Factbox—Banks ready to leave contagion behind when employees return to their desks

The skyline is seen in Manhattan, New York City

Although those plans were derailed by the appearance of the Omicron variant earlier this year, the financial sector, led by big banks, has sought to reduce remote work.

Here are the latest updates on office plans of some major financial institutions:

Goldman Sachs Group Inc:

The US investment bank will lift pandemic protocols at its offices from September 6, according to an internal memo reviewed by Reuters.

Goldman already called its employees back into the office full-time in June of last year, although it has relaxed those requirements during periods of increased coronavirus cases.

The new guidelines allow employees to enter the company’s offices in the United States regardless of vaccination status, except for New York and Lima.

Goldman has also removed requirements for mandatory face masks and routine testing in offices.

Morgan Stanley:

In August, the bank said in a memo to its employees in the New York metropolitan area that it would suspend all COVID testing and monitoring requirements effective September 5.

JP Morgan Chase & Co

In March, America’s largest bank made mask-wearing voluntary in its office buildings and ended mandatory testing for unvaccinated employees. JP Morgan has also changed its policy to hire only vaccinated people.

In a letter to shareholders in April, Chief Executive Jamie Dimon said the bank expects 50% of employees to return to the office full-time, 40% to work in a hybrid model, and the remaining 10% to be able to work fully in specific roles. far away. (https://bit.ly/3RbWqS0)

Citigroup:

In line with official U.S. guidelines, Bank of America has waived requirements for regular testing and masks, and expects most employees to be in the office at least three days a week, a person familiar with the matter told Reuters. .

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Citi is maintaining its mandatory vaccination requirement, which has been in effect since January, unless an exemption is granted for U.S. workers, the source said.

Wells Fargo:

The bank said most of its employees returned to the office in March under a flexible hybrid model that requires employees to spend at least three days a week in the office.

Wells added that he does not mandate vaccinations, masks and screenings unless employees are required to do so internally or legally.

Deutsche Bank AG

The bank continues to operate according to the flexible operating model unveiled in the US last year.

Jefferies Financial Group:

CEO Richard Handler said in a letter that the investment bank prefers its employees to return to the office and work together rather than “lonely domestic silos.”

“As long as COVID is manageable, everyone should be back in our offices on a regular basis,” Handler said.

BlackRock Inc:

The asset management firm has been an exception to the Wall Exchange so far. A company spokeswoman said a requirement introduced in November maintains a policy asking employees to work from their desks three days a week.

Canada

Royal Bank of Canada:

Last month, Canada’s biggest bank said it was revamping a hybrid work arrangement that could see more employees coming into the office.

“As we enter the fall, I urge our leaders and colleagues to meet more often in person,” CEO Dave McKay said in a statement.

Bank of Montreal:

In an emailed statement to Reuters, the bank said many of its employees had returned to the office over the past year, and whether office, hybrid or remote work modes were determined by client needs and businesses.

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Canadian Imperial Bank of Commerce:

The lender said its employees have been working under a hybrid model since earlier this year, with expected hours in the office depending on the role.

Bank of Nova Scotia:

The bank said it plans to ramp up on-site work for certain tasks starting in September, which could lead to more employees returning to the office in the fall.

“We ask employees and new hires to disclose their vaccination status, but new hires are no longer required to be vaccinated. Screening requirements for unvaccinated employees have also been removed,” a company spokesperson said. In a Scotiabank email statement.

National Bank of Canada:

A spokeswoman for the bank said it eliminated most of its COVID operations last spring. The lender has adopted a hybrid model, with hours in the office dependent on individual teams.

Source: Company reports, references, sources

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