JPMorgan Chase is bracing for the coronavirus outbreak by asking thousands of its employees to work from home for a day to test contingency plans, a source says
The move shows how seriously the largest bank in the United States is taking the risks posed to its operations by the fast-moving health crisis.Contingency planning at JPMorgan's consumer bank, code-named"Project Kennedy," included asking 10% of the staff to work from home for a day to test their remote access capabilities, the person told CNN Business. JPMorgan's consumer division employed more than 127,000 people as of the end of 2019.
Federal Reserve announces first emergency rate cut since the financial crisisIn recent days, the company has been testing backup trading sites and soon plans to send in parts of its trading teams to test the facilities, the source said. JPMorgan declined to comment.The move comes amid industry-wide concerns on how -- and how badly -- the coronavirus might affect the financial industry.
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