Headquarters of JP Morgan Chase & Co., JP Morgan Chase Tower at Park Avenue, Midtown, Manhattan, New York.
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JPMorgan Chase changed course during the major annual healthcare conference it plans to host in person in San Francisco next month after key attendees ignored Covid fears.
The bank on Wednesday told participants that the 40th annual JP Morgan Healthcare Conference is moving to a virtual format “out of an abundance of caution,” according to emails obtained by CNBC.
“The health and safety of our customers and employees is of paramount importance and due to the ongoing COVID-19 pandemic we have made this decision,” the bank said. “We not only hope to meet in person, but also understand what this conference means for the San Francisco community, which we fully support.”
The event is known to be one of the largest gatherings of healthcare executives in the world and is a hotbed for trading activity for the industry. JPMorgan took action after biotech companies including Moderna and Amgen withdrew from the conference, a move Stat News reported on Tuesday.
While the companies did not explain why they withdrew, John Maraganore, outgoing CEO of Alnylam Pharmaceuticals, tweeted yesterday that the JPMorgan conference should go virtual to “avoid a super viral event and a PR disaster for our industry.”
JPMorgan had planned to hold the conference from January 10-13 at Westin St Francis. In previous years, the hotel was so packed with attendees that executives used nearby parks, department stores and even the bathroom to hold meetings.
When it is held in person, attendees are required vaccination and wear masks indoors, according to the bank. But companies have had to take steps amid concerns about the more contagious Omicron variant of covid, such as pushing back on office targets.
Now, the bank says that all sessions of the conference will be streamed via webcast “and will take place Eastern Time.”
With reporting from CNBC’s Bertha Coombs and Jodi Gralnick.
