London - Perhaps Americans should thank the billionaire Howard Schultz.
After asking his 190 000 staff at Starbucks to offer sympathy to traders who may have lost their collective shirts, the markets rebounded.
Schultz, the Starbucks chief executive with the apparent Midas touch, once said a simple cup of coffee could “connect people and create community”. So as Chinese markets tumbled and Wall Street suffered, he wrote a flowery message to his “partners”, or workers, at Starbucks, encouraging them to be especially sensitive to customers.
“Today's financial market volatility, combined with great political uncertainty both at home and abroad, will undoubtedly have an effect on consumer confidence,” wrote Schultz.
“Our customers are likely to experience an increased level of anxiety... Let's be very sensitive to the pressures our customers may be feeling, and do everything we can to individually and collectively exceed their expectations.”
The 62-year-old has made a reputation as a CEO who wants to improve society by launching initiatives such as “Race Together”, a campaign that was meant to get customers and baristas talking about racial matters.
After the ugliest day of global trading since the depths of the financial crisis eight years ago, Schultz also stated that Starbucks would survive through the financial turmoil, adding: “Our growth plans for the future of our company will not be impacted by the turmoil of the financial markets.”
It went on: “I can assure you that we will continue to lead and manage the company through the lens of humanity, doing everything we possibly can to continue to make your families proud of our company and all we stand for. You have my word on this.”
Schultz has built a reputation by inserting himself at the centre of some of the country's most intractable debates. He has asked customers not to bring guns into the company's omnipresent cafes.
In 2013, when an investor complained about the coffee king's support of a same-sex marriage bill, Schultz told him he was free to invest somewhere else.
THE INDEPENDENT