JPMorgan Chase orders bankers to stop non-essential global travelling as coronavirus outbreak spreads to more regions

JPMorgan Chase has instructed staff to undertake only “essential” travel globally

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

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Commuters wearing protective masks at the Marina Bay business district in Singapore on Wednesday, Feb. 12, 2020. Photo: Bloomberg

Published: 2:57pm, 28 Feb 2020Updated: 2:57pm, 28 Feb 2020

JPMorgan Chase 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 swathe of deal making in Asia, and also on Wall Street. Banks such as HSBC Holdings 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.