Some of the biggest US banks are on high alert as the crisis in the Middle East worsens, causing lenders to issue updated security guidance to employees and even order them to leave their locations altogether.
Iranian military leaders warned on Wednesday that they would attack banks and financial institutions in the region, according to reports in the Associated Press, Reuters, and Al Jazeera, following US strikes on the country that began in late February and resulted in the death of longtime Supreme Leader Ali Khamenei.
Among the American banks that have heightened security measures is Citigroup, which evacuated three of its buildings in the United Arab Emirates. The bank had previously instructed employees to work from home.
Wednesday’s escalation by Citi to evacuate employees appears to be a step-up from the measures banks were taking as of last week, when firms including Citi, JPMorgan, and BlackRock said they were closely monitoring the situation. Some said they were assisting employees visiting the region on business to leave, while others instructed workers to stay home rather than head to the office.
Representatives for Citi confirmed to Business Insider on Wednesday afternoon that the company implemented a “fully remote model” as it assesses the situation in the UAE, which is separated from Iran by only the narrow Strait of Hormuz.
“The vast majority of our people in the UAE have been working remotely, and we have now moved to a fully remote model for all UAE-based colleagues,” representatives said. “We are continuing to serve our clients without interruption. The decision to evacuate three of our buildings in the UAE was responsive to information we received and is consistent with our commitment to prioritize the safety of our colleagues. All colleagues are accounted for and are safe,” the representatives added.
Previously, the firm’s spokespersons said that safety was their “number one priority,” and that the bank had “robust contingency and resilience plans in place” to ensure continuity of client service.
Other firms are monitoring the situation closely as well. A person with close knowledge of the policies at the Wall Street giant Goldman Sachs said the firm’s main priority was employee safety and that it had instructed all its teams, regionally, to work from home and adhere to local guidance.
Some of the UAE’s major cities, like Dubai and Abu Dhabi, are key regional industrial and financial centers, which could worry corporate leaders in New York, Washington, and London.
This story is developing and may be updated with additional details.
Read the full article here
