American Express, Morgan Stanley want staff back in NYC offices by Labor Day
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CEOs of major Wall Street banks are eyeing a return to their New York City offices at the end of the summer as Gov. Andrew Cuomo eased remaining COVID-19 restrictions on Tuesday.
Morgan Stanley CEO James Gorman said this week that if people are dining out at restaurants, they should be back in the office, as reported by The Daily Mail.
"We do our work inside Morgan Stanley offices," Gorman said during a virtual conference. "If you can go to a restaurant in New York City, you can come into the office and we want you in the office."
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Gorman, however, declined to make a blanket statement for the firm’s employees across the world because different countries are dealing with different scenarios where the pandemic is concerned.
He did say that he would be "disappointed" if people were not back in Manhattan offices by Labor Day and suggested staffers could face a pay cut if they opt not to return, as reported by the publication.
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American Express CEO Stephen Squeri sent a memo to staffers this week saying that the company will move forward by requiring employees to be in the office three days per week, while allowing them to work remotely the remaining two.
The company will begin transitioning into the so-called "hybrid model" in the U.S. on Sept. 13, with the expectation that it will be fully in place in October.
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Cuomo on Tuesday lifted the remaining COVID-19 related restrictions, affecting items like capacity at office spaces and restaurants, as the vaccination rate in the state hit 70%.