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JPMorgan, Deutsche Bank, and other major European banks are turning off hot water, stopping fountains, and preparing diesel generators as Russia chokes the energy supply

Office buildings, including the corporate headquarters of Deutsche Bank, stand in the financial district in the city center on March 7, 2019 in Frankfurt, Germany.
Office buildings including the corporate headquarters of Deutsche Bank in Frankfurt, Germany.Thomas Lohnes/Getty Images
  • Big banks in Europe are preparing for an energy crisis as Russia tightens the gas taps, per Reuters.

  • JPMorgan may use diesel generators, while Deutsche Bank turned off fountains and hot water.

  • The insurer Zurich said it could close its gym and some office floors if the situation worsens.

Major banks across Europe are implementing measures in the workplace to cut down on energy consumption as Russia tightens its 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 put in place after Russia invaded Ukraine in February.

Reuters reported on Wednesday that global banks in Europe had started to crack down on their energy use to prepare for rationing and power cuts before winter.

JPMorgan's locations in Europe have carried out power-outage simulations to help prepare for a loss of power, a person with knowledge of the matter told Reuters. The person also said the bank could use diesel generators to keep some offices operating for a few days if the situation worsens.

JPMorgan declined to comment to Insider about its energy-saving plans.

The 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 outdoor ads and some lighting inside its workplaces overnight.

The Swiss insurer Zurich told Insider it planned to turn off office lights overnight and stop using decorative features that use energy, including fountains. It said that if the energy crisis gets worse, it would close services like the company gym and open only certain floors of its offices.

The stock-exchange firm Euronext told Reuters that it had backup generators and that it 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 could provide energy to two of its data centers, a source told Reuters, without disclosing how long the power would last.

France's largest bank, BNP Paribas, has also taken steps to protect itself from supply cuts, Reuters reported, citing a source close to the bank.

Apart from JPMorgan and Zurich, the companies mentioned in this article didn't immediately respond to requests for comment from Insider.

It's not just banks that are cracking down on power consumption this year. European governments have introduced measures ahead of winter to prevent energy shortages. Germany has barred "energy-intensive heating" of private swimming and bathing pools, while Finland has urged people to spend less time in saunas and showers.

Read the original article on Business Insider