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Business Travel: Full Recovery Expected by 2025

Financial impact of global travel decline expected to be 10x the Great Recession and 9/11 Alexandria, Virginia (February 2, 2021) – The Global Business Travel Association (GBTA) – the world’s largest business travel association – released its annual BTI™ Outlook, a detailed analysis of business travel in 2020, with projections for 2021 and beyond. The BTI Outlook, now in its 12 th year, is an exhaustive study of business travel spending and growth covering 75 countries across 48 industries.   The true global financial impact of COVID-19 began in Q2 2020, resulting in an expected 68% decline (to $738 billion USD) from April 1, 2020 to the end of the year. Because of the relatively strong (pre-COVID) first quarter of 2020, global spending on business travel is expected to show a 52% decrease for all of 2020 (to $694 billion USD), down from $1.4 trillion USD in 2019.

GBTA: Newly Passed Congressional COVID-19 Relief Funding A Key Step In Saving Travel Jobs, Restoring Worldwide Travel

Week's Best: UBS Recruits Merrill Lynch Advisor Team in California

UBS has recruited a former Merrill Lynch advisor team that managed $920 million in assets to its Walnut Creek, Calif., branch northeast of San Francisco. The team, consisting of advisors Darrick Walker, David Leibowitz, and Michael Muniz, produced trailing-12-month revenue of more than $5 million. They mark the latest recruiting success for Erin Borger, UBS’s Northern California market chief, who has made other noteworthy hires this year from rival wirehouses. In other wealth management stories this week: Raymond.

GBTA Calls for a Coordinated Approach to Restore Safe Travels