Goldman Sachs joins JPMorgan in announcing return to work after coronavirus office closures

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Goldman Sachs told employees that it would start allowing them to return to work in shifts over the coming weeks after shutting most of its offices down earlier this year amid the coronavirus pandemic.

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In a memo sent Wednesday from Goldman CEO David Solomon, the bank alerted its staff that it was preparing for more employees to return to its offices around the world.

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"Over the coming days and weeks, colleagues in those offices will hear from their divisional, business and/or local leadership about what to expect for the months ahead, including team rotations in the office where possible, with the goal of giving everyone who can do so an opportunity to come in to their office," the memo said.

Since mid-March, most Wall Street traders and bankers have been working remotely; but with New York's COVID-19 infection consistently remaining below 1% over the past month, companies are beginning to grapple with how — or whether — to call back their workers. Colleges and universities that welcomed back thousands of students to their campuses are now beset by COVID-19 cases.

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Goldman said that it will closely manage the number of workers in each building on any given day and continue to adhere to health and safety protocols, as well as community guidance.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 100.49 +0.67 +0.67%
GS GOLDMAN SACHS GROUP INC. 200.98 +1.00 +0.50%

“Importantly, this rotational approach will not look the same for everyone, as we each navigate unique personal responsibilities – for example, planning around adjusted school schedules, managing personal and family health conditions, and not being comfortable commuting to the office during peak hours, among many other considerations,” Solomon said in the memo.

JPMorgan and Chase also told employees this week that it would call its top trading staff back to the office after months of remote work, a person familiar with the matter told FOXBusiness.

JPMorgan, the nation's largest bank, told senior employees of the sales and trading operation in London and New York that they and their teams must return to the office by Sept. 21.

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Employees who have medical conditions that make them more vulnerable to COVID-19 complications, or who live with someone considered at increased risk of severe illness, can continue working from home. That exemption also applies to employees with child-care issues.

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