- Goldman Sachs' top brass on Tuesday told employees the firm was switching to a more comprehensive work-from-home policy starting on Wednesday, according to a memo posted on the Wall Street bank's website.
- The memo, signed by CEO David Solomon, President John Waldron, and Chief Financial Officer Stephen Scherr, praised workers' "willingness to adapt."
- Goldman has also been taking steps to ensure Solomon, Waldron, and Scherr are in different locations at all times, a person familiar with the matter told Business Insider.
- Bank of America hadn't rolled out a broad WFH policy for its New York office until Friday, when it sent out memos informing staff - not including traders and others considered essential for operations - they would work remotely in shifts.
- On Monday evening, Bank of America told employees in New York to work from home effective immediately unless specifically instructed otherwise, according to a person familiar with the matter.
Some employees at Bank of America had criticized the firm's internal response to coronavirus, saying changes to protect workers have come too slowly, according to media reports and accounts from insiders.
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Goldman Sachs and Bank of America this week made more changes to their work from home policies in light of the global spread of coronavirus and increasing restrictions by local governments.
Wall Street banks have been scrambling to put in place policies to protect workers and clients and make sure business can carry on with as little disruption as possible. These guidelines are evolving nearly day-by-day.
Goldman Sachs' top brass on Tuesday told employees the firm was moving to the next step of its business continuity plan (BCP) by switching to a more comprehensive work-from-home policy starting on Wednesday, according to a memo posted on the Wall Street bank's website.
"Given new restrictions implemented by governments in the Americas and EMEA, we have decided to activate the next phase of our BCP plan. In those two regions, effective the morning of Wednesday, March 18 and until further notice, we encourage most of our people to work from home, while preserving the construct of our Blue and White teams," the Goldman memo read.
Last Thursday, Goldman had sent a memo to employees saying it was engaging its business continuity plan. That move included separating some staff into a "blue" team and a "white" team, which would then alternate spending a week in the office and a week working from home.
The blue team would be the first to start work in the office the week of March 16, when all the plans go into effect, according to the Thursday memo. The employees had been originally assigned to rotate work from an office location that won't change, such as a main building, like 200 West St. in Manhattan, New York, or a secondary site used for contingency planning.
The latest memo sent on Tuesday night said: "in practice, our BCP approach will manifest itself differently in each region, where the pandemic is at varying stages, and depending on the nature of your role."
It said that in Americas and EMEA, those who can work from home were now encourage to do so until further notice. And in Asia Pacific, which includes Bengaluru workers, the bank would continue to follow the approach that had already been in place.
The memo, signed by CEO David Solomon, President John Waldron, and Chief Financial Officer Stephen Scherr, praised workers' "willingness to adapt as we evolve our firm's response to the COVID-19 outbreak."
The bank has also been taking steps to ensure Solomon, Waldron, and Scherr are in different locations at all times, a person familiar with the matter told Business Insider.
Bank of America tells some New York employees to go fully remote
Bank of America hadn't rolled out a broad WFH policy for its New York office until Friday, when it sent out memos informing staff - not including traders, financial center employees, and others considered essential for operations - they would rotate working remotely in two-week shifts.
Some employees at Bank of America had criticized the firm's internal response to coronavirus, saying changes to protect workers have come too slowly, according to media reports and accounts from insiders at the bank.
And on Monday evening, the firm told employees in New York to work from home effective immediately unless specifically instructed otherwise, according to a person familiar with the matter.
But traders and their support staff, the vast majority of which are still working in the Manhattan headquarters at One Bryant Park - a smaller number are in a backup office in Stamford - are still required to report to work, as are New York City branch employees.
The about-face, the person said, came in light of drastic measures taken by the New York City government over the weekend to curb the spread of the virus, including ordering the closure of public schools, bars, restaurants, and entertainment venues.
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