JPMorgan’s plan delay led to virus outbreak on trading floor

JPMorgan Chase (NYSE:JPM) had planned to have staff at its stock-trading operation split among three separate sites around New York City on March 9 in response to the COVID-19 outbreak.

But the technology wasn’t ready and management told many traders to report to its Manhattan headquarters as usual, the Wall Street Journal reports.

The firm traded a record number of shares in the bank’s history on that day. But one of the employees that showed up that day was sick and turned out to have COVID-19.

In three weeks, some 20 employees who worked on that floor tested positive for the virus and 65 more were quarantined.

A company spokesman said that more than 80% of its traders are working remotely, those who are in the office are more than six feet apart, and employees at risk of infection are sent home.

But salespeople and traders say they feel pressured to come into the office, and managers remind staff that their performance in recent weeks will help determine their compensation.

One manager, the firm’s global head of equities, told employees that the company’s business would suffer if too many employees worked from home. With rivals lagging, he saw the situation as an opportunity to gain market share.

https://seekingalpha.com/news/3558400-jpmorgans-plan-delay-led-to-virus-outbreak-on-trading-floor-wsj