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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now