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The recent stream of financial failures has not only revealed institutional examples of problematic financing but, in many cases, a vacuum of leadership and effective management as well. It is no coincidence that many of the banks which have survived the credit crisis thus far have invested heavily in management education and training. For example Lloyds TSB and HSBC make significant investments in these activities. In times of economic turmoil people may assume that financial firms will tighten their belts and spend less on executive development, but this appears not to be the case or, at least, it is not that simple. Many businesses recognise that their industry sectors will change, leading to the need to deploy new business models and more capable staff.
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