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In an interview with Financial Times, Welch is quoted as saying that focusing solely on quarterly profit increases was "the dumbest idea in the world. Shareholder value is a result, not a strategy. Your main constituencies are your employees, your customers and your products."



The Financial Times reports further that Welch never meant to suggest boosting a company’s share price should be the main goal of executives. Indeed, he said: “It is a dumb idea. The idea that shareholder value is a strategy is insane. It is the product of your combined efforts – from the management to the employees”.



Oliver Roethig, Head of UNI Finance, says: “Unions have argued this point for years. Unfortunately, banks and insurance companies in particular have been the main culprits in putting short-term profit before people.”



“For UNI Finance, the primary purpose of financial institutions is to provide responsible and sustainable financial services. Giving good advice and having excellent customer service is a precondition for the sustainable and long-term success of any company. The essential asset to achieve this is the employees – from the highest to the lowest level.”



“The employees are key: they are the face of the company towards the customers. As service, providers, banks and insurance companies ultimately rely for their competitiveness on their staff.”



“Jack Welch change of mind should be an incentive for other business leaders, in particular in banking and insurance not only to re-think but overhaul their business model,” said Roethig. “The result of this crisis must be a new customer-orientated and risk conscious business model, sustainable and long-term that empowers customers and staff.



“At its basis must be meaningful dialogue between management and unions in the interest of the company, employees, customers and the public at large.”