![]() ![]() On the positive side of the Delta outbreak, New York City area hospitalization levels remain low. Morgan Stanley wants its people back in the office by Labor Day. Goldman and JPM are demanding that many employees return immediately. Each firm has instituted the most rigorous back-to-office mandates in corporate America. Yes, there is a reason why JPMorgan, Goldman Sachs and Morgan Stanley - the banks with the strictest return-to-work policies - are the crème de la crème of Wall Street.Įach has a culture of teamwork and excellence, and the people running the banks know both are difficult to achieve with Zoom meetings. I want to underscore the word “reluctantly” because the CEOs of the banks that have begun to tell their employees to get back to the office really do want to keep it that way. Pool/AFP via Getty Images AFP via Getty Images Getty Images for New York Times Cuomo and Mayor de Blasio could derail the turnaround. Big-bank CEOs including (from left) Jamie Dimon, David Solomon and James Gorman - who are helping lead NYC’s economic comeback - fear the Delta variant and stifling new mandates from Gov. That means there’s a real possibility that the New York financial industry - the economic engine of the state and in many ways the country - could crawl back into its 2020 fetal position and delay returning to the office until well into the fall or possibly next year, senior execs at these firms reluctantly concede. ![]() And also a somewhat less obvious one: The propensity of elected officials here to screw up the public-policy response to the virus. Word on the street is the CEOs of the big banks are growing anxious for an obvious reason - the rapidly spreading Delta variant of the coronavirus. The financial industry - a major driver of the city’s economy - was slowly bringing its people (and their hefty salaries) back to the office to spread the wealth of a booming stock market to local businesses. ![]() Lots of us have received the vaccine, and Wall Street’s biggest firms (JPMorgan, Morgan Stanley, Citigroup, Bank of America and Goldman Sachs) have been boasting about their own form of herd immunity, with around 90 percent of their workforces vaccinated, senior execs at the firms tell me. It was supposed to be the summer when things returned to at least “kinda normal” here in the Big Apple. If Jamie Dimon wants political office - he'll need to answer about Epstein SEC’s regulations on dangerous crypto are an uneven messīiden is more unfit for office by the minute while GOP nominees devolve into chaosĬNN's liberal cabal beat Licht - but may hasten the channel's sale Don't hold your breath on David Solomon being axed from Goldman Sachs ![]()
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