Wall Street working from home may stay that way

The big U.S. banks have a message for many of their New York City workers: Don’t hold your breath about coming back to the office.

FOX Business has learned brokers at UBS are under the impression they won’t have to return to work until April 2021, while Morgan Stanley, Goldman Sachs and the nation’s largest bank JPMorgan, are alerting roughly half their workforces that they may not be coming back to their Manhattan offices until possibly well into next year.

Spokespeople from Morgan Stanley, JPMorgan, and UBS declined to comment. A spokeswoman for Goldman said the company’s Manhattan headquarters is at 15 percent capacity now and expects to be at 50 percent capacity by the end of the year. The company does not have a date for all employees to return.

At Bank of America, a spokesman said the company will give employees 30 days notice of any official word about returning to the office sometime after Labor Day, and a Citigroup spokeswoman said a decision about bringing personnel back will be made around the same time frame.

The return to the city for people who hold jobs considered “nonessential” or work that isn’t necessary to do in the office have been put on indefinite hold, according to bank executives who spoke on the condition of anonymity.

These positions include people who work in public relations, human resources, and even financial advisors who deal with smaller investors — jobs that can be done from home instead of traveling into Manhattan via train, bus or subway.

The Big Apple remains only partially open amid the COVID-19 pandemic as health officials still worry a second wave could hit the densely populated city in the fall. Restaurants remain closed for indoor dining.

As banks weigh final decisions, some executives are hearing from city personnel that they desperately want to return to the office.

While many employees are able to make the drastic lifestyle-work change, it has become an emotional burden for many others to work from home all the time.

“We want to get as many people back as soon as possible,” one senior bank executive tells FOX Business. “Or we may see a lot of employees getting divorced.” Read More

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