Bloomberg tells Gulf staff they can relocate as Iran attacks escalate

Bloomberg told Gulf-based employees, including at its Dubai headquarters, they can temporarily relocate as Iran continues drone and missile strikes on Gulf cities.wkzo
Goldman Sachs, Citigroup , Standard Chartered , and Morgan Stanley have also instructed Dubai staff to work remotely.bloomberg+2
The moves followed an Iranian military warning Wednesday that Tehran would target banks and economic centers linked to the U.S. and Israel, according to The New York Times.nytimes

Bloomberg LP told employees based in the Gulf, including at its Dubai regional headquarters, that they can temporarily relocate and work from outside the region, a spokesperson told Reuters on Thursday, as Iran continues to carry out attacks on Gulf cities. The move adds the media and financial data company to a growing list of major institutions adjusting operations amid a widening conflict that has reshaped daily life across the region.wkzo

Banks Clear Offices Amid Iranian Threats

Citigroup , Goldman Sachs The Goldman Sachs Group, Inc. , Standard Chartered , Morgan Stanley , and the London Stock Exchange Group have all instructed Dubai-based employees to work remotely in recent days. The New York Times reported that Citigroup told staff to promptly leave its offices in the Dubai International Financial Centre after an internal memo cited "increased security concerns".bloomberg+3

The wave of office closures accelerated Wednesday after an Iranian military official warned that Tehran would target banks and economic centers in the Gulf linked to the United States and Israel. The threat followed an overnight strike on a building associated with Bank Sepah in Iran, which the Islamic Revolutionary Guards Corps attributed to the U.S. and Israel, according to Iranian state media.nytimes+1

Standard Chartered said it had extended its Middle East work-from-home arrangements to its Dubai office. "Our focus is the safety and well-being of our colleagues," the bank said in a statement, adding that banking operations and customer services continue uninterrupted.khaleejtimes+1

Limited Uptake Despite Broad Permissions

Despite the flexibility on offer, few employees appear to have opted for relocation. One bank told Bloomberg News that take-up had been "very limited," with staff in many cases offered the option to work from overseas but not compensated for the move. Tax implications and regulatory approvals for working in foreign jurisdictions further complicate temporary relocations.businesstimes+1

Bloomberg co-founder Michael Bloomberg, speaking at a company event in Paris on Thursday, said the firm "remains fully committed to the region and to helping our customers during this difficult period". The company's weekday morning program "Horizons Middle East & Africa" did not broadcast from Dubai on Thursday due to what anchor Joumanna Bercetche described on X as the "escalating situation".wkzo

A Regional Conflict Reshaping Business

The corporate adjustments come nearly two weeks into a conflict that began when the U.S. and Israel launched strikes against Iran, provoking retaliatory missile and drone attacks across the Gulf. Iran has targeted airports, ports, residential towers, and oil infrastructure in the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman. Many foreign governments have advised against travel to the region and urged their citizens to leave.fdd+2

Consulting firm McKinsey chartered a flight to Turkey to evacuate stranded consultants, while HSBC chief executive Georges Elhedery said the bank's outlook for the Gulf Cooperation Council economies "remains unchanged".gulfnews+1

Sources (30)