German investment banking firm Deutsche Bank is set to operate globally in split teams in an effort to limit the impact of deadly coronavirus.
Reuters quoted an internal memo, which said: “We too have seen an increasing number of confirmed infections in our operations and central areas in recent days.”
Deutsche Bank had already split some operations in several centres in recent weeks.
Some executives and investors have raised concerns that the bank’s restructuring efforts may get stalled due to the outbreak of the coronavirus.
In an update, Deutsche Bank CEO Christian Sewing said several of the bank’s colleagues have been confirmed as having contracted the virus; fortunately they appear to be only mildly affected.
Sewing said: “We have implemented appropriate measures in line with the situation on the ground or in the respective area of the bank. Many teams have switched to split mode, while others are partially relying on staff working from home. We have reduced business travel to a minimum and have cancelled large-scale events.”
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The CEO noted that the bank’s businesses are in better shape as the positive momentum of the fourth quarter has continued.
Sewing said: “We are far better equipped for a difficult phase in the financial markets now than we were just a year ago.”
The Covid-19 pandemic has so far killed more than 6,500 and infected more than 169,000 people around the world.