Banks are scrambling to protect their back office workers from India's Covid surge

Goldman Sachs (GS) is asking US staff who haven’t already returned to the office to be ready to take action by June 14, in response to a memo obtained by NCS Business that was despatched to workers Tuesday.

“We are focused on progressing on our journey to gradually bring our people back together again, where it is safe to do so, and are now in a position to activate the next steps in our return to office strategy,” CEO David Solomon, president John Waldron and CFO Stephen Scherr wrote in the memo.

The memo additionally asks staff in the United Kingdom to make plans to return to the office by June 21.

The Goldman Sachs executives mentioned they “continue to be encouraged by the rollout of vaccines” in many areas and the “effectiveness of the health and safety protocols we have put in place across Goldman Sachs campuses to protect our people.”

Goldman Sachs, whose headquarters is positioned close to Wall Street in Lower Manhattan, expects to welcome almost 5,400 interns and newly employed analysts and associates to its places of work this summer season in addition to the returning staff. News of the return to the office was beforehand reported by Bloomberg News.

JPMorgan workers anticipated back at the office by July

Working from the office doesn’t look like obligatory. Goldman Sachs executives mentioned they “remain committed to giving our people the flexibility they need to manage both their personal and professional lives.” Employees who’re unable return to the office can focus on working preparations with their supervisor.

Last week, JPMorgan Chase (JPM) introduced it’ll open its US places of work to all staff on May 17, topic to a 50% occupancy cap. JPMorgan executives advised staff in a memo that by early July they anticipate all US-based staff can be in the office on a constant rotational schedule topic to that very same 50% cap.

As in different industries, Wall Street is grappling with excessive stress amongst staff introduced on by the pandemic.

Banks are scrambling to protect their back office workers from India's Covid surgeBanks are scrambling to protect their back office workers from India's Covid surge
In March, a dozen junior analysts at Goldman Sachs detailed horror stories of sleeping 5 hours an evening and enduring office abuse. CEO Solomon pledged to speed up the hiring of junior bankers and strengthen enforcement of the “Saturday rule” which says that junior workers should not be anticipated to be in the office between 9 pm Friday and 9 am Sunday.

Goldman Sachs says it offers staff a half-day of paid day off for every dose of Covid-19 vaccine they obtain in addition to household go away to accompany dependents who’re getting vaccinated.

Although some staff could want to work remotely, many enterprise leaders have emphasised the significance of in-person work.

“We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together,” the Goldman Sachs executives wrote.

Similarly, JPMorgan executives mentioned: “We firmly believe that working together in person is important for our culture, clients, businesses and teams.”

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