Besides removing staff from Russia, J.P. Morgan is also planning to relocate top dealmakers from Hong Kong.
J.P. Morgan is looking into how to evacuate staff from Hong Kong to Singapore in an overnight exercise in case markets shut down, the «Financial Times» (behind paywall) reported Friday.
The move comes after the lender previously made significant changes to its regional operations due to Hong Kong’s strict coronavirus measures, which include spending two to three weeks in quarantine upon arrival. The bank is currently also in the process of removing its staff out of Russia, as it unwinds its business there.
Threatened Financial Center
The measures have led to an exodus of workers, concerns about operational problems and questions about Hong Kong's future as a global financial center, the report said. In order to circumvent the travel problems, the bank also plans to expand its investment bank in mainland China by relocating a small number of top dealmakers to Shanghai, the report said, citing people familiar with the bank’s plans.
Other banks including Bank of America (BofA) have also looked into potential relocations from Hong Kong to Singapore, while Goldman Sachs and J.P. Morgan, have allowed workers to move on a case-by-case basis, the report said.
Full Lockdown
Since the beginning of last month, there has been an outflow of more than 100,000 people, with some expatriates citing fears about being separated from their children due to Hong Kong’s coronavirus isolation policies.
Companies and residents are concerned that the current coronavirus outbreak, the territory's worst yet, could lead to a full lockdown.
