Many of the City of London’s biggest institutions are taking steps to combat the spread of the coronavirus.
On Monday many of JPMorgan’s UK-based staff are being temporarily moved to a different office. They’re not alone.
Goldman Sachs last week sent around 200 members of staff to test a site in Croydon, South London for the day to ensure the systems worked effectively.
Many of these measures by some of the world’s biggest banks follow the events that took place at HSBC last week.
HSBC sent home more than 100 staff from the tenth floor of its Canary Wharf offices on Thursday. The move came after one staff member, who was part of the research division, returned from Asia and was diagnosed with the Covid-19 virus.
The employee is now under medical supervision and has self-isolated, and the rest of the research division worked from home on that day.
This was the first known case at a major company in the UK’s financial service hub.
The research floor received a “deep clean” from a specialist professional services company.
HSBC said the building, which houses close to 10,000 workers, would remain open after it took medical advice.
Regulator the Financial Conduct Authority (FCA), says it doesn’t have an issue with staff working from backup sites or even from home, so long as certain standards are met.
The FCA expects firms to be able to enter orders and transactions promptly into the relevant systems, use recorded lines when trading and give staff the compliance support they need.
JPMorgan says it began its coronavirus contingency plan last week by splitting up teams to work in different offices around the country.
Many members of staff are now either working in a different office than normal or at home.
The bank has offices in London, Bournemouth, Glasgow and Edinburgh.
Nature of the job
However, the nature of the job means that working from home is not an option for many staff at most of the large investment banks such as JP Morgan or its rival Goldman Sachs.
That’s because most traders and salespeople need to sit together on a trading floor which is monitored in order to meet regulatory rules.
Goldman Sachs hasn’t activated its coronavirus contingency plan just yet but if the need arises the bank says it is ready to act.
- Gospel musician accuses police of killing her brother in a scuffle over cash
- Afia Schwarzenegger fined GH¢60k in contempt case
- Deadline for Domestic Debt Exchange Programme extended to Feb 7
- Assault of Latif: Attorney General begs for time to pursue settlement talks
- Minority leadership rancour is a needless distraction – Okudzeto Ablakwa
- Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years
- Chicago prosecutor drops R Kelly’s sex-abuse charges
- Trader jailed for causing harm to ‘Good Samaritan’
- Leicester City sign Ghanaian youngster Nathan Opoku
- Ghana places 72nd, stagnates in 2022 Corruption Perceptions Index
- Kwaku Antwi-Boasiako: No one has seen God!
- South Africa considers $52m deal with Spurs – report
- Gabriel Asante: Why a review of Free SHS should focus on protecting the poor
- Malawi president reduces size of cabinet in reshuffle
- Cedi to remain stable against dollar
- Today’s front pages: Wednesday, February 1, 2023
- Ghana’s economy to rebound in 2024 – IMF
- Alternative Livelihoods Project: 3,000 former illegal miners gain employment
- Record Botswana diamond sales in 2022 as Russia shunned
- Thomas Moore Adingo: Why should private health insurance players be unhappy with GAB activities?
- Nigeria election 2023: The oil land with no electricity
- Pope in DR Congo: ‘Hands off Africa’ says Pope Francis in Kinshasa speech
- Empire Builders staff appeal to government to protect them, prevent sale of their lands
- Jorginho moves from Chelsea to the Gunners in a deal worth £12m
- Civil Society Organisations urged to step up HIV/AIDS awareness campaigns