Out with the old
GTR Deputy Editor Shannon Manders reviews industry-standard phrases that are (rightly) losing their place in conversation.
We at GTR have been reviewing words and phrases that get bandied about in our editorial on a pretty frequent basis.
While many of these terms are accepted without question, we thought it may be interesting to re-evaluate the meaning of these expressions, and perhaps even call for some to be declared entirely defunct.
Did you know, for example, that the word “toxic” is officially defined as a “damaging financial asset” in the newest edition of The Chambers Dictionary, published in late August?
Here are just a few words and phrases whose meanings we feel are due a reassessment:
It is widely accepted that this term refers to nations with social or business activities in the process of rapid growth and industrialisation; a definition that we cannot fault. But surely countries such as China, Brazil and South Africa can no longer be branded as “emerging”? Surely they have indeed emerged? And is it not high time that a new phrase is coined?
A banker at our Singapore conference stated that the global banking market is dead; a notion that we’ve been hearing a lot about of late. So-called global banks are looking to become more “local” and local banks are endeavouring to become more “global”, all the while looking for partnerships to enhance their capabilities. Is there any truth to the notion that no single bank can do it alone?
What’s more, a couple of banks have recently done away with their global head positions, transferring the relevant responsibilities to their regional heads instead. Perhaps this is a trend that will continue throughout the industry?
Banks are increasingly feeling the demand to be in-country relevant, and the suitcase banking model appears to be waning. In the past bankers deemed it sufficient to fly in and out of countries, believing that they had a firm grasp of their markets. It has now become progressively more important for banks to have an on-the-ground presence and for regional subsidiaries to play a meaningful role beyond normal transactional banking.
Which terms do you believe have fallen into disuse?
To read last week's Viewpoint, click here.