Brian Stovsky Discusses How Investment Banking Has Not Only Thrived During the Pandemic, But Could Be the Key to Rebuilding the US Economy Post Pandemic
Business development leader Brian Stovsky says that the innovation for investment bankers has gained them more customers and set them on a path of sustainability post the COVID-19 pandemic.
The negative impact caused by the COVID-19 pandemic rippled across the United States and the world. It will be years before anyone will be able to understand the full effects of the damage caused by the Coronavirus. What is known, however, is that people in the United States are hurting. Citizens are facing food insecurity, the impact of the nation’s school-aged children is devastating, the rates of homelessness and mental health issues have escalated, and businesses both large and small have shuttered their doors forever. With all of the devastation, it is difficult for people to find any ray of sunshine, but Brian Stovsky says that it is a bright spot to be found in the darkness. Stovsky who specializes in private equity, says that investment banking has done very well during the pandemic.
All across the financial industry, people had to find created ways to conduct their business. “I know a lot of people out there don’t consider bankers and investors to be essential workers, but they absolutely are. In order to keep the economy moving during the pandemic, people have to have money, pay their bills, and to purchase the essentials they need. The demand for people to be able to go into their bank to speak with someone about their portfolio, or ways they could safeguard the money they have is high. When people are afraid, and are facing the unknown, they seek advice.”, Brian Stovsky said.
Companies looking to invest have fared during the pandemic due to other businesses looking to sell due to lack of sales or other factors caused by the shutdowns in states across the country. “We have seen the revenues in banks go up as much as 25 percent during the COVID-19 crisis. There have been a lot of people who wanted to sell and even more who have been willing to buy. Bankers have augmented their business practices to accommodate the needs of their customers. For example instead of having costumes come in and sit and wait on a banker, banks schedule appointments for people to come to the bank, to make sure they adhere to social distancing guidelines. Many investment deals have been brokered as a result of the ability of investment bankers to virtually show properties to potential clients.”, Brian Stovsky said.
According to Mr. Stovsky, the future looks bright for investment banking post pandemic. “I believe that bankers have learned a lot about how to modify their business practices to attract new business. Now that the stimulus is reaching people and businesses who need it, I suspect that there will be even more people who will invest in projects that center around the construction, transportation and renewable energy sectors. Building and exploration have always been the two things that have revitalized the American economy, and I don’t see why they won’t again post the pandemic.”, Brian Stovsky said.