Financial Professionals See Continued Weakness in U.S. Economy

Most men and women financial professionals feel secure in jobs, but are uneasy
about fewer advancement opportunities in slow economic times

BETHESDA, Md., Sept. 2 /PRNewswire/ -- According to the Association for
Financial Professionals' 2008 Women in Finance Survey, nearly 60 percent of
financial professionals believe that the U.S. economy will continue to slow at
least into the fourth quarter of 2008, while a third believe economic
conditions should begin to stabilize and/or improve over the next 90 days.
Ten percent of financial professionals believe the worst of the current
economic downturn has passed.
While few financial professionals report having lost their job as a result
of the current economic slowdown, two out of five survey respondents feel, at
most, only somewhat secure about the safety of their current job. Women
financial professionals are, overall, slightly more optimistic than are their
male colleagues, both in terms of the likely direction of the economy in the
near-term as well as the impact of current economic conditions on their jobs.
Twenty-six percent of female corporate practitioners believe that women
are "more vulnerable" to job setbacks resulting from the economic slowdown,
while only four percent of male corporate practitioners share the same view.
Overall, 14 percent of financial professionals agree with the sentiment that
women are more vulnerable to job setbacks resulting from the current economic
situation.
According to the survey, 89 percent of financial professionals expect
their career to be impacted negatively as a result of the current economic
slowdown, but they also feel that most of the effects may be short-lived.
Additionally:
-- 72 percent of financial professionals expect to receive a smaller bonus
over the next year;
-- 49 percent believe there will be fewer job opportunities outside of
their organization; and
-- 38 percent believe the current economic slowdown reduces the likelihood
for job advancement with their current employer.

"Nearly three-quarters of organizations we surveyed indicate that the
economic slowdown has had some detrimental impact on operations," said Jim
Kaitz, President and CEO of AFP. "During unsettled times, AFP is a valuable
daily resource to financial professionals with networking tools for connecting
to global communities and professional development."
Most financial professionals indicate that their organizations have not
had to layoff employees despite relatively weak economic conditions; if their
organizations did have to downsize, the layoffs more likely occurred outside
of those organizations' treasury and finance operations.
The survey also revealed that nearly three out of five financial
professionals report that their organizations are now using more innovative
methods to accomplish certain functions. Additionally, two out of five
financial professionals report they have taken on new job responsibilities,
perhaps due to departmental downsizings, which represent either career
developments and/or learning opportunities.
"While this survey suggests our industry will continue to experience
significant stress in the near term, it points out that such periods also
yield significant innovation which can move our industry forward in ways we
may not have imagined. For financial professionals this innovation can
present opportunities for both their individual careers and their businesses,"
said Julie Monaco, North American Regional Head for Citi's Global Transaction
Services. "At Citi, we will continue to work with our clients to address their
needs and help them succeed in this challenging economic environment."
About the Survey
The 2008 AFP Women in Finance Survey, sponsored by Citi's Global
Transaction Services, asked 3,000 corporate practitioner members -- evenly
split between males and females -- about the impact the current slowdown in
the U.S. economy has had on job security and prospects for career advancement.
The survey received 571 responses, with a response rate of 20 percent. A full
report of the 2008 AFP Women in Finance Survey will be available in the
October issue of the AFP Exchange.
About AFP
The Association for Financial Professionals(R) (AFP) is a membership
organization that serves more than 16,000 corporate treasury and finance
executives. In addition to its Annual Conference, the Association offers
executive resources, industry news, financial tools, networking opportunities,
continuing education, print and online publications and public policy research
representation. AFP is headquartered in Bethesda, Maryland, and its global
reach includes AFP of Canada and gtnews, a London-based on-line resource for
the finance community. AFP strives to be a daily resource for strategic
solutions, best practices and peer collaboration: AFP -- Your Daily Resource
at http://www.AFPonline.org.
SOURCE Association for Financial Professionals

Judy Schub of the Association for Financial Professionals, +1-301-961-8682