The Morgan Stanley building in New York (REUTERS / Lucas Jackson / archive)

The american bank Morgan Stanley urged its employees to return to work in person on Tuesday after the lifting of restrictions in New York.

“Make no mistake about it. We do our work within the Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people. “said the CEO of the company James Gorman during the firm’s annual finance conference, which this year was held virtually.

“If they can go to a restaurant in New York City, they can go into the office.”added.

The CEO of Morgan Stanley urged staff to return to the office before the Labor Day; otherwise he said, employees will face a pay cut.

“On Labor Day I will be very disappointed if people have not made it to the office. So, we will have a different kind of conversation “Gorman warned.

James Gorman, CEO of Morgan Stanley, during the World Economic Forum in Davos in 2020 (Bloomberg)
James Gorman, CEO of Morgan Stanley, during the World Economic Forum in Davos in 2020 (Bloomberg)

Since the pandemic began, the banking giant allowed its 70,000 employees to work from homeBut with 70 percent of adults in the Big Apple vaccinated and an infection rate of less than 0.5%, it’s time for them to get back to their desks.

Gorman has been working in person four days a week since last July, despite the fact that he contracted COVID-19 himself last year.

Currently, lNew York companies have the ability to work with 100 percent of their employees in person, without social distancing or testing, as long as everyone is vaccinated. That rule is expected to be lifted Tuesday now that 70 percent of adults have received at least one dose of the COVID-19 vaccine.

“If you want to get paid New York wages, you work in New York”

The CEO also sent a message to workers who took advantage of the possibility of working remotely to move out of New York during the pandemic.

“If you want New York wages, you work in New York. None of this, ‘I’m in Colorado and I work in New York and they pay me like I’m sitting in New York City,’ “Gorman said. “Sorry, that doesn’t work. “

Gorman did not say if the staff will be fired if they refuse to return or if there will be waivers, as for people with health problems.

On the other hand, Morgan Stanley’s competitors at the moment seem not to be following Gorman’s approach.

Goldman Sachs asked that most of the staff return to the offices on Monday, but it has not yet detailed whether there will be pay cuts for those who have moved out of town. The investment bank plans move 100 positions to West Palm Beach, since many New Yorkers are moving to Florida.

Workers in front of Goldman Sachs headquarters in New York (REUTERS / Brendan McDermid)
Workers in front of Goldman Sachs headquarters in New York (REUTERS / Brendan McDermid)

Another investment bank, JP Morgan Chase, plan for your part limit office capacity to just 50 percent with a long-term goal of keeping 10 percent of the company’s 225,000 workers working from home permanently.

Citi Group, a bank led by a woman, cited child care issues as the reason he’s waiting to force staff to come back. With schools, daycare centers and summer camps closed during the pandemic, childcare became a huge struggle for workers and was a burden that fell largely on the shoulders of women.

Jane Fraser, the bank’s CEO, He said he plans to wait for staff to return to their desks until young children can be vaccinated and in-person child care fully resumes.


Amazon will allow its employees to work remotely two days a week
Remote work: what is the cloud and why companies will no longer be able to escape from it