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.
There have been more than 40 new COVID-19 cases at the firm this month, including 10 on Tuesday, Chief Executive Richard Handler said in a memo seen by Reuters. 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, is headquartered in New York and also has offices in Asia and Europe. Employees returned to offices in October. The company has felt the impact of the pandemic acutely. Chief Financial Officer Peg Broadbent passed away in March 2020 due to coronavirus complications.
More than 95% of Jefferies employees are now vaccinated, and all visitors to Jefferies offices must be fully vaccinated, Handler said in the memo.
“That’s why, with only a few exceptions, most of our new cases do not require hospitalization,” he said.
Jefferies’ move raised questions about whether other banks would also review return-to-office plans, mask mandates and travel and entertainment policies.
US banks have been more vocal than other industries in bringing employees back into the office. 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.
Most major US banks have been bringing employees back to the office since the summer. But those plans have come under renewed scrutiny due to the rapid proliferation of the Omicron version.
So far, major 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 back its office-to-off plans to January 2022, while Citigroup employees in New York, Chicago, Boston, Philadelphia and Washington, DC are working from the office at least two days a week through September 13 .
Sources said major US banks have continued with holiday parties and client meetings since the discovery of the Omicron version, although they require proof of vaccination to participate.
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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