Citigroup splits Buffalo, NY, trading staff as coronavirus precaution

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG28006_L.jpg

By Imani Moise

NEW YORK – Citigroup Inc (N:) is splitting its staff in Buffalo, New York, to ensure it can keep its operations humming as the coronavirus spreads across the state, according to a source familiar with the plans. 

The third largest U.S. bank will this week keep fewer than 60% of its Buffalo-based staff at its main site, with the rest either working from home or at a back-up site near Rochester, NY, the source said. Citigroup has around 1,800 employees at the Buffalo location, many of whom work in operational roles.

Banks in the world’s largest finance hubs like New York and London have been splitting up trading teams and activating backup offices in a bid to contain the spread of the virus. Citigroup’s latest move shows contingency planning has now extended to smaller cities as well.

The number of confirmed cases of coronavirus in New York state rose to 105 on Sunday, up from 89 the day before, according the state governor’s office.

Governor Andrew Cuomo issued a declaration of emergency on Sunday as the pace of confirmed cases accelerated. As of Sunday there were no confirmed cases in Eerie County where Buffalo is located. Twelve people have tested positive in New York City, where Citigroup is headquartered. 

JPMorgan Chase & Co (N:), Bank of America Corp (N:), and Morgan Stanley (N:) split some of their Manhattan-based teams last week.

In the United States, 19 people have died out of about 450 reported cases of the coronavirus, which has killed more than 3,600 globally.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment