The COVID-19 pandemic is a profound health and humanitarian crisis that massively challenges the financial and operational resilience of the global capital markets industry. The outbreak has initiated a call to action for leaders worldwide to rapidly assess the fast-changing developments, and to mitigate the ensuing impact on their people, their customers and their organizations. Drawing on our insights from working with firms across all sectors of capital markets around the globe, we believe this unprecedented set of challenges should be addressed in three phases: stabilization, reconfiguration and recovery. 2