Pershing employee tests positive for coronavirus as outbreak declared national emergency

Register now

After an employee tested positive for coronavirus, BNY Mellon Pershing has asked staff on one floor of its facility in Jersey City to work from home for 10 days.

“The employee is under medical care, and we continue to monitor the situation closely,” a company spokeswoman said in an emailed statement.

Pershing’s response comes as wealth management firms and advisors are helping clients navigate market upheaval while also protecting themselves amid a fast-moving outbreak. On Friday, President Trump declared a national emergency due to the coronavirus.

The impacted floor of the firm’s office, located at its Pershing Square facility, will be closed until March 23 after a deep cleaning that will include “all high-touch surfaces in the building,” the spokeswoman said.

At least 1,872 people in 47 states have tested positive for coronavirus, according to data collected by the New York Times. Among those infected are employees at Morgan Stanley, Wells Fargo and RBC. At least 41 patients with the virus have died.

Pershing, like other financial services companies, is implementing measures across its offices, including remote working. Pershing says that its 2020 Insite conference in June is still scheduled to proceed, although the company is "closely monitoring the situation," according to the spokeswoman.

Meanwhile, other wealth management firms have called off corporate conferences. Raymond James, which has 8,000 advisors, said it was postponing it’s Elevate conference, which was scheduled to take place in April. Edward Jones also said it was cancelling large events, encouraging advisors to have virtual meetings with clients and suspending business travel through May.

Financial advisors in Seattle and Westchester County, New York, are experiencing outbreaks close to home, including clients — and children — in quarantine. Many are working hard to reassure clients amid the market volatility.

As of Friday afternoon, there have been 30 reported coronavirus cases in New Jersey and one death.

For reprint and licensing requests for this article, click here.
Coronavirus Diseases and conditions Pershing Advisor Solutions Pershing Workplace safety and security Clearinghouses/custodians
MORE FROM FINANCIAL PLANNING