Goldman backtracks on return-to-office as omicron surges

Goldman backtracks on return-to-office as omicron surges
Other banks that have revised their staffing strategies and eased off mandates to return to the office amid the jump in infections include JPMorgan, Citibank, Bank of America and Jefferies.
JAN 02, 2022
By  Bloomberg

Goldman Sachs Group Inc., one of Wall Street’s fiercest champions of returning its staff to offices, is asking U.S. employees to work from home if they can until Jan. 18 as Covid-19 surges nationwide.

Goldman’s reversal comes after most of its major peers, including JPMorgan Chase & Co. and Citigroup Inc., adopted a more cautious stance as the omicron variant spreads rapidly across the U.S., encouraging staff to resume work in the new year from their homes.

“As we continue to monitor the trajectory of this spike, we now encourage those who can work effectively from home to do so,” the bank said Sunday in a memo to employees.

As recently as last week, Goldman was doubling down on its return-to-office plan by making vaccination booster shots compulsory. On Dec. 27, Goldman told its U.S. workforce that anyone entering its offices must get a booster by Feb. 1 if they’re eligible for the injections by that date.

A Goldman spokeswoman didn’t immediately respond to a request for comment.

HOLIDAY SPREAD

The New York region has been hit hard by this winter’s jump in infections, raising concerns about what will happen at office towers and in schools as families return from gatherings or vacations in coming days. That’s forced some banks to revise staffing strategies in recent weeks, with a number of them easing off mandates to commute to offices.

JPMorgan is offering employees the option of working from home in the opening weeks of this year, the bank told staff in a memo on Thursday. Employees there are expected to resume their in-office schedules by Feb. 1.

Citigroup asked employee to work from home for the first few weeks of the new year if they’re able to do so. Bank of America Corp. is urging employees to work from home this week.

Jefferies Financial Group Inc. asked staff last month to work remotely and get a vaccine booster by the end of January. In December, CEO Rich Handler self-quarantined after testing positive for Covid-19 himself.

Latest News

Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households
Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households

Pew survey reveals slight majority consensus on tax rates, but views splinter based on political alignment and income levels.

The Fed's going to cut rates
The Fed's going to cut rates

While the Federal Reserve's decision to hold interest rates steady in March was widely expected, it's the reactions from financial professionals that provide a more nuanced picture of the central bank's approach.

Ontario Pension Fund revamps PE business in light of global risk
Ontario Pension Fund revamps PE business in light of global risk

The pioneering member of Canada's Maple Eight is stepping back from its go-it-alone private equity approach as a drought in deals and Trump's trade war prompt a rethink.

Raymond James, RBC reel in UBS advisors managing over $690M in assets
Raymond James, RBC reel in UBS advisors managing over $690M in assets

The firms' latest additions in Florida and Nevada come as a strategic change at UBS raises risk of advisor defections.

Assetmark debuts new advisor succession planning program
Assetmark debuts new advisor succession planning program

The new program offers opportunities and events structured for rookies, next-gen advisor leaders, and soon-to-exit veterans.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies