I spoke with Paul Johnson, CIO at BB&T, the large ($137 billion in assets) regional financial-services company based in Winston-Salem, NC.

BB&T is healthier than many of its competitors, and Johnson sees continued investment during tough times as a way of widening the gap and accelerating into an eventual recovery. But he also faces some constraints. I'll post an article on our conversation soon, and a fuller version in an upcoming print edition.

Here, Johnson's rules for managing through the downturn:

• Maintain focus on key projects that will yield long-term business advantage


• Prioritize other projects to push faster ROI jobs to the fore


• Slow down on other worthwhile projects, but don't cut them altogether


• Be prepared to make a cogent business case for all jobs to executive management


• Communicate with staff, recognizing the toll hard times take even on those with good jobs