MidEast Contingency Plans Rolled Out Amid Ongoing Conflict
Contingency plans for staff are being announced given the uncertainty in the Middle East from the ongoing conflict between Israel, the US and Iran.
The Israel-Iran conflict is entering its 12th day with the US joining over the weekend after striking nuclear sites and Tehran following up with retaliatory attacks on its bases in Qatar and Iraq.
While US President Donald Trump has claimed that a ceasefire agreement has been achieved, financial companies with operations in the Middle East are not taking their chances, having announced various contingency plans for staff.
Travel Halts, Remote Work
According to a «Reuters» report citing unnamed sources, J.P. Morgan is allowing only essential travel in and out of the Middle East for employees while Goldman Sachs had asked staff in Israel about a week ago to work remotely.
At Bank of Singapore, all non-essential travel to and from Dubai has also been halted.
«The safety of our staff is our highest priority, and we stand ready to activate our business continuity plans while minimizing the disruptions to clients,» said Ang Wee Khoon, head of risk management at the DIFC branch of the Singapore private bank.
