As the coronavirus pandemic takes its toll on nearly every aspect of American financial life, banks are seeing their profits tumble.
Most financial advisors are anticipating a revenue drop and hit to their firm’s overall profitability during the next six months.
A 3.0% downturn during 2020 would mark the steepest downturn since the Great Depression of the 1930s.
Wells Fargo sets aside some $4 billion in loan-loss provisions as first-quarter net income significantly impacted by the Covid-19 disease.
These aspiring financiers are sweating bullets over fears that the summer internships they hustled to line up will be canceled because of COVID-19.
Some banks may find their lack of scale and the short term pressure “too acute” to survive the crisis.
From virtual conferences instead of face-to-face meetings to webinars instead of courses, advisors are having to learn to adapt to a new world.
