COVID-19 and the Impact to Banking and Capital Markets Sector

Date: Thursday June 4, 2020

Virtual event sponsored by Deloitte

Moderator: Jason Marmo, Principal in Tax Practice and Deloitte Global and US Banking & Capital Markets Tax Leader

Panelists:

  • Anna Celner, Global Banking & Capital Markets Practice Leader for the Deloitte Global Firm

  • Irena Gecas-McCarthy, Principal in Deloitte Banking and Capital Markets Practice and serves as the leader of the Financial Services Industry Center for Regulatory Strategies

  • Grace Melton, Deloitte Washington National Tax Compensation and Benefits practice leader

  • Val Srinivas, Banking & Capital Markets research team leader at the Deloitte Center for Financial Services

Host: Andrea Garcia Castelao, Principal in the Deloitte Tax Practice

Overview:

Our distinguished panelists discussed the topic of “COVID-19 and the Impact to the Banking and Capital Markets Sector”.

The discussion centered around how resilient leaders will concentrate on the journey to recovery for their organization, team and stakeholders. This journey starts at the respond phase (preparing and managing continuity), moving through recover (learning and emerging stronger) to ultimately focus on thrive (preparing for the next normal).  Financial institutions and the regulators will continue to play critical roles in responding to the crisis, and, as the economy emerges on a path toward recovery, they will continue providing the foundation to enable organizations to thrive.

 

Key Insights:

  • Recovery is a journey that will take twists and turns

  • Financial institutions will play a critical role during the crisis and as the economy moves to recovery

  • Banks will need to consider different scenarios when focusing on their priorities for the “next normal”

  • Crises like this, with deep challenges to be navigated, will also lead to opportunities for learning and deepening trust with all stakeholders, while equipping organizations for a steep change that creates more value not just for shareholders, but for society as a whole.