Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

BNP Paribas, Citigroup set Feb 7 return-to-office date for U.S. staff

Stock MarketsJan 21, 2022 05:37PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Nantes, France, July 16, 2020. REUTERS/Stephane Mahe/File Photo 2/2

By Davide Barbuscia and Mehnaz Yasmin

NEW YORK (Reuters) -Citigroup has told staff in the New York Tri-State area to start returning to the office from Feb. 7, while BNP Paribas (OTC:BNPQY) is targeting the same date for U.S. staff after recently postponing its return-to-office plans by nearly a month due to the Omicron variant.

Wall Street firms were among the first to encourage staff to return to offices, but a winter wave of COVID-19 infections driven by Omicron has forced many to rethink https://www.reuters.com/business/corporate-america-revamps-back-to-office-plans-omicron-threat-2022-01-11 their plans and review their vaccination policies in recent weeks.

"With what happened with Omicron, we wanted to go back into a more conservative mode. So we only have people in the office if there's a business critical need for them to be in," said Kevin Abraszek, head of HR change and transformation at BNP Paribas in New York.

Citigroup (NYSE:C), which sent staff at its New York metro area office home in mid-December as Omicron spread, has asked staff to prepare for a return to the office starting on Feb. 7, a person familiar with the matter told Reuters on Friday.

In other locations, return-to-office plans are still on pause and the bank will continue to monitor the data, the same person said. Staff will be expected to be in the at least two days a week, as was its policy before the holidays.

Citigroup said this month U.S. employees who had not been vaccinated against COVID by Jan. 14 would be placed on unpaid leave and fired https://reut.rs/3AiL3jk at the end of the month unless they were granted an exemption and accommodation.

BNP Paribas, which employs nearly 14,000 people in the United States, will expect U.S. employees to work at least one day a week in the office once they return, similar to its policy late last year before Omicron struck.

A bank spokesperson said the return to office policy applied only for investment banking employees, not for employees of BNP Paribas' U.S. retail arm, Bank of the West.

Abraszek said vaccination against COVID-19 was a requirement to be in the office, but the bank was allowing employees who have not been vaccinated to continue working from home.

"I think we're going to continue to look at that decision and that policy in the early part of this year," he said.

The bank plans to bring capacity back up to 50% gradually once employees start to return, said Abraszek.

"We were generally skewing around 25% to 30% late last year," he said. "We'll probably reach that level and then our hope is that over the course of the spring, and certainly into the summer, that we will get closer to that 50%."

Goldman Sachs Group Inc (NYSE:GS) recently delayed https://www.reuters.com/article/health-coronavirus-goldman-sachs-idCNL4N2TT38R its return-to-office date from Jan. 18 to Feb. 1.

BNP Paribas, Citigroup set Feb 7 return-to-office date for U.S. staff
 

Related Articles

Third possible case of monkeypox found in the U.S
Third possible case of monkeypox found in the U.S By Reuters - May 22, 2022 1

By Rich McKay ATLANTA (Reuters) - Health authorities said they may have found a third case of the monkeypox virus in the United States and are running tests on a patient in South...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Todd Gray
Todd Gray Jan 21, 2022 7:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
would I be surprised if something arose that changed this?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email