UPDATE from NAPA: Due to the latest CDC recommendations, we will be postponing the NAPA 401(k) Summit. We expect to make a further announcement later this week.
To slow the spread of coronavirus among workers and clients, a number of financial services giants have made announcements about suspending travel and transitioning employees to working remotely.
Edward Jones announced Thursday it has suspended all business travel for its employees until the end of May, and is working on taking all of its large events and training to an online format.
“We are encouraging clients and our financial advisors to consider communicating using virtual means, including WebEx, conference call, secure text and online access,” St. Louis-based Edward Jones said in a statement.
[Related: HSAs Can Be Used for COVID-19 Testing and Treatment: IRS]
Meanwhile, Raymond James released the following statement on Friday: “We further are limiting visits to the home office and branches by non-associates for the health and safety of associates, advisors and clients.”
Bank of America restricted international travel and nonessential domestic travel until April 6, unless employees had a waiver from senior management, which also applies to Merrill Lynch advisors.
Employees at JPMorgan Chase and Goldman Sachs are being asked to alternate their time working at home and in the office in weekly shifts, Reuters reported on Thursday. JPMorgan is implementing this plan in its New York offices, while Goldman employees across North America and Europe, save for some “sales, trading and critical staff,” are being asked to split their time between the office and home, or one of its “business continuity centers.”
Morgan Stanley also asked anyone who doesn’t have to be in an office to work from home, with some sales and trading staff working from “secondary trading locations,” according to Reuters. Any nonessential business travel has also been banned.
- Citigroup put up signs in its New York headquarters encouraging social distancing by asking visitors and employees to leave certain chairs open, Reuters reported.
- Wells Fargo barred international travel unless senior management signs off.
- CFA Institute canceled its Wealth Management 2020 conference that was scheduled for the end of March in Seattle, as well as its inaugural Student Investment Management Symposium in mid-April in New York City.
- The Retirement and Longevity Summit, originally scheduled for March 22-24 in New Orleans, has been rescheduled for July 26-27, 2020, at the same location in New Orleans.
- As of Friday, the NAPA 401(k) Summit is currently proceeding as scheduled April 26-28 in Orlando. NAPA released a statement on March 13 to update registrants.
- Fi360, scheduled for April 17-19 in Austin Texas, is also still on as scheduled at this point. The conference home page includes the following statement: “We continue to closely monitor the coronavirus (COVID-19) and its impact on our clients, associates and industry. We will keep you informed if conditions warrant a change to this event.”