The New Minimum: How Financial Institutions Must Redefine Their Cost Structures
REPORT PUBLISHED BY OLIVER WYMAN
As the number of cases of the Coronavirus (COVID-19) increases, the focus of companies continues to be on limiting the direct impact on employees and customers whilst supporting efforts to limit the spread of the virus. The healthcare sector, airlines, travel firms, and supermarkets have seen immediate impacts, and face a significant challenge over the coming months to respond effectively to the emerging crisis.
It is the financial services industry that may have the greatest single influence on the global economy, and how businesses and consumers are affected by the pandemic.
Pillars for the COVID-19 Cost Management Response
The question for the industry is whether it responds in a way which amplifies or dampens the acute economic damage from COVID-19. Inevitably, institutions will need to approach the cost containment question – how they do this will, in part, determine which firms will be most successful emerging from the pandemic.