The best in humanity is starting to shine. Be one of the heroes.

The world is stepping up. In the midst of crisis, we all need to be a hero. Scientists, healthcare professionals, teachers, neighbors, world and business leaders – heroes are emerging in every corner of our global society. This week, I joined other CEOs in a commitment to #stopthespread and #leadboldly. We are in the midst of a public health crisis unlike any that most of us have ever witnessed and we are rising to the occasion, united in a global cause with empathy, resilience, determination, and teamwork.

The human toll of the COVID-19 pandemic continues to grow as the world increasingly unites to help protect lives and prevent the spread of this disease. As a firm, we are taking all appropriate precautions to protect the well-being of our associates and clients around the world.

Given the extreme market volatility, there are natural comparisons to the Global Financial Crisis. However, the root cause is different and important: the crisis of 2008-09 was a financial crisis stemming from significant structural impairments in a globally complex interconnected system. This is a global health crisis, operating within an even more globally complex interconnected system. The measures taken to stop the spread of this disease are causing an upheaval in the financial market given the negative impact on our global economy. Thankfully, our financial system is far healthier today than in 2008. What governments and central banks are doing now, on an increasingly coordinated basis, is necessary to ensure that a negative feedback loop of panic-driven market structure malfunctions do not amplify the economic and human impact. Although the duration of this pandemic is uncertain, we expect a continued, coordinated global response with fiscal and monetary stimulus programs to help cushion the economic blow. 

Virtually no business is immune to the effects of this crisis but, importantly, a real person is behind every one of these COVID-19 and closed business statistics. This human impact will be felt by billions across the globe, simultaneous to dealing with the virus’ economic impact. We are swiftly entering the early stages of a global recession, but it is worth the reminder that recessions are a natural part of any economic cycle—especially one that has lasted this long. What is not so natural is the near simultaneous global shut down of commercial activities. The depth and length of this recession will depend upon whether local and national governments go beyond broad-based financial stimulus and develop simultaneous targeted programs aimed at heavily impacted industries and small businesses. It is critical that this health contagion does not evolve into a deep and long-lasting economic contagion. We can all do our part by advocating for programs that put money into the hands of small business owners and individuals who have been hit hard and are unable to withstand an elimination of their incomes.  

Times like these put stress on each of us professionally and personally. I join many of you working virtually while having all five of our children at home and trying to protect at-risk family members. We are all multitasking critical responsibilities. We need to stay focused, calm and disciplined. It won’t always be easy, but I am confident we will succeed. Together.

 I stand with all of you as a fellow human being and global citizen to do my part to slow the spread of this virus and give our front-line workers, health care providers, and suppliers time to help us all.  I wish you and your families well.