Goldman Backtracks on Return-to-Office as Omicron Surges

Goldman Backtracks on Return-to-Office Plan as Omicron Surges

Sridhar Natarajan

03 Jan 2022, 01:20 PM IST

(Bloomberg) -- Goldman Sachs Group Inc., one of Wall Street’s fiercest champions of returning its staff to offices, is asking U.S. employees to work from home if they can until Jan. 18 as Covid-19 surges nationwide.

Goldman’s reversal comes after most of its major peers, including JPMorgan Chase & Co. and Citigroup Inc., adopted a more cautious stance as the omicron variant spreads rapidly across the U.S., encouraging staff to resume work in the new year from their homes.

“As we continue to monitor the trajectory of this spike, we now encourage those who can work effectively from home to do so,” the bank said Sunday in a memo to employees.

As recently as last week, Goldman was doubling down on its return-to-office plan by making vaccination booster shots compulsory. Anyone entering its offices must get a booster by Feb. 1 if they’re eligible for the injections by that date, Goldman told its U.S. workforce on Dec. 27.

A Goldman spokeswoman didn’t immediately respond to a request for comment.

Holiday Spread

The New York region has been hit hard by this winter’s jump in infections, raising concerns about what will happen at office towers and in schools as families return from gatherings or vacations in coming days. That’s forced some banks to revise staffing strategies in recent weeks, with a number of them easing off mandates to commute to buildings.

JPMorgan is offering employees the option of working from home in the opening weeks of this year, the bank told staff in a memo on Thursday. Employees there are expected to resume their in-office schedules by Feb. 1.

Citigroup asked employee to work from home for the first few weeks of the new year if they’re able to do so. Bank of America Corp. is urging employees to work from home this week.

Jefferies Financial Group Inc. asked staff last month to work remotely and get a vaccine booster by the end of January. Chief Executive Officer Rich Handler self-quarantined in December after testing positive for Covid-19 himself.