Too worried to be successful Monday, September 29, 2008
I caught up with a good friend from JP Morgan today who told me about the absurdity in the Bank, whereby huge amounts of business was flocking to their "safe harbour" but couldn't be landed because hiring restrictions, caused by fear about uncertain times, meant they didn't have sufficient staff to onboard the prospects.
Whilst they could pick & choose clients, internal capacity constraints meant they were turning away clients they would have delighted in winning 4 months ago.
Yet the opportunity to react and seize the moment by expanding capacity was being ignored because targets for the year (set in Jan) were being exceeded in 3 weeks.
Setting aside digestion concerns, which are important, one would have thought the top executives of the firm had shown enough of an example of opportunism of late to prompt staff to "seize the day".