The stock market is up. So are foreclosures. Jobs are still disappearing. Short-term interest rates are effectively zero unless you are renegotiating a bank revolver. Goldman and Morgan Stanley are operating under bank charters and bank regulation. Over-the-counter derivatives are on death watch. Washington is at war with itself. What in the world will the future bring for sensible treasury executives who are trying to plot a safe course in a topsy-turvy environment?
It may be okay. 2010 will be the year we leave behind all the dislocations caused by the financial crisis, predicts Anthony Carfang, founding partner of consultancy Treasury Strategies in Chicago. "Treasury staffs will go from trying to keep the company on liquidity life support to helping the company rebuild its business." Unfortunately, they won't be able to hire the staff they need to tackle their expanded duties and opportunities, he adds.