A uptick in Iran’s threats are forcing leading financial institutions to close in-person working as the risk to physical and human capital mounts.
Iranian Threats Go Financial
On Wednesday, Ebrahim Zolfaqari, the Iranian spokesperson, warned of an attack to banking targets in the Gulf in retaliation for reported U.S. strikes on a Tehran bank, putting further pressure on the financial centres in the UAE and GCC hubs, including Doha.
An administrative building linked to Bank Sepah, one of Iran’s largest public banks and with historical links to the military, was reportedly hit overnight in Tehran.
Employee Memos
Standard Chartered and Citi Group are ordering staff to work remotely, shutting their offices in DIFC for the time being, as reported by Reuters.
While a number of U.S. banks recently moved their regional headquarters to KSA in recent years, most banks retain a presence in the UAE, including JPMorgan, Citigroup, Morgan Stanley, Wells Fargo and Goldman Sachs.
Many banks and legal firms, such as Mishcon de Reya, have instructed their employees in the region to work from home since the hostilities began.
This situation is evolving and Finance ME is reporting live on events. Any reported events will be updated as this situation develops.
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