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Goldman, JPMorgan Traders Eye Fleeing Virus, Central London

  • FCA scrutinizes efforts and stresses maintaining compliance
  • Banks test sites from Croydon and Heathrow to Basingstoke
Pedestrians are seen walking through the More London office space against the backdrop of Tower Bridge in London.
Photographer: Simon Dawson/Bloomberg
Updated on

As the coronavirus spreads, British bankers are preparing to use trading sites miles from London’s City and Canary Wharf -- and their regulators are keeping a keen eye on that contingency planning.

Goldman Sachs Group Inc. is actively testing its backup trading operations in the south London neighborhood of Croydon, according to a spokesman for the Wall Street firm. JPMorgan Chase & Co. is preparing for potential staff moves to backup sites in London and Basingstoke, 45 miles southwest of the British capital, according to people familiar with the bank’s plans.