Several major US banks, including JPMorgan and Citigroup, have directed their employees in the Middle East to work remotely.
This move comes as regional instability increases following US and Israeli air strikes on Iran, which led to retaliatory missile attacks from Tehran targeting Gulf states and other US allies.
JPMorgan and Citigroup do not expect their operations in the region to be disrupted, according to sources familiar with the matter.
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In a statement to Retail Banker International, a spokesperson from Citi said: “The safety of our employees is our number one priority, and we are continuing to take measures to help keep our employees and their families safe.
“We are continuing to serve our clients and we have robust contingency and resilience plans in place for that purpose.”
Other international banks are also implementing precautionary steps. Standard Chartered, Sumitomo Mitsui Financial Group, and Mitsubishi UFJ Financial Group have advised employees to postpone travel to the region.
Mizuho, which has offices in Dubai and Riyadh, indicated that voluntary evacuation is being considered for its staff.
When approached for comment, the HSBC bank said: “The safety and security of colleagues and customers remain our top priority. We are following government guidelines for working arrangements in affected countries and have plans in place to maintain our usual services for our customers. We continue to monitor events closely.”
Goldman Sachs has advised its regional workforce to work from home and comply with local official guidance, reported Business Insider.
The bank has also put additional safety measures in place and is maintaining communication with clients as events unfold.
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