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by Tyler Durden
Investment bankers at J.P. Morgan are back to flying the friendly skies.
Amid debate as to whether or not business travel would eventually pick back up to pre-Covid levels, it appears as though the largest lender in the U.S. is doing its part to help steady the air travel industry. The company already has about 30 to 40 investment bankers traveling daily, according to a new report from Bloomberg.
In-person meetings help banks win lucrative mandates and show their interest to potential clients.
Jim Casey, J.P. Morgan s co-head of global investment banking, said: “Business travel has picked up as people become more comfortable. You’re not winning new business without in-person connectivity.”
by Tyler Durden
Monday, May 03, 2021 - 04:15 AM
In the aftermath of Covid-19, business travel for bankers is still expected to plunge. It s great news for banks, who will save money on travel costs, and less than stellar news for airlines, who rely on business travel for day-to-day operations.
Nordea Bank Chief Executive Officer Frank Vang-Jensen said to Bloomberg on Thursday that
there will definitely be much less traveling, according to Gulf News.
His sentiments were echoed by the likes of other major investment banks HSBC and Standard Chartered.
Andy Halford of Standard Chartered said: We see a step change down in the level of travel once we normalize out of this.