The 2020 recession came about recently and has still been affecting banks. Bob Diamond is offering advice to banks on how to survive the recession. The banks have some important steps to take going forward as well. Bob Diamond ran Barclay’s during another recent economic downturn. He claims that banks can save themselves as the markets take a down turn. But the steps aren’t going to be fun for them. The banks must lead the way.
The most important step will be to cut unnecessary costs. Bob Diamond says that only the ‘leanest’ banks will survive. Those are banks that focus on the fundamentals as the project gets underway. These banks likely know how to approach the current recession. People are eager to learn a lot more info about what they can expect. The project will get started when the bank has a clear policy and spends their money wisely.
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