Wall Street Firm Jeffries Returns to Remote Work Because of New Covid Cases

Wall Street

Jeffries, an investment banking company, is forcing (again) its staff to work from home, stop all traveling, and cancel social gatherings because of recent COVID-19 cases. Dozens of Jefferies employees have tested positive during these first weeks of December.

Many Wall Street companies took a stand against working remotely during 2021. JP Morgan and Morgan Chase CEOs openly defended the importance of onsite office culture. Jeffries was also one of the companies asking its staff to return to the office. However, with new COVID variants and surging cases, working from home seems like the only option.

COVID Cases on the Rise

The wall street bank said that since the start of this month, where most employees had already returned to the office, it had experienced about 30 new cases. The past Tuesday alone, they saw 10 new cases, forcing almost 50 employees to quarantine until they test negative. 

The company still doesn’t know if the infections occurred at any event or where, but for precautions, they encourage all employees to work remotely for the rest of December.  

Fortunately, with only a few exceptions, most cases didn’t require hospitalization. The bank also highlighted that 95% of their employees are vaccinated. 

According to CNN, executives of Jeffries stated: 

Effective today, we are canceling all social events and entertainment until January 3rd. We will reassess then, and hopefully, all will be better. All parties, big client functions and group events are now on pause. Additionally, all but the most essential business travel should stop, unless it is pre-approved. We are highly disappointed we need to take this step, but it is the prudent path forward to keep everyone as safe as possible.

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