NYC Investment Banking Sector Return to Office Policies

Data from 2022 Surveys

The office entry policy towards fully vaccinated staff is consistent, with open access to all. Limited testing is required in some cases, where a vaccinated employee has been absent from the office for a period of time and/or has been abroad.

Without exception non vaccinated staff and/or those that have not proven their vaccination status are barred from the office until futher notice. With one exception, the policy towards future employment status for non-vaccinated / non proven status is yet to be determined.

Pre-Omicron variant, front office sales and trading staff in-office figures had grown to 40% – 70%, whilst this has dropped to the present state at 10% – 40%. February is the most common RTO communication, with a greater emphasis on the requirement to do so in these communications.

The majority of banks are firm on RTO 5:5 in-office with no WFH optionality for transactional staff (occasional days being allowed upon request linked to testing operational resilience), with most in- business product COOs at 5:5 or 4:1. Other in-business non-transactional staff are being offered varied options, although a 3:2 is the most common (role by role impacts this ratio).

Operations / infrastructure staff are thriving with various hybrid options. All participating banks, whilst hoping for a flow of returnees, are left to wait and to see how RTO staff numbers will unfold, despite the common battle cry of ‘we are better together’.

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