UBS bans Middle East business travel as banks step up response to Israel-Hamas conflict

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UBS has banned its employees from travelling in the Middle East as the conflict between Israel and Hamas militants escalates and banks in the region take steps to safeguard their staff.

The Swiss bank has told staff not to travel for work-related purposes in the Middle East, an internal memo sent to staff reported by Bloomberg said. It also cancelled a Middle East wealth management conference.

UBS employs several hundred staff in the Middle East. Banks with operations in Israel or the broader region have also moved to ensure staff safety. Citi, Goldman Sachs, JPMorgan and Morgan Stanley are among the Wall Street banks to ask employees in Tel Aviv to work from home.

UBS has also asked its employees in Israel to work at home, according to a person familiar with the matter.

UBS’s ban on travel in the region is the most robust response so far from a global bank, with most firms so far simply outlining support to Israel-based employees and advising them to stay at home. UBS’s move comes from an “abundance of caution”, according to the person.

READ Goldman Sachs, JPMorgan, Morgan Stanley tell staff in Israel to work from home amid war with Hamas

Around 1,200 Israelis have died in the conflict after militant group Hamas launched an unprecedented attack on 7 October that has prompted Israel to declare war and call up over 300,000 reservist troops. So far, 950 Palestinians, largely civilians, have also died in the conflict.

Citigroup will donate $1m to humanitarian organisations in Israel through its Citi Foundation. In a 10 October note to staff, CEO Jane Fraser said: “My thoughts are with everyone affected by the senseless loss of life. I spoke with our colleagues in Israel earlier today. While they are rightfully hurting, their spirit is strong. Most importantly, they are all safe, and we all pray they remain so. I reassured them that we will continue to do what is necessary to support them.”

Its CEO for Israel and region markets, Neil Corney, praised the donation and employees at the bank that have responded to the call for troops.

“I’m so proud of our people who have responded immediately to the call to duty to protect our country, those who are supporting families and their communities,” he wrote on LinkedIn. “I am so proud to be part of Citi and feel the support from our colleagues across the world during these traumatic and heart breaking days.”

Jefferies chief executive, Rich Handler, and president Brian Friedman sent a letter to staff on 11 October outlining a $8.6m donation to humanitarian organisations.

“Nothing we can do will bring back the babies, children, young adults, parents, grandparents and others brutally killed these last few days in Israel without warning and without any provocation by them,” they wrote. “We woke up Saturday to the beginning of this horror and on Sunday we decided to do our part to bring relief and support to the wounded and the surviving family members.”

To contact the author of this story with feedback or news, email Paul Clarke

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