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Investec annual profit takes a massive hit

21 May 2020 7:52 PM
Tags:
Investec
Fani Titi
Lockdown
COVID-19
Investec's annual profit has taken a massive blow, as the coronavirus hit trading income.

Investec's annual profit has taken a massive hit as the coronavirus hit the company's trading income.

Bruce Whitfield asked Investec's CEO if the company's recent restructuring was deeper than a reaction to Covid-19.

Over the last 18 months or so we embarked on a process to simplify and focus the business in order for it to grow - and the first element of that process was the demerging of the asset management business.

Fani Titi, Joint CEO - Investec 

The South African banking business has a cost income ratio of about 52 per cent which we believe is very competitive...

Fani Titi, Joint CEO - Investec 

Titi also elaborated on the company's operations during Covid-19, and agrees that the crisis has sped up technology that enables people to work from home.

At the moment about 95 per cent of our people work remotely so it's been an amazing effort on the part of our technology people to facilitate a transition into this type of working.

Fani Titi, Joint CEO - Investec 

I think in the long-term the trend of working away from a fixed office was always on the horizon. What the crisis had done was accelerate the trend.

Fani Titi, - Investec
Investec Bank logo. Picture: www.Investec.co.za

Listen to the full interview below.

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21 May 2020 7:52 PM
Tags:
Investec
Fani Titi
Lockdown
COVID-19

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