JPMorgan allows employees to work from home as coronavirus spreads: memo

JPMorgan Chase & Co has asked all managers globally to allow employees who can effectively work from home to begin doing so to help with social distancing as the coronavirus pandemic spreads, according to a memo seen by Reuters.

"Effective immediately, we are asking all managers globally to allow employees to work from home to the extent feasible," the memo sent out to all JP Morgan employees said.

"This will further facilitate social distancing in the communities we call home while continuing to serve our clients and customers," JPMorgan, the largest US lender, added.

The start date for the said arrangement is on each manager's discretion, and will be in place for employees globally until further notice, the memo said.

New York-based banks Citigroup Inc and JPMorgan Chase both reported on Friday that they have employees who have tested positive for the coronavirus.

Both banks had already taken measures to limit the spread of the virus, including splitting its North American workforce, imposing business travel restrictions, limiting large meetings and, at Citi, putting up reminders to practice social distancing.

Goldman Sachs Group Inc and Morgan Stanley also announced programs last week for working remotely to stem the spread of the pandemic.

Banks have also banned all travel, domestic or international, not deemed business critical, and ramped up other precautionary efforts like office deep-cleaning after firms like Barclays and BlackRock Inc reported their first confirmed cases.