X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Making a big change is always challenging, but how hard is it to implement a sweeping new financial regimen like an in-house bank while your company is being forced to downsize? Ask the treasury at Lucent Technologies Inc.

Since 2001, Lucent has watched all its numbers plummet: Revenues at the telecommunications equipment company fell from more than $21 billion in 2001 to less than $9 billion last year; it has posted losses for the last three years; and expenses and headcount had to be chopped by 70%. Yet, Lucent came up with the resources to build an in-house bank–a three-year undertaking that required the work of more than 50 people worldwide, including not only treasury employees but also staff from IT, accounting, tax and other areas. Finally, in January 2004, treasury watched as the new bank processed its first transactions. Was it worth it?

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.