Banks need to pull together detailed, company-by-company stress tests to work out how their loan books will weather the storm of Covid-19 — but many do not have the IT in place to do so, according to a new study.

The latest report on the global banking sector from the Boston Consulting Group, the management consultancy, is likely to make challenging reading for the bank executives and risk, treasury and compliance staff it is aimed at. Published on 21 April, it was led with a four-page gameplan for surviving the coronavirus crisis.