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Several US big banks allow staff in Israel to work from home

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Oct 9 (Reuters) – Several U.S. banks have told their staff in Israel to work from home for the near future as the country goes on war footing and mobilises reserve troops following a deadly attack by Palestinian Islamist group Hamas two days ago.

JPMorgan Chase (JPM.N), the largest U.S. bank with more than 200 employees in Israel, and Citigroup (C.N) have approved such a work plan, sources at the Wall Street lenders told Reuters on Monday.

Investment banking giant Goldman Sachs (GS.N) has also directed employees at its Tel Aviv offices to work from home, a spokesperson said in an email statement.

“The firm is ready to help you and your families in any we can,” Goldman Sachs CEO David Solomon said in a memo, seen by Reuters, to staff in Israel.

The Israeli military said it was imposing a total blockade of the Gaza Strip, in a sign that it could be planning a ground assault to defeat Hamas.

Israel’s Kan TV said the death toll from the Hamas attack had climbed to 800. In Hamas-controlled Gaza, Israel pressed on with its most intensive retaliatory strikes ever, which have killed more than 500 people since Saturday.

“We are monitoring the situation in Israel carefully. The safety of our colleagues is our highest priority and at the same time we remain focused on serving our clients,” said Citigroup, whose local website said it has the largest presence among foreign financial institutions in the country.

“We remain in close, ongoing touch with our team in Israel, including our Country Executive Yoram Inbar. They are safe, and we are ensuring they have support and resources as needed,” said Bank of America (BAC.N) in an internal memo seen by Reuters.

JPMorgan’s plans were first reported by Bloomberg News, which said Morgan Stanley (MS.N) had also taken similar steps for its staff in Israel.

Morgan Stanley did not immediately respond to Reuters requests for comment, while JPMorgan declined to comment.

Meanwhile, global markets on Monday were jolted by the conflict. The S&P 500 (.SPX) and the Nasdaq (.IXIC) fell, while oil prices surged.

Reporting by Niket Nishant, Manya Saini and Jaiveer Shekhawat in Bengaluru; Additional reporting by Saeed Azhar and Pritam Biswas; Editing by Shounak Dasgupta and Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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Niket Nishant reports on breaking news and the quarterly earnings of Wall Street’s largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.

Manya Saini reports on prominent publicly listed U.S. financial firms including Wall Street’s biggest banks, card companies, asset managers and fintechs. Also covers late-stage venture capital funding, initial public offerings on U.S. exchanges alongside news and regulatory developments in the cryptocurrency industry. Her work usually appears in the finance, markets, business and future of money sections of the website.
Contact: 9958867986



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