Folks, remember to be kind, there’s no need to jump on OP for asking a fair question.
It’s a question that many businesses are asking themselves right now and the truth is, these are unprecedented difficult times for everyone right now, and nobody or company is exempt.
I do know that Tom has been in back to back board meetings for the last few days, and a lot of decisions are being made, and whatever the outcomes of those decisions are will be communicated to you all with candor as they happen. We are in a good position compared to many companies - we have a lot of capital, we have a strong customer base, we have a workforce that has already easily adapted to remote working (many of us have been primarily remote for years already) and we have an incredible executive suite and board. Other banks have systems that are difficult to adapt to remote working, and we’re lucky that we aren’t in such a position.
With that being said, advice, plans and figuring out the impact of everything that’s happening in the world is changing by the day if not by the hour at the moment and one thing that’s pretty clear is that this is a seismic change for all businesses. Business plans will change, hard decisions will be made and what projections and thoughts were true even just a few weeks ago, will need radical reshaping.
One thing that we intend to stay the same is our commitment to transparency. When these things get figured out, we’ll aim to keep you in the loop as much as we always have done, if not more.
I’m confident that we have incredible people at the top of this company committed to figuring this out, and from my limited exposure to what goes on at the very top of this company, I believe in that team.