Lockdown slashes banks' travel costs

摘要

Investment banks have been trying to squeeze costs for years in an effort to improve profitability and in the last year they have had unwanted help - they have saved hundreds of millions of dollars on costs as staff have been unable to travel due to the Covid-19 lockdown. Business travel last year may have slumped by about 80% from 2019 as trips were halted when the pandemic erupted in March. Travel and spending is expected to resume this year, but it may never return to previous levels, as bankers have found ways to negotiate deals, carry out due diligence and trade in record volumes while working remotely.