Mar 11, 2020 - Economy & Business

Barclays, BlackRock and Morgan Stanley traders catch coronavirus

Illustration: Eniola Odetunde/Axios

BlackRock, Morgan Stanley and Barclays have all undertaken "deep cleaning" procedures at various offices in the New York City area after traders at the firms tested positive for COVID-19.

What they're saying: BlackRock and Barclays said an infected person worked in their respective offices in Manhattan, while the Morgan Stanley employee worked at the company's purchase office.

What's next: Following the media reports from Bloomberg, Reuters, and CNBC, employees at other financial institutions told Axios that some employees have been told to work from home, but the trading staff is still being asked to come into the office.

  • Trading on the floor is still a necessity for many banks because of the required high-speed technology and tight regulatory oversight. But some, including JPMorgan and Bank of America, have been working to set up contingency plans, Reuters' Imani Moise reported.

Go deeper: What to expect next with the coronavirus

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Memo: Morgan Stanley promises no layoffs in 2020

Photo: Stephen Chernin/Getty Images

Morgan Stanley CEO James Gorman today pledged that the Wall Street firm will not reduce headcount in 2020, according to an internal memo seen by Axios.

Why it matters: Morgan Stanley employs around 60,000 people, and every job counts at a time when millions of people are losing them.

Tech giants promise to pay hourly workers while employees telecommute

Photo: Microsoft

Microsoft, Google, Facebook and Twitter all told Axios on Thursday night that they plan to pay their hourly workers regular wages even as they encourage many of their staff to work from home, reducing their on-site support staffing needs.

Why it matters: While many tech employees can do their jobs remotely, large companies also have support staff that do everything from cooking their meals to driving shuttles and cleaning the office. Those workers can't do their jobs remotely, and it was not initially clear how the coronavirus response would affect them.

Go deeperArrowMar 6, 2020 - Health

Twitter mandates all employees work from home

Twitter's San Francisco headquarters. Photo: Smith Collection/Gado/Getty Images

After previously recommending all employees work from home, Twitter took things a step further on Wednesday, making telecommuting mandatory for nearly all employees.

Why it matters: It's another sign of just how seriously Big Tech companies are taking the coronavirus outbreak.