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 New Minimum: How Financial Institutions Must Redefine Their Cost Structures, a new report from Oliver Wyman Partners Vivan Merker and Sam Taylor, Principal Ege Gurdeniz and Engagement Manager Taylor Davies examines the potential financial services industry responses to COVID-19 and the broader economic impact of those decisions. Guy Carpenter is an affiliate of Oliver Wyman.
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. As outlined in the recent publication, Responding to COVID 19: Six Things Banks Should Do to Minimize the Impact to the Economy, it is the finance sector that may have the greatest single influence on the global economy, and how businesses and consumers are affected by the pandemic.