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HomeBank CapitalCapital Calls: World’s back office is suddenly front of mind

Capital Calls: World’s back office is suddenly front of mind

Relatives wearing personal protective equipment (PPE) mourn a man, who died from the coronavirus disease (COVID-19), during his funeral at a crematorium in New Delhi, India April 21, 2021. REUTERS/Adnan Abidi

Concise insights on global finance.

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BANKING ON IT. The world’s back office is front of mind. Companies and banks rely on their workforces in India to power their global businesses. Now employers are scrambling to secure vaccines and medical supplies for employees as Covid-19 cases in the country top 18 million read more and grave diggers work round the clock.

Deutsche Bank (DBKGn.DE) has 13,000 people on the ground, its largest staff presence outside of Germany. It has set up teams to help them tap urgent medical assistance, according to an internal memo to staff seen by Reuters Breakingviews. Standard Chartered (STAN.L), Chief Financial Officer Andy Halford said yesterday that more than 4% of its 20,000 staff were infected.

Protecting people is a tall order. Even the country’s rich and well-connected are struggling to secure hospital beds for their loved ones. Many back offices are located away from New Delhi, the current epicentre of the crisis where an oxygen shortage read more has led to more deaths. But with the virus rippling across the country, they are now the recipients as well as the providers of support. (By Una Galani)

On Twitter http://twitter.com/breakingviews

Earlier in Capital Calls:

DBS adds to Asia bank optimism read more

Endeavor’s Hollywood ending read more

Ares throws down gauntlet in private credit arena read more

U.S. GDP goes big read more

Unilever planned profitability gain is optimistic read more

Reuters Breakingviews is the world’s leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

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