American banking giant JPMorgan Chase has asked thousands of its employees to work from home in order to measure its coronavirus preparations.
Dubbed Project Kennedy, about 10% of 127,137 employees across JPMorgan’s consumer banking division have been requested to work remotely, Bloomberg reported.
Project Kennedy is part of the bank’s resiliency planning which will test the efficiency of the bank’s work-from-home programme in case the coronavirus outbreak worsens.
The test is to determine whether or not the company’s system can handle all the employees working remotely.
JPMorgan is also bracing itself for the risk of coronavirus outbreak impacting its trading floors in New York and London, the report added.
To keep critical operations running, the bank is dusting off regulatory plans to determine how far apart traders should sit from each other.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The bank is providing extra hand sanitisers to customer-facing branch workers, sanitising offices, branches, and even elevator call buttons and door handles.
Employees at JPMorgan’s investment banking division have also been asked to work from home.
JPMorgan is also advising its customers to access bank services and products through digital channels instead of walking into the branches.
The virus has so far killed over 3,200 people and infected more than 95,000 around the world.
Banks around the world are working to keep their business running amid the coronavirus spread.
Major American banks, including JPMorgan, have imposed restrictions on international travel, splitting up teams and traders and quarantining staff.