During Monday, US stock exchanges were temporarily closed due to a 30% drop in oil prices in a single day. Since then, both stock exchanges and banks are facing another consequence of the coronavirus epidemic. Many financial institutions have had to reduce the number of employees working in offices.
CNN reported that JPMorgan divided its sales and trading teams between different offices. Bank of America did the same with its fixed income and equity teams. Goldman Sachs traders also work from home for a period.
Europe also faces panic due to coronavirus – Deutsche Bank and HSBC have decided to work from home.
The number of new cases is increasing in both New York and London. The operating rooms of the major stock exchanges, where traders and employees gather to buy and sell shares and other financial instruments, can become outbreaks of infection due to the large number of people in confined space.
Under these circumstances, many banks and financial institutions are trying to move many of their operations online. Securities Industry and Financial Markets Association (SIFMA), a Wall Street trading group, told CNN Business that each year it checks the industry’s ability to continue operations through an emergency, using backup sites and alternative channels. communication.
The crypto market is resistant to coronavirus. Most platforms work online and are largely automated. The actual number of people involved in managing the exchanges is reduced compared to banks. For example, Coinbase has less than 1000 employees, while JPMorgan for example has over 200,000. Most of them are located in New York, where the epidemic was declared a state of emergency.
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