Banking giant Investec has confirmed plans to axe 210 jobs from its London headquarters amid a ‘challenging economic backdrop’ due to the coronavirus crisis.
The firm said it will slash around 13 per cent of roles in the capital in order to help ‘simplify and focus the business’ in the wake of the pandemic.
Investec added its performance in the five months to August 31 was impacted by lower average interest rates, reduced client activity and a 22 per cent depreciation of the South African rand against the pound.
Fani Titi, chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period.
However, he added that the business had ‘proved resilient’ despite the impact of lockdown in the first quarter before economies slowly started to reopen.
Elsewhere, Ffestiniog and Welsh Highland Railways in
Severstal is one of Russia’s largest steel and mining companies. When the pandemic hit, the company closed its Moscow headquarters and other offices around the world and asked many of its 50,000 employees to work from home.
According to Sergey Dunaev, CIO of Severstal, the company overcame logistical challenges fairly quickly. “We provided 7,000 employees with computers, laptops — all the technologies that provided them with a way to work,” he said.
Thanks to something Dunaev calls an “ERP culture,” Severstal employees easily adapted to the new normal. “The years of work with ERP systems and non-ERP solutions taught our people to collaborate remotely,” said Dunaev. The software fostered a virtual environment in which colleagues could analyze multiple dimensions of a problem – as well as dependencies and consequences. This cooperative, but digital way of working (via the software), made it easier for employees to work remotely.
Severstal has used