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JPMorgan issues global travel curbs to protect against virus

JPMorgan Chase was among the large banks to signal that lower interest rates will dent profits in 2019
(PHOTO: AFP News)

By Alfred Liu

(Bloomberg) -- JPMorgan Chase & Co. issued global restrictions on non-essential travel to protect its employees and its business against the spreading coronavirus.

Because of the continuing spread of the virus, it’s now “restricting all international travel to essential travel only,” the New York-based bank said in a memo distributed to staff. The memo was confirmed by spokespeople at the bank.

The move marks an escalation in its travel precautions, which had previously been limited to where the spread of the virus has been heaviest, such as parts of Asia and northern Italy.

Banks around the world are working to ensure they can keep their businesses running as the virus spreads, restricting travel, splitting up teams and traders to different locations, quarantining staff and ensuring employees can work from home. The outbreak has halted a broad swath of deal making in Asia, and also on Wall Street. Banks such as HSBC Holdings Plc have also warned the virus may force them to set aside more money for soured loans.

JPMorgan said before deciding on travel its staff should consider whether the meeting can be postponed, done remotely and if the travel will pose personal or firm-wide risk.

“Employees are encouraged to bring their laptops and power cords home, test their remote access capabilities,” the bank said.

The coronavirus has the potential to become a pandemic and is at a “decisive” stage, the head of the World Health Organization said in Geneva on Thursday. In Asia, the virus is spreading in countries outside China, where new cases are slowing. Japan announced it will close all schools, while South Korean infections have topped 2,000. It’s spreading in Europe and the Middle East, with countries including Italy, Iran, Kuwait and Sweden reporting more cases. Nigeria confirmed its first infection, the first reported in sub-Saharan Africa

“The outbreak can go in any direction based on how we handle it,” WHO Director-General Tedros Adhanom Ghebreyesus said during the group’s daily briefing in Geneva.

© 2020 Bloomberg L.P.