Banks Restrict Middle East Travel Amid Rising Tensions

Several major financial institutions, including prominent Japanese banks and U.S. giant JPMorgan, are reportedly implementing travel restrictions and considering staff evacuations in the Middle East as regional tensions escalate. This comes as the United States has joined Israel's military campaign with strikes against Iranian nuclear sites, prompting vows of retaliation from Iran.

On Monday, June 23, 2025, Israel reportedly struck Evin prison in northern Tehran, which it described as its most intense bombing of the Iranian capital to date. This escalation threatens years of effort by Middle Eastern governments to attract global financial firms as part of economic diversification initiatives away from oil. Countries like Saudi Arabia and the United Arab Emirates have actively sought to establish themselves as regional financial hubs through various incentives and regulatory reforms.

Japan's Sumitomo Mitsui Financial Group has begun evacuating staff from locations including Iran and Qatar, according to a spokesperson. JPMorgan is now allowing only essential travel for employees in and out of the Middle East, a person familiar with the matter stated on Monday. Goldman Sachs had reportedly instructed its staff in Israel to work remotely approximately a week prior. Mitsubishi UFJ Financial Group has started evacuating some family members of staff from Dubai and Riyadh, the Saudi Arabian capital, and is considering allowing staff to leave at their own discretion, a spokesperson confirmed.

Ang Wee Khoon, Head of Risk Management at the DIFC branch of Bank of Singapore, commented, "The safety of our staff is our highest priority, and we stand ready to activate our business continuity plans while minimising the disruptions to clients." He confirmed that the bank has halted all non-essential travel to and from Dubai. Mizuho Financial Group is also urging its staff to exercise caution and is evaluating potential measures, including evacuations, a spokesperson noted.