Following the lifting of restrictions in New York, Morgan Stanley Bank wants its employees to return to their offices.


"If you can go to a restaurant in the city, you can come to work," said the organization's CEO, James Gorman.

ON TUESDAY, the US bank Morgan Stanley urged its employees to return to work in person after the lifting of restrictions in New York.

Make no mistake about it. We do our work within Morgan Stanley offices, and that's where we teach, that's where our interns learn, that's how we develop people," said company CEO James Gorman during the firm's annual finance conference, which this year was carried out virtually.

"If they can go to a restaurant in New York City, they can go into the office," he added.

Morgan Stanley CEO urged staff to return to office before Labor Day; otherwise, he said, employees will face a pay cut.

"On Labor Day, I will be very disappointed if people have not made it to the office. So we will have a different kind of conversation," Gorman warned.

Since the pandemic began, the banking giant has allowed its 70,000 employees to work from home, but 70 percent of adults in the Big Apple vaccinated. With an infection rate of less than 0.5%, it was time for them to return to their desks.

Gorman has been working in person four days a week since last July, even though he contracted COVID-19 the previous year.

New York companies can currently work with 100 percent of employees in person, without social distancing or testing, as long as everyone is vaccinated. However, that rule is expected to be lifted Tuesday now that 70 percent of adults have received at least one dose of the COVID-19 vaccine.

"If you want to get paid New York wages, you work in New York."

The CEO also sent a message to workers who took advantage of the possibility of working remotely to move out of New York during the pandemic.

"If you want New York wages, you work in New York. None of this, 'I'm in Colorado, and I work in New York, and they pay me like I'm sitting in New York City,' "Gorman said. "Sorry, that doesn't work."

Gorman did not say if the staff will be fired if they refuse to return or if there will be exemptions, such as for people with health problems.

On the other hand, Morgan Stanley's competitors at the moment seem not to be following Gorman's approach.

Goldman Sachs asked that most of the staff return to the offices Monday but has not yet detailed whether there will be pay cuts for those who have moved out of town. The investment bank plans to move 100 positions to West Palm Beach as many New Yorkers move to Florida.

Another investment bank, JP Morgan Chase, plans for its part to limit office capacity to just 50 percent with a long-term goal of keeping 10 percent of the company's 225,000 workers working from home regularly. Permanent.

The Citi Group, a woman-led bank, cited child care issues as the reason it is waiting to force staff to return. With schools, daycare centers, and summer camps closed during the pandemic, childcare became a massive struggle for workers. It was a burden that fell mainly on the shoulders of women.

Jane Fraser, the bank's CEO, said she plans to wait for staff to return to their desks until young children can be vaccinated and in-person child care is fully resumed.