Mizuho Dials Back Return to London Office as U.K. Cases Rise
Mizuho Dials Back Return to London Office as U.K. Cases Rise
(Bloomberg) -- Mizuho International Plc tempered a move to allow all of its staff back to the Japanese bank’s London office amid a new wave of U.K. coronavirus cases.
The firm told workers Friday in a memo that only employees performing “business critical” roles can return to its office near St. Paul’s Cathedral, which normally houses about 1,400 staff. Monday was the first day the policy applied at Mizuho, which had previously given all staff the choice to return as long as the building’s capacity didn’t exceed 50%.
Mizuho called the return process a “dial and not a switch, to be dialled up or down as necessary to reflect the evolving situation we find ourselves in.” A spokeswoman for Mizuho declined to comment further.
The decision underscores the challenges that companies and business hubs still face six months after the pandemic hit Western economies. On Monday, the U.K. introduced a “rule of 6” that bars group gatherings, with exceptions including workplaces and schools.
With the worst seemingly over, bank bosses and government leaders had been encouraging staff to return to deserted office districts. Banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc. are looking to boost attendance in the office. However, in the three days through Sunday, the U.K. added more than 10,000 new Covid-19 cases, a pace not seen since May.
Balancing productivity and safety is also a challenge. JPMorgan research found that work output was particularly affected on Mondays and Fridays when employees worked from home.
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