Financial Services analysts Tom MacKinnon and Sohrab Movahedi compare the financial positioning of banks and lifecos amid the current coronavirus pandemic to the recent global financial crisis. While their downside scenario analyses suggest earnings will be down materially in 2020, they believe the balance sheet strength/quality and business diversification of the banks and lifecos should help them weather the pandemic storm. Tom and Sohrab also discuss some of the potential credit implications arising from the current economic situation and touch on earnings implications.