Investment bank Jefferies Financial Group on Wednesday canceled all client parties and most travel, asking employees to work from home when possible due to COVID-19 cases.
US banks have been more vocal than other industries in bringing employees back into the office, although those plans have come under renewed scrutiny due to the rapid spread of the Omicron variant. Jefferies’ disclosure raised questions about whether other banks would also review return-to-office plans, mask mandates and travel and entertainment policies.
Jefferies, which is headquartered in midtown Manhattan, recalled its employees to the offices in October. The bank has felt the impact of the pandemic acutely, as its Chief Financial Officer Peg Broadbent died of coronavirus complications in March 2020.
“Our priority now is to protect each and every one of you and your families. Effective today, we are canceling all social events and entertainment until January 3rd,” wrote chief executive Richard Handler in a memo seen by Reuters.
The firm has reported more than 40 new COVID-19 cases this month, including 10 on Tuesday, with only a few cases requiring hospitalization, the memo said. Handler said Jefferies was re-enacting a mask mandate in all offices, regardless of vaccination status.
The investment bank, which has 3,000 employees worldwide, also has offices in Asia and Europe. More than 95% of Jefferies employees are now vaccinated, and all visitors to Jefferies offices must be fully vaccinated, Handler said in the memo.
Employees of most major US banks have been working in offices since the summer. Senior bankers such as Goldman Sachs chief executive David Solomon and Morgan Stanley chief executive James Gorman have spoken of the benefits of personal interaction, especially for younger employees.
So far, US banks are sticking to their current COVID-19 policies, although sources at the “big six” firms say they are closely monitoring developments.
Goldman Sachs, Morgan Stanley and JPMorgan have all laid back most employees in offices on a rotational basis since the summer.
Others such as Wells Fargo, Citigroup and Bank of America have taken a more flexible approach.
Wells Fargo pushed its office-to-off plans back into January, while Citigroup employees in New York, Chicago, Boston, Philadelphia and Washington, D.C. have been working from the office at least two days a week through September 13.
Sources said most major US banks have also continued with holiday parties and customer meetings since the discovery of the Omicron version, although they require proof of vaccination to participate.
Wells Fargo said on Wednesday it had no plans for a wider ceremony. It states that team parties are at the discretion of individual managers.
In Europe, where Omicron has spread more quickly, some banks have canceled events such as JPMorgan’s annual carol reception in London and year-end parties in Paris.
Deutsche Bank has told its employees in London that they can hold small gatherings at the team level. Asset managers Schröders and the City of London Corporation, which runs London’s historic financial district, ask guests to conduct rapid tests before certain festive events.
Some big US companies are also pushing back their return dates due to Omicron variants.
Jefferies, which the memo said had seen attendance averages as high as 60% on multiple days globally in recent weeks, said anyone who wants to enter a Jefferies office or event must have 31 Booster vaccinations will have to be done by January, unless they do. still able to do so.
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