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by Tyler Durden
Thursday, Apr 29, 2021 - 10:50 PM
If the last year has taught us anything, it s that dealmaking doesn t come to a stop just because of a once-in-a-century global pandemic. And although some have written the obituary for the SPAC boom, there s clearly still enough dealmaking activity happening in India to warrant investment banks pushing ahead even as the second wave of the country s COVID-19 pandemic leads to unprecedented devastation.
And as banks work to ensure their employees can grind on regardless of the circumstances, Bloomberg reported that StanChart is attempting to buy medical grade oxygen for workers in its Indian offices who have become stricken with COVID-19.
HSBC to StanChart predict demise of business travel for bankers
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Travel costs were down $300 million in 2020, suggesting an annual saving of $150 million going forward: HSBC Jetting off at a moment’s notice to visit clients was second nature for many investment bankers before the pandemic struck. After more than a year of lockdowns and remote working, plenty of executives are now saying the days of regular globe trotting are gone for good.
There “will definitely be much less travelling,” Nordea Bank Apb Chief Executive Officer Frank Vang-Jensen said Thursday, while Standard Chartered Plc’s finance boss Andy Halford told Bloomberg Television he expects travel costs to reduce sharply: “We see a step change down in the level of travel once we normalise out of this.”
StanChart posts modest gains; reveals plans to cut branches worldwide PUBLISHED BY
Standard Chartered Bank posted an 18% increase in first-quarter pre-tax profit at $1.4 billion, topping the analyst forecast of $1.08 billion.
The banks also said it will slash its global branch network by half to around 400 to cut expenses. The bank has a huge presence in Asia, Africa and Middle East.
Chief financial officer Andy Halford said the emerging markets-focused lender would slash its network to 400 from 776 branches following the changes in work mode during the Pandemic and the worldwide lockdowns in 2020. It will take a $500m charge this year to do so. It had 1,200 branches worldwide in 2014, and it will shrink the network to nearly one-third. StanChart had already announced a cut in its real estate earlier. The restructuring of the branches and cutting down on the real estate shows that StanChart is looking at long-term savings.
United KingdomStanChart to cut branch network in half, quarterly profit beats expectations
ReutersLawrence WhiteAlun John
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A logo of Standard Chartered is displayed at its main branch in Hong Kong, China, Aug. 1, 2017. REUTERS/Bobby Yip
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Standard Chartered PLC (STAN.L)is to reduce its global branch network by half to around 400 to cut long-term costs after the British bank reported a stronger than expected first-quarter profit.
The Asia, Africa and Middle East-focused lender, which had as many as 1,200 branches worldwide in 2014, said on Thursday it will shrink the network to a third of that total as it also gives up office space worldwide.