Goldman Reopens Eight Europe Offices With Rigid Staff Checks

(Bloomberg) -- Goldman Sachs Group Inc. is reopening offices including Paris, Frankfurt and Madrid as its European operations begin to re-emerge from shutdowns prompted by the coronavirus.

The U.S. bank invited workers to return to the Frankfurt office last week, but only if they wanted to do so, according to a staff memo seen by Bloomberg News and confirmed by a bank spokesman. The firm’s Paris office, close to the Arc de Triomphe, will reopen next week.

In London, Goldman closed its suburban backup site in March and has had about 200 people, mostly in sales and trading, working from its main offices, a spokesman said.

As virus cases ebb and governments relax lockdowns, major firms are turning their attention to the thorny problem of safely running offices in the center of major cities. Banks that need staff on premises to run complex trading systems are being closely watched as a model for the rest of the economy.

Goldman has split its 300-strong Frankfurt team into three groups, which can rotate between home working and its Marienturm and Messeturm buildings. “Returning is in no way mandatory and everyone is encouraged to adopt an approach that works for them,” the memo said.

Returning staff are also asked to complete a health survey and don masks when entering and exiting the building, and in communal areas such as pantries, cafes and bathrooms, the memo showed. The bank will provide masks for those who need them.

Workers must keep a strict two meters away from others in the office, and conference rooms can only be used by a single person. The bank has also spaced out seating, reduced elevator capacity and banned visitors and client meetings.

Goldman is also reopening offices in Tel Aviv, Warsaw, Stockholm, Milan and Dublin, with each adopting similar protocols.

Canary Wharf

In London’s Canary Wharf financial district, which houses the European headquarters of banks including HSBC Holdings Plc, Barclays Plc and JPMorgan Chase & Co., similar measures are being considered. The landlord that operates the district said last week that returning workers can expect one-way entrances and no more than six in an elevator across the estate’s skyscrapers and stores.

JPMorgan said in a memo to staff in the Europe, Middle East and Africa region that it expects offices to be half full at most for the foreseeable future. The bank said it has been placing workers’ personal items into sealed boxes to prepare desks for common use after lockdowns tied to the coronavirus pandemic ease. It plans to have flexible seating to ensure workers are two meters apart at all times.

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