First Time Since WWII and 9/11! NYSE Employee Tests Positive, Following JPMorgan's Closure

The impact of the Wuhan coronavirus on a global scale remains significant. According to reports, the global financial giant JPMorgan Chase will close approximately 1,000 branches to prevent the spread of the epidemic within its branches. Additionally, the New York Stock Exchange recently announced that it will close its trading floor starting from March 23 and fully transition to electronic trading until the situation improves.

Financial Institutions Close Physical Locations

Following the announcement of the closure of trading floors by the Chicago Mercantile Exchange (CME), two major financial institutions have temporarily closed their physical locations to prevent the further spread of the Wuhan coronavirus.

According to the Financial Times report, JPMorgan informed its employees yesterday that due to the escalating pandemic in the United States, the company will be closing over 1,000 branches. Employees working in other branches also have the option to work from home. Currently, JPMorgan has more than 5,100 branches across 38 states in the U.S.

On the other hand, despite the New York Stock Exchange (NYSE) implementing comprehensive preventive measures against the epidemic in the past few weeks, including conducting preventive virus testing on employees and scanning all individuals entering the building, two employees have unfortunately tested positive. As a result, Intercontinental Exchange (ICE) recently announced that starting from March 23, the NYSE will temporarily close its trading floor and fully transition to electronic trading until the situation improves. The company stated:

"All-electronic trading will commence on Monday's trading session. Facilities that will be closed include 'the NYSE equities trading floor,' 'the NYSE American Options trading floor in New York,' and 'the Arca Options trading floor in San Francisco.'"

NYSE President Stacey Cunningham further added that the decision to temporarily close the trading floor is a preventive measure in response to the Wuhan coronavirus outbreak, aiming to protect the health and well-being of employees and the trading floor community.

This marks the first time in history that the NYSE has made the decision to close its trading floor. While the exchange has halted trading during World War II and the 9/11 terrorist attacks, this is the first instance of closing the trading floor.

Most Banks Operating Normally

Recently, it seems that many financial institutions in the U.S. are closing physical trading floors as a preventive measure against the Wuhan coronavirus. However, according to a report by the UK's Financial Times, most retail banks in the U.S. are still operating normally. For example, Wells Fargo, despite implementing measures such as enhancing cleaning of all properties and installing hand sanitizing stations in branches, still aims to keep its branches operational. The report indicates that Bank of America and Citibank are also not considering closing branches.

Richard Hunt, CEO of the Consumer Bankers Association, revealed to the UK's Financial Times that over 99% of bank branches in the U.S. are currently operational.

Related Readings

• In response to the coronavirus threat, the CME Group announces the closure of trading floors on Friday
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