All Major US Banks Have Begun Contingency Plans – Splitting Trading, Sales Groups In Virus Response

Read more on this subject: Central Banks/Banking
News Story Source: https://www.zerohedge.com, Tyler Durden
Citi is sending hundreds of traders and salespeople to its backup site in Rutherford, NJ starting Monday as part of its coronavirus planning, CNBC's Hugh Son reported in tweet, citing a source. To view the source of this information click here To contact the reporter on this story

Bank of America is splitting its trading force, sending some employees to its back-up office in Stamford, Connecticut, Business Insider reports, citing an internal memo.

Morgan Stanley is moving about half of its institutional securities traders to its disaster recovery site in Westchester, New York, Business Insider reported, citing a memo it saw.

Plans for trading desk came days after non-essential travel outside the U.S. was halted; additional changes may be made

Additionally, Morgan Stanley is beginning to shift London-based sales and trading staff to Heathrow site as part of its coronavirus contingency plans, Reuters reports, citing sources.

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