Citi, Morgan Stanley Expand Travel Curbs in Virus Response
(Bloomberg) — Citigroup Inc. and Morgan Stanley told employees not to travel internationally for non-essential business, expanding earlier restrictions in Wall Street’s latest responses to the spread of the coronavirus.
Citigroup said exceptions can only be granted by its executive-management team, according to an e-mailed statement. The bank, which does business in more than 160 countries, previously restricted travel to a select number of countries that had reported outbreaks, including Italy and China.
Iran and South Korea reported a surge in infections and the European Union set up a special team to deal with the outbreak as cases rose from Italy to Spain. Global cases jumped to about 89,000, with the death toll at 3,044. New York City, Brussels and Berlin reported their first cases.
Goldman Sachs Group Inc. postponed indefinitely a conference scheduled for New York this week, people briefed on the matter said. The Global Macro Conference typically highlights commentary about the world economic outlook from top Goldman analysts. The Asia-Pacific version was held in Hong Kong in January, just as the outbreak was taking hold in China.
Morgan Stanley said it might expand work-from-home requirements in coming days. “Individuals should bear this in mind when considering personal travel,” the firm said in the memo from Jen Easterly, global head of the fusion resilience center, Morgan Stanley’s crisis-response operation.
Business Insider reported Morgan Stanley’s new restrictions earlier Monday.