Wells Fargo delays return to office until Nov. 1
Bank initially targeted a return on Sept. 6, which was delayed to Oct. 18 due to concerns over delta variant
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Wells Fargo is delaying its return to office plans, with operations and contact center employees now set to return on Nov. 1, followed by business support and enterprise function employees in December, according to a memo sent to employees on Tuesday reviewed by FOX Business.
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Wells Fargo was initially targeting a return date of Sept. 6. However, that date was pushed back to Oct. 18 due to concerns over the spread of the delta variant.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 74.83 | +1.25 | +1.70% |
Chief operating officer Scott Powell explained in Tuesday's memo that the bank's latest delay comes as it is re-evaluating its plans following President Biden's new executive order, which requires all employers with 100 or more employees to mandate COVID-19 vaccinations or weekly proof of a negative COVID-19 test for unvaccinated employees.
"We are studying these proposed requirements to better understand how they apply to our RTO plans, and will share more information when it is available," Powell wrote.
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Wells Fargo isn't the only bank taking a more cautious approach. Morgan Stanley has not announced an official timeline for its return to the office and Charles Schwab has delayed its return until January 2022.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MS | MORGAN STANLEY | 134.99 | +3.30 | +2.51% |
| SCHW | THE CHARLES SCHWAB CORP. | 80.80 | +0.34 | +0.42% |
Meanwhile, other banks like Goldman Sachs and Citigroup are taking a different approach.
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As of Sept. 7, all Goldman Sachs employees, clients, and visitors must be fully vaccinated to enter its buildings. Beginning in October, proof of vaccination will need to be uploaded to Goldman's Canopy app. In addition, the bank is mandating once-a-week COVID-19 testing and requiring masks in all common areas, regardless of vaccination status. Those who remain unvaccinated are expected to continue to work remotely.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 596.11 | +14.18 | +2.44% |
As of Monday, Citigroup employees at the firm's New York City headquarters and offices in the Tri-State area, Chicago, Boston, D.C. and Philadelphia must work in the company's buildings at least two days a week and are required to be vaccinated. The corporate employees are also required to wear masks and are given access to rapid tests.
Branch employees are encouraged to get the vaccine, but are not required to do so. Instead, they will be required to wear masks and undergo rapid testing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 68.95 | +0.67 | +0.98% |
Credit Suisse is targeting an Oct. 18 return. Like other banks, only fully vaccinated employees will be allowed in its buildings. Credit Suisse staff are advised to wear masks in office common areas, but those who are vaccinated may remove them once they are on their floor. Those who are eligible may begin a hybrid work schedule as agreed upon with their group head or line manager once the return plans begin.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CS | NO DATA AVAILABLE | - | - | - |
According to the Centers for Disease Control and Prevention, approximately 179 million Americans, including 65% of U.S. adults, are fully vaccinated against COVID-19 to date. Meanwhile, more than 209 million Americans, including 75.7% of U.S. adults, have received at least one dose of a COVID-19 vaccine.