JPMorgan, Deutsche Bank allow Saudi staff to work from home after Houthi strikes

Global financial firms, including JPMorgan Chase and Deutsche Bank, are allowing employees based in Saudi Arabia to work from home following a series of Houthi strikes that have heightened security concerns in the kingdom, Reuters reported, citing people familiar with the matter.

US investment firm Franklin Templeton has temporarily closed its Riyadh office and instructed employees based there to work remotely until further notice. The company has not set an end date for the arrangement, according to one of the sources.

The moves come as attacks across Saudi Arabia raise concerns over employee safety and disrupt business activities in the region.

Banks introduce flexible working arrangements

JPMorgan and Deutsche Bank began offering employees the option to work from home on Sunday, a day after a strike on King Khalid International Airport in Riyadh. Both banks' offices remain open for employees who wish to work on-site.

The flexible arrangements have also helped employees manage family responsibilities after Saudi Arabia moved to online schooling during the week.

Citigroup had earlier introduced similar measures, allowing employees to work remotely. Speaking to reporters after an earnings call on Tuesday, Citi CFO Gonzalo Luchetti said employee and family safety remained the bank's top priority.

Attacks disrupt business activity across the Gulf

The changes follow escalating Houthi strikes on Saudi Arabia over the past week, including an attack on oil giant Saudi Aramco's headquarters on Tuesday and an earlier strike on King Khalid International Airport in Riyadh.

Yemen's Houthi movement has threatened further attacks on airports and oil facilities in Saudi Arabia, describing the strikes as retaliation for Saudi attacks on Yemen. The escalation forms part of a wider regional conflict linked to the US-Israeli war against Iran.

The security situation has also disrupted the Gulf's busy conference season, which typically runs from September to December.

Saudi Arabia is planning to hold its flagship Future Investment Initiative conference in a hybrid format later this month, allowing executives to participate remotely.

The latest workplace changes highlight how rising regional security risks are influencing office operations, employee mobility and business event planning across the Gulf.