The coronavirus continues to dominate headlines across the globe and on Wall Street. Today is no different as we’ve continued to field coronavirus tips from across the wealth management community.
Earlier today we received a tip that a staffer at Merrill Lynch had received a confirmed coronavirus diagnosis in New York City. We’ve taken most of the day to chase down secondary confirmation of the info we received and finally were able to do so.
The Merrill Lynch staffer (not an advisor) had traveled abroad recently and had voluntarily gone to get tested based on that fact. The diagnosis came back positive late yesterday, and we were made aware of it early this morning. We were also given the location of the new coronavirus case.
**A quick word about our coverage of the coronavirus in the wealth management space. We are aware that naming the *specific* location of each case has led to a bit of panic – given the close quarters that are brokerage offices. That being said, we are adjusting our coverage of exact locations and being a bit more generic.**
This latest entry of coronavirus into wealth management has been confirmed in NYC and was found in one of the firms largest mid-town offices. The specific location is being omitted on purpose to respect the communication process of Bank of America and Merrill Lynch.
Still, this makes a trifecta of wirehouses now having confirmed cases of what the WHO now calls a pandemic. Only UBS has yet to announce a case of coronavirus. Wells Fargo, Morgan Stanley, and now Merrill Lynch.