Big U.S. banks have been rolling out contingency plans to respond to the global ...
WASHINGTON/NEW YORK - Big U.S. banks have been rolling out contingency plans to respond to the global coronavirus outbreak - requiring some staff to work from home, implementing travel restrictions, and talking to regulators about potential stresses.
The preparations come amid growing fears that the fast-spreading virus which has infected around 83,000 people in more than 50 countries could lead to a global recession. Stock markets have plunged, with the S&P 500Banks are not the only companies affected by the spread of the disease, but their position as market intermediaries and custodians of critical infrastructure has put the health of their employees, operations, and balance sheets in the spotlight.
“As a globally systemic important bank, your institution and the customers it serves could be impacted either directly through exposures to areas where the virus has spread or indirectly through a change in market conditions,” she wrote. Big U.S. banks are in daily contact with federal, state and local regulators on a range of issues, sources said, but lately coronavirus preparations have taken center stage. Discussions have centered around how to keep markets, transactions and other banking functions operating smoothly, as well as handling employee quarantines.
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