Goldman Sachs, Morgan Stanley order staff to return to office full-time

Goldman will let employees outside New York enter offices regardless of vaccination status, with no requirement to participate in regular testing or wear face coverings

Goldman Sachs
Photo: Reuters
Bloomberg
2 min read Last Updated : Sep 01 2022 | 6:30 AM IST
Two of Wall Street’s most prominent investment banks are removing some of the final hurdles to fully returning to offices following the Covid-19 pandemic.

Goldman Sachs Group Inc., which led Wall Street’s return to Manhattan towers by pushing employees to resume regular commutes last year, and Morgan Stanley both told staff that they will ease some of their remaining Covid-19 mitigation efforts after the Labor Day weekend.

Goldman will let employees outside New York enter offices regardless of vaccination status, with no requirement to participate in regular testing or wear face coverings, according to a memo sent to staff. The bank cited new US Centers for Disease Control guidelines as well as improved treatments and wide availability of testing.

In New York, Goldman employees with an approved medical or religious exemption to the city’s vaccine mandate can enter offices with no testing or face coverings, the bank said. Those without an approved exemption and who don’t meet the mandate should continue to work remotely.

The Wall Street giant has been aggressive in pushing a return to offices, with Chief Executive Officer David Solomon saying the pandemic wouldn’t change the firm’s in-person culture.

The memo didn’t specify how many days a week employees are expected to attend. Earlier this year, Goldman executives emphasized that their expectation is that staff meeting Covid-protocol requirements will work from the office. The firm has been out in front trying to corral its staff to resume full-time office work even as its workforce has been reluctant.

Last week, Morgan Stanley told its New York staff that as of Sept. 5, it’s ending tests and control measures such as exposure notifications emails. Anyone who tests positive should still isolate for at least five days, then wear a mask for five more, according to a memo.  

Staffers who may have been exposed to someone who has tested positive don’t need to isolate, but should wear a mask for 10 days in the office and get tested on day 5, the firm said.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :CoronavirusCoronavirus VaccineMorgan StanleyGoldman Sachs

Next Story