Dr. Maccoby participates in a Weekly Forum on Washington Post.com called "On Leadership". I am compiling all of his responses to the weekly questions here.
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DATE: July 21, 2009 Responsibilities of Profit? Thanks to the government's rescue of the financial system, many banks and hedge funds are making money again, but this turnaround has caused a backlash among recession-weary Americans. How should these business leaders respond? |
Focus on Service
Leaders of successful financial services companies should emphasize their essential role in building the economy by allocating capital to productive businesses, financing industrial activity, and lending to home buyers.
Jamie Dimon, CEO of JP Morgan Chase, one of the most successful banks, said, "You can certainly sleep at night when you are building an institution by serving clients." If banks and other financial institutions focus on service rather than making quick bucks, people are more likely to appreciate them and furthermore, they are more likely to prosper.
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