Weekly Global News Wrap: Financial firms beef up COVID measures; Europe mulls relief for banks

And Goldman Sachs is ‘very open’ to acquisitions.

From Reuters:

Banks and other large financial firms in major cities across the globe are fortifying their measures against the coronavirus, with Barclays, BlackRock and Morgan Stanley confirming separate positive cases.

Steps include telling staff to self-quarantine for 14 days if they have been exposed to the virus, splitting operations to allow staff to work from home or back-up locations, and deep cleaning offices.

The spread of the coronavirus is increasingly disrupting financial companies’ operations and adds to the impact of a weaker economy on their businesses. A Barclays trading staff has tested positive, as well as a BlackRock staff and a Morgan Stanley employee—all in their respective New York offices.

From Bloomberg:

European officials are considering relaxing some bank rules as efforts to combat the coronavirus threatens lenders still reeling from years of negative interest rates.

German regulators have discussed easing a planned rule that banks bolster reserves in good times, whilst France is urging regulators to go easy on banks with customers who have difficulties paying loans.

The issue may be on the agenda of the European Central Bank meet later this month.

From Reuters: 

Goldman Sachs CFO Stephen Scherr said the bank is “very open” to acquisitions, particularly those that would speed the growth of existing business.

There has been wide investor speculation about the bank’s appetite and ability to do mergers or acquisitions since rival Morgan Stanley announced its plan to buy discount broker E*Trade.

CEO David Solomon has revealed goals to grow Goldman’s nascent online consumer bank Marcus, its credit card business and cash management platform, but insiders are doubtful that it can bloom quickly without a deal

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