The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.
"We've proven we can operate with no footprint," James Gorman, Morgan's CEO, said. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."
Thousands of bankers are set for a reprieve as Citigroup, Wells Fargo and Morgan Stanley joined European lenders in pledging to preserve jobs amid the widespread impact of the coronavirus.
Citigroup and Morgan Stanley told employees not to travel internationally for nonessential business, expanding earlier restrictions in Wall Street's latest responses to the spread of the coronavirus.
The Massachusetts senator and presidential candidate sent a letter to CEOs of five of the largest U.S. banks asking about their response to the outbreak.
The deal, which could be announced Monday, would push the TurboTax maker into consumer finance; the bank would follow U.S. rival Goldman Sachs into the British market.
