Coronavirus: blessing in disguise for Lux financial industry?
Could the coronavirus crisis prove to be a blessing in disguise for the financial industry in Luxembourg? It seems to have accelerated the adoption of new technologies in a sector that is traditionally somewhat resistant to innovation, and offers fresh opportunities to cut costs.
State Street grapples with Covid-19 HR concerns
State Street Luxembourg seems to have ridden out the first wave of the coronavirus crisis. Yet what of the return to work and a potential secondary shock? We asked Eduardo Gramuglia Pallavicino, State Street Luxembourg’s country head.
‘It all worked quite well. The regulators were quite pragmatic, simplifying some of the processes and allowing workload to be balanced across locations,’ Mr Gramuglia Pallavicino said confidently. ‘These changes were necessary, as in March transaction volumes were double the norm.’