Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs have all instituted work-from-home arrangements for much of their staff in a bid to contain the spread of the coronavirus, according to news reports.
Morgan Stanley told all staff who don’t need to work from an office to work from home, Reuters reports. The directive doesn’t apply to some sales staff and traders, who are already working from backup offices, according to the newswire.
The wirehouse had already sent traders to secondary offices in New Jersey and Brooklyn, according to CNBC. Earlier this week, Morgan Stanley also sent some employees to its Purchase, N.Y., office, which houses the firm’s wealth management operations. On Tuesday, the company informed staff that an employee in the building tested positive for coronavirus. The employee had been “self-quarantined for some time” and the firm performed a “deep cleaning” of the office, Morgan Stanley said.
On Thursday, Morgan Stanley also banned all non-essential travel, including domestic, according to Reuters. Morgan Stanley, along with Wells Fargo, Citigroup and JPMorgan, had already banned all international travel earlier this month.
Meanwhile, JPMorgan told New York-area employees Thursday that they would be split for a weekly rotation, with some working from home and others from the office, according to an internal memo cited by Reuters.
The move comes as the number of confirmed cases in New York City has reached 95, the newswire writes. On Thursday, Mayor Bill De Blasio declared a state of emergency, according to Reuters.
By the end of the month, 25% to 50% of JPMorgan’s New York-area staff will be working from home, the newswire writes, citing the memo. This includes most corporate staff in Manhattan, Brooklyn and Jersey City, N.J., but not traders or branch workers, according to Reuters.
The company tells the newswire the move was in response to a request from state lawmakers.
Goldman Sachs, meanwhile, told its workers that most of its staff in North America and Europe will work from home or one of the firm’s backup locations on a rotating basis, according to another memo viewed by Reuters. The plan doesn’t apply to some sales, trading and critical staff, according to the newswire.
The spread of the coronavirus, which has been declared a pandemic by the World Health Organization on Wednesday, has resulted in more than 132,500 people infected and the deaths of close to 5,000 around the world, CNN writes, citing the WHO.
In the U.S., the deadly virus has infected at least 1,666 people and killed 41, according to CNN Health’s tally.
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