Matt Scuffham, Aaron Saldanha

(Reuters) – Jefferies (NYSE) Financial Group has cancelled client parties worldwide and all travel plans. Employees are asked to stay home due to a spate COVID-19 cases.

According to Chief Executive Richard Handler in a memo that Reuters obtained, more than 40 cases have been reported by the company since December. Handler also stated that the firm had reimposed a mandatory mask in every office, regardless of whether or not a person is vaccinated.

Employees were asked to work remotely whenever possible. The memo also stated that travel plans would not be approved if they aren’t essential.

Jefferies, a New York-based bank with offices across Asia and Europe, is the headquarters of Jefferies. COVID-19 has had a particularly devastating impact on the bank. Peg Broadbent, the bank’s chief financial officer, died in March 2020 from complications caused by coronavirus.

Jefferies’ decision raised concerns about the possibility that other banks might also be reviewing return-to-office plans, mask mandates, and travel and entertainment policies.

Major U.S. banks started returning staff into their offices in the summer. Due to rapid Omicron variation spread, these plans are now under scrutiny.

The World Health Organization stated that Omicron, a new COVID-19 variant, is becoming more common as countries report surges.

Major U.S. banks are sticking with their COVID-19 policies so far. However, sources from the “big six” firms claim they will be closely monitoring developments.

Goldman Sachs (NYSE:), Morgan Stanley JPMorgan (NYSE 🙂 and (NYSE 🙂 had the majority of workers return to offices in a rotating basis since summer.

Like others Wells Fargo (NYSE:), Citigroup Bank of America (NYSE 🙂 has taken a flexible position.

Wells Fargo has pushed back its return-to office plans to January 2022, while Citigroup employees working in New York, Chicago, Boston, Philadelphia, Washington, D.C., have been working remotely at least 2 days per week since September 13.

According to sources, major U.S. banks are continuing holiday parties, client meetings, and other events since Omicron’s discovery, though they need proof that vaccination is required in order for them to participate.

Jefferies said that attendance at events and offices of Jefferies has been as high as 60% in recent weeks.