New York lender JPMorgan to close 1,000 branches worldwide over coronavirus fear

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New York lender JPMorgan to close 1,000 branches worldwide over coronavirus fear

Late on Wednesday, the 18th of February 2020, the NY-based largest lender in the United States and the seventh-largest across the world by total assets worth of $2.68 trillion as of December 31st, 2019, JPMorgan Chase & Co., had sent a memo to its employees saying the lender was going to shut down more than 1,000 or 20% of all JPMorgan Chase branches across the globe aimed at protecting its employees and slowing down the spread of the coronavirus.

In point of fact, following Wednesday’s (February 18th) statement, the NY-based multinational lender had become the first major global financial services provider to halt services. Nonetheless, according to the memo, the remaining 4,000 branches of JPMorgan Chase & Co.

would be operating as usual but the trading hours would be limited, while the bank had also added there would be protective shield made up of glasses to avert direct contact between employees and clients. Aside from that, the world’s largest lender had also added in its memo that the JPMorgan employees would receive the usual pay offs despite limited trading duration, while employees of the closed branches would receive their usual pay outs.

Meanwhile, citing growing health concerns amid JPMorgan Chase employees over the coronavirus pandemic, Chase Consumer Banking Chief Executive Thasunda Duckett said late on Wednesday (March 18th), “(JPMorgan) is balancing the fact that we are essential to the communities we serve with the need to protect employees…We are doing everything we can to step up for our country, our customers and for all of you. ”