Concerns about the coronavirus outbreak originating from Wuhan are rapidly escalating this week with banks joining in to issue warnings against travel and ready their business continuity plans.
The outbreak has so far infected more than 500 individuals globally and has reportedly claimed 17 lives thus far. Following President Xi Jinping’s announcement this week saying that it was a critical matter to combat the new virus, at least three cities including Wuhan have been on lockdown to control the spread of the epidemic.
Meanwhile, banks are also issuing their own notices to address the matter. Standard Chartered, which has a branch in Wuhan, said it was monitoring the situation closely and is advising its staff to defer all business travel to the infected city until February 3 when it will consider whether a further suspension is warranted. HSBC, which experienced its own unrelated flu scare this week, issued its own travel advisory for Wuhan and said it had improved cleaning at its premises.
UBS, Citi and J.P. Morgan reportedly told staff they are closely monitoring the situation but had not restricted travel.
