JPM Coronavirus Conduct WSJ Article

"An employee who wasn’t feeling well came to the office. JPMorgan traded more shares that Monday than any day in the bank’s history. The sick employee turned out to have Covid-19, and over the past three weeks, about 20 employees on a single floor at the bank’s headquarters have tested positive for the virus, with another 65 quarantined as a result."

"Traders and salespeople said they feel pressure to come in. Managers, many of whom have stayed in the office themselves, have reminded staff that their compensation may be tied to their performance in recent weeks."

"Employees questioned why it had taken several days to spread the word. The bank followed up with another memo that weekend to the whole building, confirming two cases. People who worked on the same floor as a sick colleague would be informed, the memo said, but should continue to report to work."

"All the while, global markets were haywire. That Thursday, March 12, the S&P 500 posted one of its biggest one-day drops in history. Friday brought one of its largest-ever gains. JPMorgan’s trading volume was hitting records. A group focused on volatility trading made about $1.5 billion in revenue as of late March, employees said."

"Custodial staff installed hand-sanitizer dispensers on the trading floors. Several employees who asked to work from home said they were told that not enough remote computer equipment had arrived yet. Some broke into tears when told they were expected to report in-person, employees said.

The bank’s human-resources department put together a document outlining when employees could return to work. Those who tested positive were told they could return to the office one week afterward, so long as symptoms had subsided, according to a copy of the document reviewed by The Wall Street Journal. The policy matched the recommendations of the Centers for Disease Control and Prevention.

“A persistent cough alone does not mean you must continue to self-isolate,” the document said."

"But the trading floor has remained open, and some managers continued to press staff to come in, according to employees.

On Thursday, Mr. Sippel, the bank’s global head of equities, said JPMorgan’s business would suffer if too many employees called out. JPMorgan’s rivals were lagging, he said, presenting an opportunity for the bank to win business."

Source: https://www.wsj.com/articles/anatomy-of-an-outbre…

What do those in S&T think about this? JPM seems very clearly in the wrong but what would happen if 90% of JPM traders let alone 90% of S&T worked from home? Also, 1.5 billion already made on one vol desk? Perhaps they are thinking that they can shore up a lot of the losses in other areas of the bank. I guess they need to figure out how to outfit everyone essential with the necessary infrastructure in their homes. Definitely seems like a difficult issue. Also, what do those in S&T think about the future of the industry with the economic effects of the outbreak? Thanks and stay healthy out there monkeys!