JPMorgan Chase

JPMorgan Chase and Citigroup told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff.

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

The biggest U.S. banks are once again preparing to show how they'll be able to withstand a severe economic shock in a hypothetical doomsday scenario, and they're eager to get on with it as a real one unfolds.

JPMorgan Chase is planning to implement a staggered work-from-home plan for its New York-area employees to help slow the spread of the coronavirus. The plan applies to most corporate employees, but not to branch workers or traders.

Concerns about the economic fallout of coronavirus have mostly focused on supply chain disruptions. But fears are growing that weakening consumer demand could spark a recession.

Elizabeth Duke and James Quigley step down from board; the bank is asking corporations to divulge their exposure and preparations as part of risk assessment.

Potential replacements for the bank's longtime CEO include consumer banking chief Gordon Smith, investment banking head Daniel Pinto, Chief Financial Officer Jennifer Piepszak and consumer lending CEO Marianne Lake.

The JPM CEO is “recovering well” as the bank’s two co-presidents assume control; the House finance chairwoman says the bank board members neglected their duty.

JPMorgan Chase said Chief Executive Jamie Dimon underwent emergency heart surgery and that it’s placing co-Presidents Daniel Pinto and Gordon Smith in charge during his recuperation.

Fintechs like LendingClub and Varo Money illustrate how the traditional financial system is changing. Banks that don’t rapidly evolve with technology will be obsolete.