The headquarters of Goldman Sachs in New York City.
JOHANNES EISELE/AFP/Getty ImagesSome Wall Street banks want their workers to return to the New York offices, but Covid-19 cases are complicating things.
At least one employee at Goldman Sachs Group’s (ticker: GS) New York City headquarters tested positive for Covid-19, according to a person familiar with the situation. The firm identified those who were in contact with the person and sent them home, the person said. Bloomberg News first reported the news.
“Our people’s safety is our first priority and we are taking appropriate precautions to make sure our workplaces remain safe for those who choose to return,” Goldman Sachs spokeswoman Leslie Shribman said in an emailed statement, declining further comment.
The positives test follows reports that JPMorgan Chase (JPM) sent some traders home following a positive case in the past week.
“We’ve been managing individual cases across the firm over the course of the last few months and following appropriate protocols when they occur,” a JPMorgan spokesperson told Barron’s. “We’re not going to comment on any one case.”
CEO Jamie Dimon has recently emphasized the importance of returning to the office. He warned of negative long-term effects if work-from-home continued for too long. Dimon said in a meeting with analysts at Keefe, Bruyette & Woods that productivity was hurt by the shift to work-from-home—especially on Mondays and Fridays. He also noted younger employees are likely missing out on educational experiences that only exist in a collaborative environment.
JPMorgan had set a Sept. 21 return date for employees to be ready to return, even as tech firms like Facebook and Twitter have provided work-from-home timelines into 2021 and beyond.
Though virus cases are down in New York City from their highs earlier in the year, the ease of transmission and risks from public transportation have made it harder to get back to business as usual. New York City’s public schools delayed the return to the classroom for most students on Thursday. That added another challenge for working parents.
Not every firm is moving fast to get New York-area workers back in the office. UBS spokeswoman Erica Chase said in emailed statement provided to Barron’s that the firm plans to take a gradual approach across the Americas, taking into account local conditions and guidance of government and public health authorities
“The health and safety of our employees and clients remains of the utmost importance,” Chase said. “No one is or will be required to come back to the office unless they are comfortable doing so.”
Matthias Krause, chief of staff, Americas, at Deutsche Bank, wrote in a memo to employees that was reviewed by Barron’s that employees at its 60 Wall Street office may remain work-from-home until July 2021, when the firm moves into a new Columbus Circle office, “assuming the environment at that time allows a safe return to the office.”
He wrote that, “despite New York’s success in containing Covid, with the understandable concerns about public transportation, cleanliness, security and other quality of life issues, many of you do not wish to return to 60 Wall Street soon.”
Write to Connor Smith at connor.smith@barrons.com
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Some Wall Street Banks Try to Bring Staff Back to the Office. Covid Is Complicating That. - Barron's
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