Global bank on lockdown as JPMorgan tells employees to work from home

Featured Story

This image has an empty alt attribute; its file name is Bankster-Logo-2.png

Preparing for the worst, America’s largest bank is going on lock down to prepare for the coronavirus. It’s all part of JPMorgan’s “virus contingency plan” that calls on thousands of US employees to work from home and others to be relocated. The bank’s risk department said the plans are a “precautionary” measure to reduce physical contact should a case of coronavirus arise.

JPMorgan preparing to relocate some New York and London employees

Not only will thousands of employees get to work from home, but the bank will also be relocating some of their sales and trading staff to backup locations. JPMorgan will shift some workers in New York and London to new locations where the coronavirus is not reportedly spreading.

“Dividing our workforce into different locations improves our ability to serve clients continuously while reducing the health risks associated with physical contact should a case arise,” says Brian Marchiony, a bank spokesman.

This image has an empty alt attribute; its file name is Bankster-Logo-2.png

JPMorgan to let 12,000 select employees work from home

The bank is preparing for the worst. Should they have to close their domestic offices, at least 10 percent of the workforce will be able to work remotely and continue to serve customers in some capacity.

JPMorgan has code-named the resiliency plan “Project Kennedy.” With 127,137 employees, JPMorgan has a lot at stake. During this time of preparedness, at least 12,000 employees will be cleared to work from home. According to internal memos, the bank is having branch workers sanitize offices, equipment, elevators, and door handles, too. No one knows how long this scenario will play out. No one knows how long the fear of this virus will last.

These are not the only plans being discussed. The bank’s risk department is debating how they might quarantine staff or how far apart they might require traders to sit from one another in meetings. The bank is also testing out its telecommuting policy in case of a pandemic, utilizing digital tools such as teleconference. The bank is also restricting non-essential international travel for all employees, limiting person-to-person contact.

Even if this resiliency plan works at first, JPMorgan won’t be operational unless thousands of tellers show up to the bank’s 4,976 branches located around the country. The tellers have to show up to work in order for the bank to function. If the tellers don’t show up because of sickness, panic, travel restriction, food shortage or quarantine, it’s possible that the bank’s elite would have to leave their cozy offices and serve customers in the field. Regardless, in the event of a pandemic, the bank’s highest-paid employees will get preferential treatment first, with the ability to work away from the public, in cubicles or home offices.

JPMorgan isn’t just limiting travel and contact between employees; the bank is also encouraging consumers not to come into the branches. Instead, JPMorgan is encouraging consumers to access bank services through digital channels.

Stay up-to-date with the latest shutdowns, lockdown, and closures over coronavirus fears at Pandemic. News.

StevieRay Hansen
Editor, HNewsWire.com

The 127 Faith Foundation understands the pain and sorrow associated with being a throwaway child, We push this throwaway child towards bettering their education, be it junior-college are going for a Masters’s degree. This program is about them because they determine by the grace of God if they’re going to be a pillar in the community or a burden on society. Some of the strongholds orphans deal with are: fear, resentment, bitterness, unforgiveness, apathy, unbelief, depression, anxiety, lust, anger, pride, and greed. Many of these strongholds do open the door to addiction. Please Help The 127

Sources include: Zerohedge.com Reuters.com

 banks, Collapse, employee relocation, finance, JPMorgan, pandemic preparedness, risk, risk management, staff quarantines, technology, travel restriction, virus fears, work from home

Don't Miss

How Deutsche Bank Helped Con The Public Into Believing In Wirecard

By StevieRay Hansen

By Tyler Durden More reporting on the Wirecard situation has emerged over the long weekend in the US, and none of it is flattering. As a court-appointed…

Read More

USDA Crop Report Shocker Sends Corn Futures Surging

By StevieRay Hansen

Chicago corn futures surged 8% in the last two sessions after a massive reduction to the U.S. government’s acreage estimate reported Reuters.  The U.S. Department of Agriculture’s…

Read More

“Red Flags Galore”: Companies Sold A Mindblowing $113 Billion In Stock In Q2

By StevieRay Hansen

When it comes to bearish market flow red flags, aggressive selling of stock by corporate insiders is traditionally viewed as the biggest red flag –…

Read More

US Bankruptcies Busting Out to Match 2009 Peak Mean Trouble for Stock Market

By StevieRay Hansen

The following article by David Haggith was published on The Great Recession Blog: Bloomberg reported this week that thirteen US companies (in the 50-million-plus size) filed for bankruptcy…

Read More

Who Is The Next Wirecard?

By StevieRay Hansen

Now that the multi-year saga of German fintech megafraud Wirecard is finally over, the pain is only just starting for disgraced German regulator BaFin (with…

Read More

COVID-Comeback Batters Big-Tech & Black Gold, Sparks Bond Bid

By StevieRay Hansen

Just when you thought it was safe to buy any stock – selected at random via Scrabble letters – on any dip, with levered money…

Read More

“Watershed” Moment: Is Gold Signaling Stocks Now On “Shaky Footing”?

By StevieRay Hansen

I rarely discuss financial markets these days. Although I pay attention, it’s not in the obsessive manner I did a decade ago. I mainly keep my…

Read More

COVID-Crunch? Fed Begins Rationing Coins As Americans Horde Cash

By StevieRay Hansen

Having closed the US Mint and halted production (blaming COVID-19)  after a surge in demand for gold and silver coins, and warned of the danger of using bills (once…

Read More

This Can Not Continue, “A Staggering Number”: Over $18 Trillion In Global Stimulus In 2020, 21% Of World GDP

By StevieRay Hansen

On Friday, we relayed the latest observations from BofA chief investment officer, Michael Hartnett who concluded that there is just one bull market to short – namely…

Read More

HSBC Resuscitates 35,000 Job Cut Plan As Banking Troubles Persist

By StevieRay Hansen

Back in February, HSBC, Europe’s largest bank and troubled lender, announced a plan that would slash upwards of 35,000 jobs. Shortly after, the lender put restructuring plans on hold for…

Read More

StevieRay Hansen

Leave a Comment