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Wall Street banks make money from return-to-work plans while keeping a look at Omicron situation

Wall Street banks make money from return-to-work plans while keeping a look at Omicron situation

Wall Street firms are not immediately altering their U.S. return-to-work plans in response to the new COVID-19 variant, but they are keeping a close eye on the situation, they said.

The World Health Organization said that as more nations investigate cases, the new COVID-19 variant dubbed Omicron is putting a "very high" worldwide surge risk. Scientists said it could take weeks to assess its severity.

On Friday, New York Governor Kathy Hochul issued a COVID-19 "disaster emergency" statement, citing rising rates of infections and hospitalizations, as well as the threat from the new variant, which has not yet been detected in the United States.

Banks had been pushing ahead with the goal of returning workers to their United States and other locations around the world, albeit at different speeds, as engrossed by aggressive vaccination drives and falling COVID-19 cases in huge financial centers.

Goldman Sachs, JPMorgan, and Morgan Stanley have been the most aggressive. Since the summer, Goldman Sachs, JPMorgan, and Morgan Stanley have resurrected the most workers on a rotational basis.

Morgan Stanley Chief Executive James Gorman had been pushing for workers to return for the summer, although insiders believe the approach has since been reduced.

Others, such as Wells Fargo, Citigroup, and Bank of America, have taken a more flexible approach.

Citigroup employees in New York, Chicago, Boston, Philadelphia, and Washington, D.C. have been working from the office at least two days a week since Sept. 13, according to Wells Fargo's return-to-office plans back to January 2022. Citigroup employees in New York, Chicago, Boston, Philadelphia, and Washington, D.C. have been working from the office at least two days a week since Sept. 13.

Since early September, Bank of America has allowed vaccinated workers to return to its offices, while encouraging other workers to be inoculated.

Spokespeople from the six banks have stated that their plans haven't been modified for the time being, with some adamant that they'll continue to monitor the situation and take their breath from the United States Centers for Disease Control and Prevention.

"We will continue to follow the science as we have from the start," a Wells Fargo spokesperson stated in an emailed statement. "Our top priority is the safety of our employees and our customers," "Our number one priority is our employees and our customers."

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