Banks on High Alert: Middle East Tensions Prompt Evacuations
Major banks, including Japanese and U.S. financial giants, are evacuating staff and restricting travel amidst escalating tensions in the Middle East. The conflict, involving the U.S. and Israel against Iran, threatens efforts by Middle Eastern countries to diversify their economies and establish themselves as financial hubs.
Major global banks are on high alert as increased tensions in the Middle East have prompted them to evacuate staff and limit travel. Japanese banks, along with Wall Street's JPMorgan, are among those taking measures to protect their employees amidst the rising conflict.
The United States intensified the regional conflict by joining Israel's military campaign against Iran, targeting nuclear sites over the weekend. This development jeopardizes Middle Eastern efforts to attract global banks to diversify their oil-dependent economies.
Banks such as Sumitomo Mitsui, Mitsubishi UFJ, and DBS Group are evacuating staff or curbing non-essential travel in affected areas, focusing on employee safety while maintaining business operations with minimal client disruption.
(With inputs from agencies.)
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