- The spread of coronavirus has sent Wall Street banks scrambling to put in place policies to protect workers and clients and make sure business can carry on with as little disruption as possible.
- The changes come as financial markets are being rocked by worries about the economic impact of supply-chain disruption and containment measures.
- And the first emergency rate cut by the Federal Reserve since the financial crisis has put even more pressure on banks.
- Here’s a look at the latest guidance being given to employees at massive financial institutions that dominate dealmaking, trading, and consumer banking.
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With the global spread of coronavirus, Wall Street banks are grappling with how to keep workers and clients safe while keeping their sprawling operations running with as little disruption as possible.
We’ve been tracking changes to employee travel policies, disruptions to in-person meetings and conferences, and how banks are deploying contingency plans. We’ve also talked to top bankers to understand how international travel restrictions and a lack of face-to-face meetings could put a big dent in dealmaking.
The changes come as global financial markets are being rocked by worries about the economic impact of supply chain disruption and containment measures. And the first emergency rate cut by the Federal Reserve since the financial crisis has meanwhile put even more pressure on banks.
Here’s everything we know right now:
- March 10: A Barclays employee at the bank’s New York City headquarters tested positive for the coronavirus and has been self-quarantined since last week
- March 10: A Wells Fargo employee has coronavirus and Morgan Stanley, UBS, and Merrill Lynch all have offices in the same San Francisco skyscraper — here’s what they’re telling workers
- March 6: An employee at investment giant TIAA has contracted coronavirus, and the Manhattan WeWork office where they were working has been closed for cleaning
- March 6: Bank of America is splitting its trading force and sending staffers to Stamford amid concern over coronavirus spread, according to an internal memo
- March 6: UBS is divvying up teams in Switzerland and having them switch off who comes into the office as part of its coronavirus response
- March 5: Morgan Stanley is moving about half of its Wall Street traders to its disaster-recovery site outside NYC to prep for the coronavirus spread
- March 4: Goldman Sachs just switched a 400-person conference at the last minute to an audio-only webcast and it shows how Wall Street is scrambling as coronavirus spreads
- March 4: Bad timing: Hotly-anticipated tech IPOs are dealing with a brutal one-two punch of coronavirus fears and election uncertainty
- March 2: Morgan Stanley just halted employees’ international travel and is stocking up on hand sanitizer as coronavirus spreads
- February 6: UBS is restricting employees’ travel in China and implementing a work-from-home policy as the coronavirus has spread