Fishman, who previously also served as chairman and CEO of Independence Community Bank, president and COO of Sovereign Bank and CEO of Washington Mutual Bank during the financial crisis, told business leaders, students and alumni that the Southeast needs to brace itself for an extended period of difficulty in obtaining credit.
“You should plan on four, five years, maybe longer,” he told the crowd at the October 3 event. “I think you need to plan on higher equity needs for your projects, whether that’s starting a new business or building a new building, you need to plan on higher equity needs, and in many cases, that will mean more partners.”
Fishman also said financiers should plan on a lower rate of return for the next few years.
“Single-digit rates of return are going to be the norm for a while,” he said.
The Leader to Leader series will continue every other month, beginning in January, and will bring top-level corporate, government and industry leaders together to discuss current business issues and trends. All speakers are either UAB School of Business alumni or business leaders who are committed friends of our School. See schedule
Upcoming speakers include:
Daryl Byrd, President and CEO of IBERIABANK
Declan O’Beirne, Vice President and CFO of John Hancock Financial Services
Michael F. Golden, President and CEO of Smith & Wesson Holding Corp.
Susan Story, President and CEO of Southern Company Services
William M. Walker, Chairman, President and CEO of Walker & Dunlop
These exceptional innovators represent a variety of experience and industries, but all share the UAB School of Business’ commitment to leadership and service.