Wall Street’s Hopes for Return to Office Dashed Again by Covid -Breaking
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© Bloomberg. One pedestrian is seen in a puddle near the New York Stock Exchange in New York (USA) on Friday, December 31, 2021. U.S. stocks moved between gains or losses. This was exacerbated in part by the thin trading that occurred during the previous session.(Bloomberg) — Wall Street’s push to refill office towers across the country has been derailed again.
This time it’s the highly transmissible omicron variant of the Covid-19 virus that’s forced executives to rethink their plans. A record 10 million people were diagnosed with Covid-19 in the seven days through Sunday, almost twice the pandemic’s previous weekly high, though weekly deaths continued to drop.
“Realistically, we do not foresee us all having a safe opportunity to be together in our offices until at least Monday January 31,” Jefferies Financial Group Inc. Chief Executive Officer Richard Handler said in a memo on Instagram. “We are encouraging everyone to work remotely unless there is a very good reason to be in our office.”
The country’s largest banks have been among the most aggressive in luring workers back to their desks, with many beginning that process last summer. However, the push for workers back to their desks has been slow and steady as new varieties have emerged and raised cases.
Here’s what top banks have told employees:
Bank of America Corp. has urged employees to work at home for the week.
Citigroup Inc. asked employees to use the internet for work over holidays in New York. The company extended its guidance to ask staffers in all 50 states to work remotely for the first week of 2012. It cited the increase in Covid cases caused by omicron.
“We will continue to monitor the data and provide an update in January on when we expect to be back in the office in a similar manner as we have been,” Citigroup Memo from (NYSE:).
Goldman Sachs Group Inc. has changed its position on keeping employees in their offices. It now asks all U.S. employees to work at home until Jan. 18 if possible. Last month, the firm also told employees that anyone entering its offices must get a vaccination booster by Feb. 1 if they’re eligible for the injections by that date.
–JPMorgan Chase & Co., one of Wall Street’s staunchest advocates for returning bankers to the office, told employees they could work from home at their managers’ discretion in the first few weeks of the year. The staff is expected to return to work by February 1.
Morgan Stanley allows different departments to determine whether staff should return to work, however many discourage employees from returning.
–Wells Fargo & Co. postponed its plans for returning workers to offices indefinitely. It had originally planned to bring them back starting Jan. 10.
–Jefferies Financial Group Inc. told staffers they probably won’t be reopening offices until Jan. 31 at the earliest. The firm also said it doesn’t want the company to host indoor group events, dinners or functions this month. All staff members who want to visit clients or work in the office must have their Covid-19 booster shots.
“While nobody knows for sure, we believe (and fervently hope) this could be the last truly challenging period of this pandemic,” Handler and President Brian Friedman said in a memo to staff. “However, for now, we ask each of you to prioritize safety, stay optimistic, reach out for help when needed and be there for all of those in need.”
©2022 Bloomberg L.P.
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