In my 35+ years, I have not seen a more dramatic day on Wall Street and the financial markets. Fundamental restructuring of the nation’s leading investment banks leaves only two standing – Morgan Stanley and Goldman Sachs. The nation’s largest broker, Merrill Lynch, is swept up by Bank of America. The world’s largest insurer, AIG, is on the ropes.
This story will continue to unfold – but what should you do? Here are the first 3 critical elements of a go-forward plan:
- Stay the course. Don’t panic. Whatever currents may lap at your feet from these roiling waters, are unavoidable. The firmer we stand, the less likely we are to be tipped over by these events.
- Focus on Fundamentals. While the casual observer may trace victory to a few spectacular plays, the experienced observer knows its basic blocking and tackling, so stay on your game.
- Talk to your employees. Reassure them that you’re aware of their concerns about the future. Tell them that you’ll continue to try to do the right things and need them to do the same.
More later as events unfold . . . .