Surveyed by Luxembourg for Finance in October, 60% of respondents said revenue would be lower than expected for 2020. Three quarters of executives--from banks, asset managers, insurers and private equity firms--expected to see no international investment growth next year, with 31% even anticipating a decrease.

More than half of business leaders are anticipating cutting operating budgets for 2021 although the survey did not reveal the shape these cuts would take.

ING last week announced it would cut 1,000 jobs, although not in Luxembourg. Société Générale said it would cut 650 jobs in France. Other lenders--including Santander and Lloyds--have also announced layoffs. Bloomberg estimates reductions globally this year to surpass 80,000.

Around two thirds of LFF survey respondents were confident of revenue growth next year although this could be linked to the cost reductions.

Companies also showed themselves ready to adapt remote working solutions in the long term, with nearly three quarters saying they would allow at least one day of teleworking a week.

Company and trade union representatives in October signed new rules facilitating more flexibility in teleworking.