By John Euteneur, Director of Business Development - Emerald Key Advisors
Global events of the past two years certainly have proven that things can change in the financial services industry, and fast: The bottom drops out of an overvalued US stock market; huge corporations face bankruptcy as a result of mismanagement and fraud; and governments place new burdensome regulations on banks and brokerage firms in an effort to stop money laundering.
The net effect of these events (and others) on international financial service providers in The Bahamas has been a serious reality check regarding the future viability of some businesses and tougher times for others. In fact, some companies that could not withstand the one-two punch of new legislation and a dramatic drop in revenue have been forced to close down or move out. "Business as usual" is not a phrase heard often these days, leading a few to question whether the industry faces extinction.
