Goldman, Morgan Stanley, Lead Wall Street Push For Employees To Return To Office After Labor Day

Most major Wall Street firms are officially “over” Covid and are setting Labor Day 2022 as the deadline for workers returning to the office.

Morgan Stanley has been leading the push this week, with Fox Business’ Charlie Gasparino reporting on Tuesday that the company is ending all Covid testing and other monitoring/mitigation requirements by September 5. 

A company-wide memo recommended that “all employees return to the office, barring certain individual health situations,” according to Fox News. It was also reported this week by the NY Post that Goldman Sachs was taking similar measures. 

Goldman Sachs “told workers it will no longer require vaccines, COVID testing or masks,” the Post wrote.

A bank memo to employees read: “There is significantly less risk of severe illness. In line with [the CDC’s] updated protocols, if you have not been coming in to the office, please speak with your manager to ensure that you understand and adhere to your division’s current return to office expectations.”

Wells Fargo bank analyst Mike Mayo told The Post: “This is another way of Goldman Sachs saying, ‘School’s in session and we want you in person’ after Labor Day. Goldman is the ultimate customer-facing firm and it’s tough to face customers remotely.”

“We continue to make steady progress bringing our people together in the office, which is core to Goldman Sachs apprenticeship culture and client-centric business,” a Goldman spokesperson said. 

Goldman CEO David Solomon had said last year at a Credit Suisse conference that working from home was “an aberration that we are going to correct as quickly as possible” and “not a new normal”, the Post reminded readers. 

Gary Goldstein, founder of the Whitney Group, an executive search firm, concluded to Fox News: “I think the CEOs are really worried … employees have become less efficient as a result of not having that discipline of working in the office.”

(2/2) that Wall Street is seeking to fully bring back its office workforce as the pandemic wanes and the declining severity of the current strain, which was cited by $MS for the new rules. @nypost reported @GoldmanSachs has mandated a full return to the office. Story developing

— Charles Gasparino (@CGasparino) August 30, 2022