JPMorgan Chase Considers Work From Home as Defensive Strategy
March 4, 2020
JPMorgan Chase is making a dry run in the battle against the spread of the coronavirus. In a contingency move of sorts, the bank is asking some employees to work from home once a week.
Reuters reports JPMorgan is asking thousands of employees to work from home to see if its contingency plans work. “This week the bank may also begin sending teams of traders to work from secondary office locations in Brooklyn, New York, and nearby in New Jersey, to test its systems and ensure that any kinks are worked out should the bank need to roll out emergency plans more broadly,” according to the report.
Managers in the consumer & community banking division, which includes Chase bank and employs more than 120,000 people, have asked around 10% of employees to work from home a day this week. The corporate and investment bank employees were asked last week.
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The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.