Bank Marketing News: Bankers Now Feel Economy Has Turned the Corner: Grant Thornton Survey

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Bank Marketing News: Bankers Now Feel Economy Has Turned the Corner: Grant Thornton Survey

Bankers Now Feel Economy Has Turned the Corner: Grant Thornton Survey

CHICAGO, June 18, 2010 – According to the just released 17th Bank Executive Survey, conducted by Grant Thornton LLP in conjunction with Bank Director magazine, 45% of bankers expect the U.S. economy to improve in the next six months. This is a statistically significant increase over how bankers felt about the economy just six months earlier when less than 25% said that they expected the economy to improve.

In addition, more than one-third (35%) of bankers expect their local economy to improve in the next six months, up from 22% in December 2009. Only 9% of bankers expect their local economy to get worse, down from 18% in December.

“Bankers across the country are starting to become more optimistic about both the U.S. economy and their own local economy,” noted John Ziegelbauer, national managing partner of Grant Thornton’s Financial Institutions practice. “Their optimism about the economy is spilling over into their own banks, with bankers reporting that they are also cautiously optimistic about the number of people they expect to hire in the coming months. Overall, it appears that bankers believe that the economy has finally turned a corner.”

How does this optimism translate into jobs? Twenty-five percent of the bankers surveyed say that their bank will increase hiring in the next six months, up from 18% in December. The percentage of those banks that anticipate layoffs declined slightly to 16% from 18% in December.

The Grant Thornton report includes the following tables:

Do you feel that the U.S. economy will improve / remain the same / get worse in the next six months?
	12/09	5/10
Improve	24%	45%
Remain the same	56%	44%
Get worse	20%	11%

Do you feel that your local economy will improve / remain the same / get worse in the next six months?*
	12/09	5/10
Improve	22%	35%
Remain the same	59%	56%
Get worse	18%	9%

Do you expect the number of people you employ at your bank to increase / remain the same / decrease in the next six months?*
	12/09	5/10
Increase	18%	25%
Remain the same	63%	59%
Decrease	18%	16%

* percentages may not total 100 due to rounding.

About the Survey
Grant Thornton LLP and Bank Director magazine conducted this national survey of bank CEOs and CFOs from May 4 to May 24, 2010, with 230 respondents. Fifty-nine percent of the respondents were from small banks (those with less than $500 million in estimated assets at the end of 2009), while the remaining 41% were from large banks (those with more than $500 million in estimated assets at the end of 2009). Regarding ownership structure, 39% report that they are public institutions, 44% are private and 17% are mutual. To see past survey results, please go to www.GrantThornton.com/banksurvey.

Source: Grant Thornton