The boss of Investec Bank’s local arm says the impact of Covid-19 will be sharper than that of the 2008 global financial crisis and he expects a long, gradual recovery in economic activity.  

“The contraction and recovery will most likely be L-shaped and will take much longer than the global financial crisis. It is a massive shock. Even during the global financial crisis we didn’t see revenue for some businesses go to zero like we have with Covid-19,” says Investec Bank SA CEO Richard Wainwright.

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