Global banks prepare for impact as HSBC’s worker in London tests positive for Coronavirus

The
Coronavirus outbreak that originated in Wuhan, China has now penetrated Europe’s
financial hub, London. As per the sources, HSBC revealed one of its workers as
Coronavirus positive on Thursday, following which, over 100 of its workers in
London were immediately sent home.  

According
to HSBC, the worker diagnosed with COVID-19 in 8 Canada Square, Canary Wharf, self-isolated
is currently receiving the best medical attention possible. The
London-headquartered investment bank and financial services company also
said that it is in regular contact with the health authorities and is working
committedly with them.  

HSBC’s
Statement Following The Incident

In
its statement following the incident, HSBC said:

“We
are deep-cleaning the floor where our colleague worked and shared areas of the
building. Colleagues on that floor, and others who came into contact with him,
have been advised to work from home. Based on medical and official advice the
building remains open and operates as normal. Our first priority and concern is
the health of our employees and customers – and we are encouraging our
colleagues to monitor their health carefully and stay at home or call a doctor
if they feel unwell.”

HSBC’s
stock didn’t respond aggressively to the announcement. At the time of writing,
HSBC is exchanging hands at $32.54 in the stock market that marks just under a 20%
decline in 2020 so far. Its performance in 2019, on the other hand, remained
close to flat on average. Share prices were seen around $41 per share in
January 2019 while HSBC closed the year only marginally lower at $39 per share
in December.

HSBC
currently boasts a market cap of 661.60 billion with a price to earnings ratio
of 22.05.

UniCredit
Also Reports Coronavirus Cases

The
rising morbidity of Coronavirus in Italy also saw UniCredit
send a few of its workers home as another infection was reported in its
staff. A UniCredit employee in Germany was also tested positive for the virus.

With
the rapid spread of Coronavirus threatening to disrupt the global economy, banks
from across the globe are committed to setting out offices away from town and isolating
members to form a team that will uphold trading in an event that the virus
penetrates the primary financial centers.

In
line with the aforementioned strategy, JP Morgan also revealed on Thursday that
it intends to shift the London and New York-based traders to multiple other
locations. Morgan’s disaster recovery site is located in Basingstoke while its
alternative building is located close to the Blackfriars Bridge in central
London. As per the U.S bank, the aforementioned strategy is now out of testing
and is ready for execution.