Investec annual profit takes a massive hit
Investec's annual profit has taken a massive hit as the coronavirus hit the company's trading income.
Bruce Whitfield asked Investec's CEO if the company's recent restructuring was deeper than a reaction to Covid-19.
Over the last 18 months or so we embarked on a process to simplify and focus the business in order for it to grow - and the first element of that process was the demerging of the asset management business.Fani Titi, Joint CEO - Investec
The South African banking business has a cost income ratio of about 52 per cent which we believe is very competitive...Fani Titi, Joint CEO - Investec
Titi also elaborated on the company's operations during Covid-19, and agrees that the crisis has sped up technology that enables people to work from home.
At the moment about 95 per cent of our people work remotely so it's been an amazing effort on the part of our technology people to facilitate a transition into this type of working.Fani Titi, Joint CEO - Investec
I think in the long-term the trend of working away from a fixed office was always on the horizon. What the crisis had done was accelerate the trend.Fani Titi, - Investec
Listen to the full interview below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.
This article first appeared on 702 : Investec annual profit takes a massive hit
Lester Kiewit speaks to Business Insider's Andrew Thomson to find out about the firms diversifying during the time of Covid-19.Read More
The cigarette ban has killed the oldest store in South Africa. Lester Kiewit interviews Sturks Tobacco Shop owner Diane Chakim.Read More
Only very serious wrongdoing will get one declared a “delinquent director for life”, says Advocate Fay Mukaddam.Read More
National and business leaders have had to make some difficult decisions and will be expected to make many more as the crisis continues.Read More
The Purchasing Managers' Index remains dismal, stuck, depressed - suggesting subdued activity.Read More
As expected, the total lockdown that was in force resulted in almost zero vehicle sales.Read More
Covid-19 and the lockdown is a highly complex situation that will require new thinking that evolves over time.Read More
"Rwanda - they don't feel sorry for themselves. They don't blame foreigners or the rest of the world," says Nicky Verd.Read More
"I’m here for work purposes," says EWN reporter Petrus Botha.Read More
Expect a petrol price hike of about R1.20 per litre as the world economy gets into gear once more.Read More