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UK and European banks are planning to reduce business travel after the epidemic

Europe’s largest banks are planning to cut business trips until half of the epidemic is eradicated after the coronavirus epidemic, many of the new long-distance operating methods developed during the twisting era are unusual.

Big banks are keen to learn from what they have learned over the past year to reduce costs and strengthen their green billboards, but plans are worrying airline and hospitality groups that rely heavily on travel to benefit and hope for a speedy recovery once the restrictions are lifted.

Noel Quinn, chief executive of HSBC, told the Financial Times that they expect to reduce their travel exports by almost half of Covid, going short, long distances to the credit bureau to reduce the amount of travel they want.

Lloyds Banking Group of Britain and Dutch bank ABN Amro, meanwhile, have become two of the first to lend money to set up bank balances. Mr Lloyd pledged to “improve energy” built up during the epidemic by keeping emissions from within 50 percent of 2019.

ABN wants to reduce its flights compared to 2017 over the next five years, in part by barring investors from boarding flights between its European offices and forcing them to board the train.

For airplanes and hospitality groups, it can be very painful. The business group is one of the most lucrative destinations for other airlines, while international hotels and other hospitality groups, such as restaurants and bars, can generate significant revenue from large corporations and business events.

Air travel can generate up to 75 percent of air travel costs on international flights, according to PwC.

It is also frustrating to predict from other company executives, such as Ryanair boss Michael O’Leary, who last week Map Going on business can also help you to cope.

For domestic banks, such as Lloyds, reducing travel can be easy, though it will also require a reduction in face-to-face meetings with business clients and foreign businesses. However, even financial institutions around the world are preparing for a major cut.

The chief executive of a bank operating in several countries said his bank had not met its deadline, and was considering reducing travel “to half of what happened before the epidemic”.

Andy Halford, chief financial officer at Standard Chartered, headquartered in London despite running most of its business in the coming markets, was smarter than its counterparts, but still expected banking operations to be slightly lower than before the epidemic.

“The meetings I have been having with businesses to make changes, radios around the world, I hope these things will decrease. Most advertisers can earn more on video. But town halls with a large workforce are very important meetings. . . which must continue. Good manners need to be worked on, ”he said.

The one-third drop will coincide with recent predictions by Star Alliance CEO Jeffrey Goh, but some airlines are expecting a slight fall. Shai Weiss, PA Virgin Atlantic The Chief Executive, told the Financial Times this month that the company was planning a 20% temporary strike, while O’Leary was furious.

A number of senior banks said they wanted to resume other forms of travel such as visiting staff and key customers, but realized that 2020 had confirmed that many of the trips taken in the past were ineffective.

“I don’t think people are serious about doing everything they used to do,” said one bank salesman. “Fly an hour-long flight back and forth, e.g. These things will end. ”

Observing some of the long-distance work practices that have taken place during the epidemic also provides an opportunity for banks to reduce costs at a time when many are struggling to repay on a regular basis during low interest rates. HSBC alone saved $ 300m on travel costs in 2020 compared to last year.

The decline also reduced the bank’s annual CO2 emissions by about 73,000 tons. Even the big money that banks charge for climate change comes through them leasing more destructive industries, Releases related to travel are part of the process.

A 50% drop in the UK’s four largest banks compared to 2019 could save about 120,000 tons of CO2 emissions each year, according to FT estimates.

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