Written by Elizabeth Dilts Marshall and Matt Scuffham.

NEW YORK (Reuters] – Wall Street businesses are adapting to Omicron COVID-19, a fast-growing variant that has decimated New York City and other financial centres with advisories and cancellations of holiday parties.

Financial firms face new challenges as they try to figure out when and how best to get business back on track.

There is much uncertainty about when that return to office will occur. The public has seen them reverse their course many times, as well as staff,” Neal Mills said. Mills is chief medical officer of Aon (NYSE;), which advises businesses on returning-to-work strategies.

There are many Wall Street banks and investment companies, including Bank of America. Citigroup Jefferies and NYSE have stopped trying to recruit staff to their offices. Omicron spreads across the Northeast.

New York City is suffering, as cases rose 60% in the last week. Breakthrough infections are rising in 61% of fully-vaccinated citizens.

Mills explained that even though companies recognize the importance of safeguards to bring workers back into the workplace, Mills pointed out that they may be relying too heavily on vaccinations to do so.

While employers have set February as their most likely date of return to the office, the current situation is changing quickly so they “refrain from communicating” with him.

A financial company executive stated that their target date for return to office was “arbitrary”, but the company didn’t want workers left in the dark.

Adam Galinsky of Columbia Business School, who helps companies with their back-to work plans, said “People do an awful job of communicating.” According to him, companies believe they are unable to update employees until they have additional information.

Financial industry is one of the fastest to get back to business as usual. Goldman Sachs, JPMorgan (NYSE ) and others are the top banks. Morgan Stanley (NYSE) led the effort to return workers to their offices after vaccinations.

JPMorgan and Goldman already had their workers in the office on rotational bases since summer. James Gorman, Morgan Stanley’s Chief Executive, had demanded that workers return to work by September. His position, however, has changed.

U.S. Banks were telling clients that “OK, everybody is back” and they needed to take them with them. This was the trend in September and October,” stated a New York-based senior executive from a European bank that has large U.S. operations.

The industry has had to shift quickly due to this aggressive approach in recent weeks. Some business executives suggested that the industry might have tried too hard.

“I assumed we’d get out by Labor day. It was past Labor day. Gorman said last week that they aren’t. “I believe that we will continue to be involved in the process through much of next year. “Everyone is still finding their path.”

The ‘PEOPLE WILL STOP QUITING’

New York Area staff at Citigroup and Bank of America were told to work remotely for now by the banks. Wells Fargo (NYSE) postponed its Jan. 10, 2010 office return. Jefferies is one of the first businesses to send employees home and now aims to have workers return Jan. 17.

Nevertheless, some banks still employ staff.

Morgan Stanley does not require staff members to work at home, but gives them the freedom to choose. JPMorgan sent Manhattan office staff home with unvaccinated workers and asked them to review who should be present in the office. Goldman Sachs cancelled some holiday events, but it did not send staff home.

JPMorgan spokesmen said that the bank is monitoring the situation closely and will adjust as necessary. Other banks were not available for comment.

Elisabeth Joyce, vice president at the University of Minnesota stated: “The return into work will not happen in a straight line.” Gartner Research and Advisory. “However I expect organizations that want to force a return of the office to push for timelines.

In her opinion, companies should continue trying to bring back staff over the long haul.

This is likely to lead to retention problems. According to a senior executive based in New York, hybrid work is “here to remain” and banks must figure out ways to connect people while making remote working more effective.

Andy Challenger, Senior Vice President at Challenger, Gray and Christmas, stated that companies set their dates for when people will return and each quarter they move another quarter.

It was the COVID waves and danger that caused it in the beginning. Now (employers) are worried that they can’t ask people to come back because people will quit.”