Is the current economic downturn close to the financial crisis of 2008? ServiceNow CEO

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Bill McDermott, CEO of ServiceNow (credit: servicenow)

  • ServiceNow CEO Bill McDermott told Jim Cramer on Monday that he doesn’t expect the current economy to experience a market downturn similar to the financial disaster of 2008.
  • “It’s not even close to 2008. In 2008, I was in a company where we were losing a billion euros of pipeline in one day. It was a crisis,” McDermott said in an interview on “Mad Money.”

On Monday, ServiceNow CEO Bill McDermott told Jim Cramer that he doesn’t expect the current economy to experience a market downturn similar to the financial disaster of 2008.

“It’s not even close to 2008. In 2008, I was in a company where we were losing a billion euros of pipeline in one day. It was a crisis. It’s not a crisis,” McDermott said in an interview on “Mad Money.”

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“If anything, it’s a crisis of opportunity. The digital transformation market is worth $11 trillion over the next three years, agree. If you want to fight inflation, you’ll keep your employees inspired, no matter where they work. … You are going to connect with your customers,” he added.

McDermott’s remarks come as the Federal Reserve aims to tighten its balance sheet and raise interest rates to control inflation, raising fears on Wall Street that the measures could trigger a recession and slow the recovery from the peak. of the Covid epidemic.

The CEO of a cloud-based software company also suggested that companies that want to survive the coming economic downturn need to invest in digital innovation today. McDermott pointed out that none of the top 30 S&P 500 companies in 1989 still make the list today, based on market capitalization.

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“If you don’t change, transform your businesses, and step on the accelerator now that the headlines are down, you may not be on any list 30 years from now,” a- he declared.

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