Goldman Sachs and Deutsche Bank return London staff to home working
Goldman Sachs and Deutsche Bank are to return non-essential staff in their London offices to home working ahead of the introduction of a new coronavirus lockdown in England on Thursday.
Several major banks had been encouraging staff to return to their London offices in recent months following the relaxation of initial lockdown measures, but news of a month-long lockdown for England has forced them to reverse their policies.
In a memo sent to staff yesterday, Deutsche Bank said it planned to “substantially reduce” the numbers of staff working from its London office.
The majority of staff who had returned to the office would be asked to work from home, Deutsche said, although some would be exempt due to the nature of their role or for personal reasons.
Goldman Sachs told staff that only those designated as “in-office essential” would be allowed to come into its London office during the lockdown period.
In a memo sent yesterday, seen by Morning Wire, the US investment bank said that staff unable to work effectively from home should inform their manager.
The gym at Goldman’s London office would be closed, the memo said, but its creche and health centre would remain open.
Goldman and Deutsche’s policy of only having staff designated as essential coming into the office follows stricter regulatory guidelines on the matter.
The Financial Conduct Authority said in September that bankers should have a letter signed by a senior company official stating they have been designated an essential worker in line with criteria set out by the watchdog.
The reversion to home working will come as a further blow for the City and Canary Wharf, which have suffered a collapse in footfall since lockdown was first introduced in March, with local firms experiencing a sharp drop in business.
Canada policy leader Catherine McGuinness said support would be needed for sectors like hospitality and retail to re-open safely after restrictions are lifted.
“We urge policymakers to keep these measures under close review based on the evidence and set out a pathway for how parts of the country, including London, can return to a semblance of normality,” McGuinness said.
Spokespeople for HSBC and Barclays said the lenders had not issued fresh guidance to staff on home working since the announcement of a new lockdown.
Barclays paused plans to return more staff to its offices last month after the government updated its guidance on working from home.
Lloyds last month asked staff working from home due to the Covid-19 pandemic to continue doing so until at least next spring.