{"id":309981,"date":"2021-07-28T02:08:10","date_gmt":"2021-07-27T23:08:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-new-cdc-guidance-could-impede-wall-streets-return-to-the-office\/"},"modified":"2021-07-28T02:08:10","modified_gmt":"2021-07-27T23:08:10","slug":"how-new-cdc-guidance-could-impede-wall-streets-return-to-the-office","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-new-cdc-guidance-could-impede-wall-streets-return-to-the-office\/","title":{"rendered":"#How new CDC guidance could impede Wall Street\u2019s return to the office"},"content":{"rendered":"

“#How new CDC guidance could impede Wall Street\u2019s return to the office<\/strong>”<\/p>\n

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Wall Street titans beating the \u201cback-to-your-desks\u201d drumbeat have just been dealt a potential setback by the Centers for Disease Control.<\/p>\n

On Tuesday, the national public health agency reversed its previous guidance on mask-wearing for vaccinated people \u2014 saying it now recommends<\/a> face coverings in all public settings for anyone in a COVID hot spot. <\/p>\n

That means masks indoors for anyone working in an area deemed at \u201chigh\u201d or \u201csubstantial\u201d risk of coronavirus transmission. New York City, the heart and soul of Wall Street, is currently considered to have substantial risk<\/a> of transmission as the more highly contagious Delta variant spreads. <\/p>\n

\"CEO
James Gorman has ordered workers to return to the office by September or face cuts to their pay.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

The new guidance, which marks a major change from the CDC\u2019s mask guidance issued in May, comes as Wall Street chieftains \u2014 from JPMorgan\u2019s Jamie Dimon to Goldman Sachs\u2019 David Solomon \u2014 push for their workers to return to the office with rules that allow vaccinated people to ditch the face coverings. <\/p>\n

Goldman Sachs ordered the vast majority of its workers to return to its Hudson River headquarters back in June. JPMorgan implemented a return-to-work schedule for its workers\u00a0earlier this month.<\/p>\n

Morgan Stanley\u2019s hard-charging chief executive James Gorman, meanwhile, has told staffers that if they don\u2019t return to the office by Labor Day, they could face a pay cut. <\/p>\n

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Wall Streeters returning to the office now have to contend with the CDC\u2019s new mask guidance, suggesting face coverings indoors even for vaccinated people. <\/figcaption>
Spencer Platt\/Getty Images<\/span><\/figcaption><\/figure>\n

\u201cIf you can go into a restaurant in New York City, you can come into the office,\u201d Gorman famously declared last month. <\/p>\n

Now, the banks could be forced to rethink the effort, especially if NY state and city officials use the opportunity to issue a mask mandate. NYC councilman Mark Levine, for example, tweeted his plug for a mask mandate moments after the CDC\u2019s announcement \u2014 albeit to mixed reviews on Twitter<\/a>. <\/p>\n

Reps for Goldman, JPMorgan and Morgan Stanley say they are watching the situation<\/p>\n

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CDC has just called for a return to indoor masking in parts of the U.S. where covid is surging.<\/p>\n

Let’s be clear: covid is surging in New York City.<\/p>\n

We need an indoor mask mandate renewed here asap. pic.twitter.com\/A3WZms3Alf<\/a><\/p>\n

\u2014 Mark D. Levine (@MarkLevineNYC) July 27, 2021<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n

\u201cThe firm is monitoring the situation closely \u2026 and is prepared to change policies should conditions change,\u201d Morgan Stanley said, citing COVID case counts, public health authority recommendations and local jurisdiction mandates.<\/p>\n

Employees, however, say they are not pleased about the prospect of being forced to wear masks all day at work. \u201cNo way am I wearing a mask,\u201d one New York-based hedge fund manager told The Post.<\/p>\n

And some suggest the rising caseloads are already hindering the return-to-work effort. <\/p>\n

\u201cThe Delta variant is making it hard for all firms to put their foot down on requiring return to office more aggressively,\u201d one high-ranking Wall Street exec told The Post. \u201cOfficially, we are fully open to the vaccinated. Unofficially, there are a lot not yet back full-time.\u201d<\/p>\n

It\u2019s hard to say whether the CDC\u2019s new guidance combined with rising Delta cases means banks will start letting more people work from home again. But experts say the changing tides place all employers pushing workers to return to the office in a tough spot. <\/p>\n

\u201cEmployers will have to be flexible,\u201d Chris Whalen of Whalen Global Advisors tells The Post. \u201cSeptember return for most companies will be voluntary. Finding talent is tough.\u201d <\/p>\n

Not everyone agrees that Wall Street will so easily back down, however. <\/p>\n

\"David
Goldman Sachs ordered the vast majority of its workers to return to headquarters in June. <\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

Said Wells Fargo banking analyst Mike Mayo: \u201cWith or without masks, Wall Street is back to work.\u00a0It\u2019s a matter of keeping up with the Goldman\u2019s. You have no choice but to compete equally and aggressively.\u201d\n <\/p><\/div>\n