This Investment Firm Resumes Work From Home For Employees, Cancels Travel, Parties Due To Rise in COVID Cases

Jefferies Financial Group's latest move has raised questions about whether other firms will review return-to-office plans, and travel, entertainment policies.

New York: As the coronavirus cases are on the rise again in the US, investment firm Jefferies Financial Group on Wednesday cancelled all client parties and travel. The firm also asked its employees to resume work from home when possible. And not just the Jefferies Financial Group, other US banks have also been assertive in encouraging employees back to the office although those plans have come under renewed scrutiny now due to the rapid spread of Omicron variant.

However, Jefferies’ latest move has raised questions about whether other firms will review return-to-office plans, and travel, entertainment policies. With its headquarters in midtown Manhattan, Jefferies called its employees back to offices in October. However, the bank felt the pandemic’s impact as its Chief Financial Officer Peg Broadbent died due to coronavirus complications in March 2020.

Chief Executive Richard Handler in a memo as accessed by news agency Reuters said the priority now is to best protect every one of the employees and their family. “Effective today, we are cancelling all social events and entertainment until January 3^rd,” he wrote to employees.

As per the updates, the investment firm has had more than 40 new COVID-19 cases this month including 10 on Tuesday. The company in the memo said only very few cases required hospitalization. The CEO further added that Jefferies was re-imposing a mask mandate in all offices, regardless of vaccination status.

Handler said that the investment bank has 3,000 employees worldwide, including its offices in Asia and Europe. He further stated that more than 95% of Jefferies staff are now vaccinated, and all visitors to Jefferies’ offices must be fully vaccinated.

It must be noted that the US banks are strictly following COVID-19 guidelines although reports say they are keeping a close watch on developments.

Notably, several firms such as Goldman Sachs, Morgan Stanley and JPMorgan have had most workers back at offices on a rotational basis since the summer. Other firms such as Wells Fargo, Citigroup and Bank of America have taken a more flexible stance.