Wall Street coronavirus contingency plans - the state of play

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 80 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 66%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

REUTERS: As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets ...

REUTERS: As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association – have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:Firms began last week to test and roll out aspects of their business continuity plans in a bid to mitigate the risk of the illness laying low staff or stopping them from commuting into the city.

Last week, JPMorgan Chase & Co was the first bank to activate contingency plans and split its US sales and trading staff between New York and secondary sites in New Jersey. Morgan Stanley is also shifting part of its New York-based sales and trading staff to its sites near Westchester County, New York, as well as having some teams work from home starting on Monday, Reuters reported last week.

According to SIFMA's website, banks are also testing workers' home telecoms, internet and virtual private network capacity and other systems necessary to support remote activities, including interfaces with stock exchanges. Banks are also assessing the preparedness of their third-party partners like technology vendors, said SIFMA.Many banks including JPMorgan, Citigroup Inc and Morgan Stanley have imposed a range of travel restrictions.

Some banks require individuals to work remotely for 14 days following their return from affected regions, and are also asking visitors to disclose if they traveled recently to coronavirus hot spots. Last month, for example, signs at Goldman Sachs Group Inc's New York headquarters asked guests who traveled recently to China, or had close contact with someone who did, to reschedule their meetings.

They include frequently washing hands, social distancing such as cancelling events and moving desks farther apart, covering coughs and sneezes, avoiding touching the eyes, nose and mouth and refraining from shaking hands when greeting people. Employees are also encouraged to stay home if they feel ill.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street Week Ahead: Investors look for buys as virus fears crush travel stocksBargain-hunting investors are eyeing the shares of airlines, hotels, cruise lines and other companies that have been among the worst-hit by the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US: Coronavirus concerns drag down Wall St, but indexes eke out weekly gains[NEW YORK] US stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified, though Wall Street's major indexes ended well above their session lows. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Asset manager State Street to take voting action against six STI companies with no women on their boardsSTATE Street Global Advisors (SSGA), the world's third-largest asset manager with nearly US$3.12 trillion under its care, has identified six companies on the blue-chip Straits Times Index (STI) that do not have female board representation, and is seeking to effect change with its voting power starting this year. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »