LONDON (Reuters) - JPMorgan (JPM.N) has started to shift sales and trading staff to different offices as part of its contingency plans to keep its operations running smoothly through the coronavirus outbreak, according to a memo seen by Reuters.
The Wall Steet bank said sales and trading employees in London and New York would need to shift to other locations as a “precautionary measure” that would ensure “seamless execution over time.”
The memo, sent by JPMorgan’s head of sales Marc Badrichani and its head of trading Troy Rohrbaugh, said splitting the workforce into different locations would improve its ability to “serve clients continuously while reducing the health risks associated with physical contact should a case arise.”
JPMorgan runs a disaster recovery site in Basingstoke and has an alternative building in central London near the Blackfriars bridge.
“The bank has officially moved from testing to execution,” said a source familiar with the matter, adding the biggest wave of moves would happen on March 9.
Reporting By Pamela Barbaglia, Editing by Lawrence White