JPMorgan Chase (JPM) - Get Report has instructed managers in its New York City metropolitan area offices to arrange for some of the workforce to work from home, as the banking giant deals with the coronavirus pandemic.
“We are asking our managers to arrange for no fewer than 25% and no greater than 50% of their team members who can effectively work from home, to begin doing so by the end of this week,” according to a memo that was sent to the bank’s staff Thursday and obtained by CNBC.
The directive applies to staffers in the bank’s Manhattan, Brooklyn and Jersey City, N.J. offices. JPMorgan is ones of many companies around the country to have its employees work from home.
Traders and bank branch employees are exempt from the new rules, because they can’t easily work from home. JPMorgan’s branches will stay open, except ones in Seattle and New Rochelle, New York, which are Ground Zero areas for the coronavirus in the U.S.
As for other banks, Capital One asked Thursday that those staffers who can work from home do so. Both Bank of America and Goldman Sachs have told their employees to be ready to work from home, but haven’t pulled the trigger yet, CNBC reported.
JPMorgan had 10% of its consumer banking staff work from home earlier this month as a test for the real thing. At the end of February it restricted workers’ international trips to essential travel only.
At last check, JPMorgan’s stock traded at $87.15, down 9.18%.