The move is the most high-profile example to date of steps banks are taking to protect workers and prevent disruptions amid the coronavirus outbreak.
JPMorgan Chase has begun sending hundreds of its traders and salespeople in New York and London to backup locations as Wall Street girds itself for the arrival of coronavirus.
The bank plans on moving approximately half its sales and trading staff in New York and London to a pair of backup locations near each city, retaining the other half at the main headquarters, according to a person with knowledge of the situation. Employees in New York may be sent to offices in Brooklyn or New Jersey, the person said.
"Dividing our workforce into different locations improves our ability to serve clients continuously while reducing the health risks associated with physical contact should a case arise," JPMorgan executives said Thursday in a memo.Spencer Platt | Getty Imageshas begun sending hundreds of its traders and salespeople in New York and London to backup locations as Wall Street girds itself for the coronavirus.
The bank plans on moving approximately half its sales and trading staff in New York and London to a pair of backup locations near each city, retaining the other half at the main headquarters, according to a person with knowledge of the situation. Employees in New York may be sent to offices in Brooklyn or New Jersey, the person said.
"We are starting to shift people as a precautionary measure at this stage, and one that we are beginning now as a way to ensure seamless execution over time," JPMorgan executives said Thursday in a staff memo. "Dividing our workforce into different locations improves our ability to serve clients continuously while reducing the health risks associated with physical contact should a case arise.
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