JPMorgan Chase & Co has electricity contingency plans for all of its offices, a senior executive said, addressing questions about how prepared the financial industry is to cope with the European energy crisis.
(Bloomberg) — JPMorgan Chase & Co has electricity contingency plans for all of its offices, a senior executive said, addressing questions about how prepared the financial industry is to cope with the European energy crisis.
Big offices have backup generators and there’s also the possibility to move staff around in case there’s an emergency, Germany head Stefan Behr said at a conference in Frankfurt Thursday. There are no specific contingency plans to move people from Germany to the UK, Behr said, countering a report at the weekend that the bank was preparing to move bankers back to London.
The deepening European energy crunch has raised the specter of electricity outages in Germany and elsewhere, forcing companies to consider the potential impact on their operations.
The German government has adopted relief packages worth almost $100 billion dollars to deal with spiraling inflation, with Economy Minister Robert Habeck promising earlier Thursday that more aid is on the way.
“We will open a wide rescue umbrella,” Habeck said in a speech to lawmakers in Berlin. “We will open it widely so that small and medium enterprises can come under it.”
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