Biosecurity

Could coronavirus shut Wall Street? Banks begin moving staff out

US stock markets were halted briefly Monday as a record fall in oil prices and fears of the coronavirus triggered panic selling. But the epidemic poses a much bigger logistical headache for Wall Street — how to keep trading going if banks have to evacuate their offices to fight the spread of the illness.

Global banks are already scrambling to split their workforces to reduce the risk that large numbers of employees fall ill, and testing backup sites to ensure they can continue doing business even if they can no longer access Wall Street or locations in central London.

JPMorgan Chase (JPM) has started dividing its sales and trading teams between separate offices. It told employees in an email that this is a "precautionary measure" to make sure the bank can continue to run smoothly. The firm runs alternate sites in Brooklyn and New Jersey, and in Basingstoke, about 50 miles southwest of London.