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COVID-19: UK industry focus - Where next for banking?

Most global banks are in a stronger position now than during the last financial crisis in 2008 - with up to five times more capital. Agreements not to pay dividends and bonuses have further fortified their position, allaying fears the pandemic could pose an existential risk to the UK’s major banks. 

Nonetheless, responding to the challenges presented by COVID-19 will not be easy: even before the virus started to spread, banks were battling squeezed margins and lacklustre growth. The pandemic will exacerbate this as it hits the economy, increasing pressure on revenue as lending volumes and margins fall and credit losses mount. 

Our experts discuss how banks must transform the size and composition of their cost bases.

“By concentrating on cost and being clear on their purpose, businesses can emerge from this new crisis leaner and even more focused.”

How we can help

This insight is brought to you using the capability of Strategy&, PwC’s global strategy house, alongside our PwC industry experts. Together, we transform organisations by developing actionable strategies that deliver results.

We are uniquely placed to combine strategy with technical, industry and execution expertise. We embed our strategy capabilities with expert teams across our PwC network, to show you where you need to go, the choices you’ll need to make to get there, and how to get it right.

The result is an authentic strategy process powerful enough to capture possibility, while pragmatic enough to ensure effective delivery. It’s the strategy that turns vision into reality. It’s strategy, made real.


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Simon Westcott

Simon Westcott

Partner, PwC United Kingdom

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