The majority of bank executives expect current economic conditions to last for the next six months, according to a national survey done by Grant Thornton
in conjunction with Bank Director magazine.
The survey found 60% of respondents believe the national economy will remain the same, up from 44% the last time the survey was issued in May. One quarter of the 231 respondents said they expect the economy to get worse, while only 15% expect it to improve.
Despite the somewhat pessimistic results, 49% of bank CEOs and CFOs do not believe there will be double-dip recession. 35% of those who do see another recession believe it will be caused by high levels of government spending and 35% believe it will be caused by high levels of unemployment.
Twenty-three percent of executives surveyed said they plan to increase the number of people they employ in the next six months. This mimics sentiment found in the Business Roundtable
's third-quarter CEO index
, which found 31% of CEOs plan to hire. Only 17% of executives in the Grant Thorton survey planned to decrease their workforce and 60% planned to keep it the same.
The view of the economic conditions in the Business Roundtable survey was more positive than the former survey, with 66% of respondents saying they expected sales to rise over the next quarter. However, this is down from 79% the quarter prior.
The Grant Thorton/Bank Director survey respondents are bank CEOs and CFOs. Small banks represented 62% of the demographic and large banks represented 37%.
Write to Christine Ricciardi