecast by 0.3 percentage points to 1.2%.\n\"It's [a recession] not a sure thing,\" Moody's Analytics chief economist Mark Zandi said on Yahoo Finance Live. \"I mean, we do need a little bit of luck. We should be able to navigate through without an economic downturn. It's not going to be easy. I'm not saying it's not going to be really bumpy and uncomfortable. At times like now, it's pretty uncomfortable. But I think we'll be able to navigate through.\"\nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on the banking crisis? Email brian.sozzi@yahoofinance.com\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322143136"}