H20/Water Shortage may cause JPMorgan, Deutsche Bank, and other major European banks to turn off hot water, stop fountains, and use diesel generators as Russia chokes energy supply.
Office buildings, including the corporate headquarters of Deutsche Bank, stand in the financial district in the city center of Frankfurt, Germany. Foto: Thomas Lohnes/Getty Images.
Big banks in Europe are preparing for an energy crisis as Russia tightens the gas taps, per Reuters.
JP Morgan may use diesel generators, while Deutsche Bank turns off fountains and hot water, per Reuters.
If the situation worsens, insurer Zurich said it will close its company gym and some office floors.
Major banks across Europe are implementing measures in the workplace to cut down on energy consumption as Russia tightens gas supply to the continent.
The Kremlin shut off its natural-gas flow to Europe via the key Nord Stream 1 pipeline last week and said it wouldn’t reopen it until the West lifts sanctions against Moscow, which were put in place after the Ukraine war began in February.
Reuters reported on Wednesday that global banks in Europe have started to crack down on their energy use in preparation for possible rationing and power cuts in the run-up to winter.
JPMorgan’s locations in Europe have carried out power outage simulations, tests which help the company to prepare for a loss of power, a person with knowledge of the matter told Reuters. They also said the US bank could use diesel generators, which are able to keep some offices operating for a few days if the situation worsens.
German banking giant Deutsche Bank told Reuters it was switching off hot water in bathrooms, changing the temperature in offices, and turning off the fountain outside its main office in Frankfurt. The bank also told the publication it was switching off lit-up advertising outside which works overnight, as well as branch lighting inside its workplaces.
Stock exchange firm Euronext told Reuters it had back-up generators in place and had reevaluated its energy usage since the beginning of the war.
UniCredit, one of Italy’s largest banks, has power supply from two independent power stations that can provide energy to two of its data centers, it told Reuters, without disclosing how long the power would last for.
France’s largest bank, BNP Paribas, has also taken steps to protect itself, Reuters reported.
Apart from Zurich, the companies mentioned in this article didn’t immediately respond to Insider’s request for comment.
It’s not just banks that are cracking down on power consumption this year.
European governments have also introduced measures ahead of winter to prevent energy shortages. Germany has said private swimming and bathing pools are banned from being heated, while Finland has urged people to spend less time in saunas and showers.
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