Banking

Credit Suisse just told its New York bankers to come back to the office from June 14 as Wall Street prepares for a summer return

  • Credit Suisse has outlined a two-step approach for New York-based staffers’ return to the office.
  • Vaccinated staff may return voluntarily from June 14, while others may return after Labor Day.
  • The bank has asked staff to provide vaccination status, according to an internal memo.
  • See more stories on Insider’s business page.

Credit Suisse is the latest on Wall Street to outline a return to office for its staff in New York.

The Swiss bank’s Madison Avenue headquarters will welcome back staffers through a two-step approach, according to an internal memo seen by Insider.

Staff members vaccinated against Covid-19 can voluntarily return to the office through a staggered approach from June 14. The bank’s second step will begin after the Labor Day Holiday in the US on September 6, when all staff will resume “regular full-time, in-office work” schedules, according to the memo sent to staff today.

Credit Suisse follows Goldman Sachs, which also asked its US employees to come back to the office by June 14, Insider reported earlier this month. Goldman’s CEO David Solomon, in particular, has not been shy at voicing his discontent with remote work, calling it an “aberration.”

After more than a year of remote work, bankers have had to adjust to dealmaking over

Zoom
. Some Wall Street executives, meanwhile, have been vocal about their belief that long-term remote work is detrimental to productivity and for inexperienced bankers learning on the job.

“We know many of you are eager to return to a community environment, which is conducive to shared learning experiences, collective problem solving, collaboration, and social interaction. We also understand that some employees will need flexibility as we phase back to the office after 14 months of working remotely,” the memo showed.

The memo was co-signed by Eric Varvel, chairman of the investment bank, Jay Kim, the co-head of fixed income sales and trading, and David Miller, Credit Suisse’s global head of credit.

A spokesperson for Credit Suisse declined to comment on the contents of the memo.

Under the first step, fully vaccinated staffers in Credit Suisse’s New York and Princeton, New Jersey offices, can return to their regular desks on a voluntary basis.

From June 14, vaccinated staff across global credit products, leveraged finance, investment banking management, and equity capital markets teams can return to their offices.

From June 21, debt capital markets teams, investment banking strategy, and mergers and acquisitions can return.

Various other teams’ vaccinated staff can return onsite from June 28, July 12, July 19, July 28, and August 2.

Non-vaccinated staffers that have been working remotely have been asked to continue doing so.

Credit Suisse has asked its staff to inform the firm of their vaccination status, but said this will be voluntary.

The bank, however, has requested staff to fill out an attestation form that serves as a waiver of sorts that protects Credit Suisse if its staff falls ill with Covid-19, according to multiple staff at the firm.

While the bank anticipates a return to regular, full-time hours onsite after Labor Day, it is reviewing flexible working plans, according to the memo.

Credit Suisse has also enabled its New York staff to schedule vaccination appointments at the Mount Sinai Health Center.

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