Attacks in Saudi Arabia prompt finance firms to let staff work from home, sources say
XLF•Global finance firms including JPMorgan and Deutsche Bank are allowing Saudi Arabia-based staff to work from home after Houthi strikes heightened security concerns. Franklin Templeton temporarily closed its Riyadh office, while Citi also allowed employees to work remotely.
1. Remote work arrangements
JPMorgan and Deutsche Bank offered Saudi Arabia-based staff the option to work from home starting Sunday, while keeping their offices open for employees who want to use them. Franklin Templeton temporarily closed its Riyadh office and asked staff there to work from home until further notice; no end date has been set. Citi said earlier in the week it was allowing employees to work remotely.
2. Security concerns
The arrangements follow Houthi strikes in Saudi Arabia over the past week, including an attack on Saudi Aramco’s headquarters on Tuesday and an earlier strike on King Khalid International Airport in Riyadh. The flexibility also partly helps parents after the kingdom moved to online schooling this week, one person familiar with the matter said. Saudi Arabia plans to make its Future Investment Initiative conference later this month a hybrid event.
