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City banks reveal plans to slash business travel by half after Covid pandemic

Banking giants are planning to cut down on business travel in the wake of the Covid pandemic, it emerged today.  HSBC, Lloyds Banking Group and ABN Amro have all announced plans to cut back on international flights in a bid to shrink their carbon footprint and cut costs.  But the news comes as a fresh blow to the beleaguered travel industry, which has been left on its knees in the coronavirus crisis and relies on business travel to bolster profits.  Carriers are forecast to lose around £34 billion in 2021, according to the International Air Transport Association.  Businesses spend more than £215 billion each year on corporate travel, approximately 20 per cent of which is on airfare, PwC figures suggest. 

REPORT: Banks to cut business travel by up to half | Business Travel News Europe

Share Europe’s banks are considering cutting their business travel by up to half, according to a report in the Financial Times. Dutch bank ABN Amro said in the article that it plans to halve its air travel compared with 2017 over the next five years, in part by banning bankers from taking flights between its European offices and forcing them to take the train. Lloyds Banking Group has pledged to sustain the momentum built during the pandemic by keeping carbon-dioxide emissions from travel to less than 50 per cent of 2019 levels, it told the FT. Standard Chartered said it “expected bankers’ movements to

Standard Chartered planning hybrid working overhaul

Standard Chartered planning hybrid working overhaul
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