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Trying To Play Nice

As banks lose interest in cash management, companies find themselves being dumped

By Richard Gamble | Updated on September 01, 2002

Covance Inc.’s assistant treasurer Suzanne D’Amico-Sharp was dismayed. After five years, her company’s principal cash management bank decided to call it a day. The reason the bank took a hike? It had just quit the $850 million drug development company’s credit group, and it no longer saw enough bang for the buck in Covance’s cash management business.

D’Amico-Sharp found a replacement, but it wasn’t easy. “There are a lot fewer banks with serious cash management offerings now than there were five years ago,” she says.

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