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The bank’s analysts wrote in a research note on Monday that they expected a 40% drop in earnings per share this year with “the economic fallout from COVID-19 (coronavirus) to be as severe as the 08-09 recession”.
A flurry of European blue chips have already announced freezes or cuts in their payout policies notably in the banking sector.
Shares in UK banks fell on Wednesday as the country’s top lenders canceled dividend payments after the regulator wanted them to save their capital as buffers against the expected losses from the economic fallout from the coronavirus.
