The Lehman legacy – GCs discuss how their roles have changed since the financial crisis
It is 2008. The collapse of the US sub-prime mortgage market and subsequent liquidity freeze is biting hard. Northern Rock, which in late 2007 suffered a run on the bank and near unprecedented scenes of public chaos, is nationalised. US mortgage lenders Fannie Mae and Freddie Mac are rescued by the US Government. Lehman Brothers collapses, sending shockwaves through the financial market. Merrill Lynch's liquidity dries up after the scale of its bad debt exposure is revealed and the blue blooded investment giant agrees to be taken over by Bank of America (BOA).
Five years after the credit crisis struck the world’s banks – and killed some off – a group of GCs tell Caroline Hill about how they weathered the storm and how their roles have changed since
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