untitled design

Thousands of ‘Wall Street China’ traders sleep in offices to beat lockdown

More than 20,000 bankers, traders and other workers are sleeping on skyscrapers in Shanghai’s Lujiazui district, the country’s financial center, in order to keep the financial hub fully operational amid a lockdown in the area.

In particular, according to Reuters, local government officials said that thousands of traders, asset managers and financial traders in the “Chinese Wall Street”, Lujiazui, rushed to their offices before Monday, when the lockdown would begin, with sleeping bags and supplies.

Some have even adopted shifts in the financial hub that handled transactions worth more than 2,500 trillion last year. yuan ($ 292 trillion).

According to Reuters, Amundi BOC Wealth Management Co. said its senior executives, as well as staff in key investment, trading and risk management, are working and sleeping in their offices to ensure the smooth running of the business.

Haitong Securities said President Zhou Jie scheduled emergency shifts with a physical presence at its subsidiaries in Pudong on Sunday night, bringing more than 150 employees to their offices as of Monday.

A Shanghai foreign bank executive, who did not want to be named, said his work follows a hybrid operating model, with some staff working and sleeping in a back office in Puxi, on the west side of the city, while others live in trading. room in Pudong.

It is recalled that on Monday, half of Shanghai, where 26 million people live, entered a lockdown on Monday dividing the city along the Huangpu River, to allow mass coronavirus tests.

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular