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Covid-19 - Effect on the workings of the financial sector

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Meerkat

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An investment bank is not the same thing as a high street bank though (even if owned by the parent company)
Investment banks run the pension and insurance funds, keep the stock market going, and supply finance to big business. They are essential to the economy of the country
 

Meerkat

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An investment bank is not the same thing as a high street bank though (even if owned by the parent company)
Investment banks run the pension and insurance funds, keep the stock market going, and supply finance to big business. They are essential to the economy of the country
 

nidave

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Investment banks run the pension and insurance funds, keep the stock market going, and supply finance to big business. They are essential to the economy of the country
They can be shut down for a few weeks - things could be put on hold. Not a key worker - unlike high street banks.

Edit: Were people not calling for those you mention in your post to be hung from the street lamps for causing the 2008 crisis :)
 

Meerkat

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They can be shut down for a few weeks - things could be put on hold. Not a key worker - unlike high street banks.

Edit: Were people not calling for those you mention in your post to be hung from the street lamps for causing the 2008 crisis :)
No, they can’t be shut for a few weeks! I really don’t think you understand how many things they are involved in - it isn’t just evil barrow boys trading shares on their own banks accounts!
Apart from anything else someone needs to buy all the debt the government is desperately trying to sell to pay the worker subsidies!
 

nidave

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No, they can’t be shut for a few weeks! I really don’t think you understand how many things they are involved in - it isn’t just evil barrow boys trading shares on their own banks accounts!
Apart from anything else someone needs to buy all the debt the government is desperately trying to sell to pay the worker subsidies!
Can people VPN into networks from home or use a website - if the BBC can play out telly from the spare bedroom (a friend is doing that) then its not beyond the wit to work from home - they are not key workers - they should not be out - this can be done from home
 

Meerkat

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Can people VPN into networks from home or use a website - if the BBC can play out telly from the spare bedroom (a friend is doing that) then its not beyond the wit to work from home - they are not key workers - they should not be out - this can be done from home
Most of them will be working from home - they want to, and the banks will be very worried about whole teams being ill at once (intra day deadlines and legal separation of duties mean it’s hard to shift work about). Traders might need the office equipment - for regulatory reasons, capacity, and speed (the servers have to be within a few miles of the terminals).
 

hwl

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Most of them will be working from home - they want to, and the banks will be very worried about whole teams being ill at once (intra day deadlines and legal separation of duties mean it’s hard to shift work about). Traders might need the office equipment - for regulatory reasons, capacity, and speed (the servers have to be within a few miles of the terminals).
Traders - For security reasons (including insider trading) they have to be on the trading floor at their employer no mobiles etc.

Everyone who can be at home is.
 
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hwl

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Can people VPN into networks from home or use a website - if the BBC can play out telly from the spare bedroom (a friend is doing that) then its not beyond the wit to work from home - they are not key workers - they should not be out - this can be done from home
Unfortunately you are showing you have no understanding of how the financial system or investment banks etc. work.

Things can not be put on hold as you put it.

Those that can work from home are working from home.

All UK FIs have split their trading teams so they are typically on 3 separate sites where they don't mix, at least one of these sites will be their anonymous* DR sites.

Most of the investment banks have a lot on international activity centred in London so dozens of countries are relying on business as usual being done by investment banks in the UK.

*Unless you are citi group and put a huge "citi" logo on the top of your normally empty skyscraper above Lewisham shopping centre!
 
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Meerkat

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Unless you are citi group and put a huge "citi" logo on the top of your normally empty skyscraper above Lewisham shopping centre!

Isn’t it just still there from when it was a main office for them? I went there to meet them once, in the good old days when the junior staff from Citi/client would be given a company credit card for the night and told to go to the pub and get to know each other!
 

hwl

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Isn’t it just still there from when it was a main office for them? I went there to meet them once, in the good old days when the junior staff from Citi/client would be given a company credit card for the night and told to go to the pub and get to know each other!
Partially but they updated the logo from those days!
 

Meerkat

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Partially but they updated the logo from those days!
I like that you can see their DR site from the Canary Wharf one.

It’s fine for the big boys but DR provision is effectively pooled via outsourcing for the smaller companies - I do wonder if they could cope with too many clients calling on them at once.
 

Bantamzen

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They can be shut down for a few weeks - things could be put on hold. Not a key worker - unlike high street banks.

Edit: Were people not calling for those you mention in your post to be hung from the street lamps for causing the 2008 crisis :)

I'll readily stand up and admit I was one of those people in 2008. However, the markets cannot just be shut down to suit your needs. Governments need them right now to help pay people suddenly finding themselves without an income, so unless you think that paying people is not key, then work they will.
 
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