As virus seizes markets, it’s no longer business as usual
Global markets and businesses big and small opened the week to a landscape seemingly altered by the coronavirus pandemic. National retail chains have closed all stores. Banks are taking steps to keep cash on hand, lots of it. Markets in Asia, Europe and the U.S. are plunging. Following is a quick look at how the outbreak is impacting the financial and business sector, as well as millions of workers and customers. FINANCE: The biggest banks in the U.S. moved in unison to conserve cash through the first half of the year. The Financial Services Forum, which represents Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo, said members would suspend stock buybacks for first quarter and the second quarter due to the virus outbreak. In a prepared statement, the group said the decision “is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services.” The financial sector is among the hardest hit Monday. Shares of Citigroup, Bank of America and JPMorgan plunged as billions in bank valuation evaporated.