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Japanese megabanks weigh Middle East evacuations, JPMorgan limits travel
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Japanese megabanks weigh Middle East evacuations, JPMorgan limits travel
Jun 24, 2025 1:52 AM

TOKYO/NEW YORK, June 23 (Reuters) - Several major

Japanese banks are considering evacuating staff from the Middle

East and Wall Street giant JPMorgan ( JPM ) has restricted

employee travel in the region as tensions escalate.

The United States entered the war against Iran over the

weekend with strikes against three key nuclear sites, joining

Israel's military campaign to cripple Tehran's nuclear

capabilities. Iran has vowed to retaliate.

On Monday, Israel struck Evin prison in northern Tehran, a

potent symbol of Iran's governing system, in what Israel called

its most intense bombing yet of the Iranian capital.

The war threatens years of effort by Middle Eastern

governments to court global financial firms as part of plans to

diversify their economies away from oil.

Countries such as Saudi Arabia and the United Arab Emirates

have pushed to position themselves as regional financial hubs,

offering incentives and regulatory reforms to attract banks and

asset managers.

Japan's Sumitomo Mitsui Financial Group ( SMFG ) has begun

evacuating staff from locations including Iran and Qatar to

ensure their safety, a spokesperson said.

U.S.-based JPMorgan ( JPM ) is allowing only essential travel in and

out of the Middle East for employees, a person familiar with the

matter told Reuters on Monday.

The largest U.S. bank is offering support to employees on an

individual basis, as needed, the source added, requesting

anonymity discussing confidential information.

Goldman Sachs ( GS ) asked its staff in Israel to work

remotely about a week ago, according to a source familiar with

the matter.

Japan's Mitsubishi UFJ Financial Group ( MUFG ) has begun

evacuating some family members of staff from Dubai and the Saudi

Arabian capital Riyadh, a spokesperson said, and is also

considering allowing staff to leave at their own discretion.

DBS Group, Southeast Asia and Singapore's biggest

bank by assets, told Reuters on Tuesday that it had suspended

all non-essential travel to the conflict-affected areas.

"We are closely monitoring the evolving situation in the

Middle East, including developments in and around Dubai," a DBS

spokesperson said.

Ang Wee Khoon, head of risk management at the DIFC branch of

Bank of Singapore, one of Asia's biggest private banks, told

Reuters the bank has halted all non-essential travel to and from

Dubai.

"The safety of our staff is our highest priority, and we

stand ready to activate our business continuity plans while

minimising the disruptions to clients," Ang said.

Mizuho Financial Group ( MFG ) is urging its staff to be

cautious and is considering measures including evacuations, a

spokesperson said.

(Reporting by Miho Uranaka, Makiko Yamazaki and Sam Nussey in

Tokyo, Pritam Biswas in Bengaluru and Yantoultra Ngui in

Singapore, Saeed Azhar in New York; Writing by Manya Saini;

Editing by Kate Mayberry and Devika Syamnath)

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