Finance

Credit Suisse just pushed back US workers’ full return to office until October, citing the Delta variant’s contagion rates

  • Credit Suisse has postponed its full return to the office to October 18 in the US.
  • The firm had previously told US staff to resume in-office work after Labor Day.
  • Starting September 7, only vaccinated staff will be permitted in the office.

Credit Suisse has joined a growing number of Wall Street firms to delay bringing workers back to the office full-time as concerns about the Delta variant grow, Insider has learned.

The Swiss firm, which has a large office in Manhattan, has told its US employees that it is pushing back its “full return to the office” until October 18, according to four people directly familiar with the matter.

Employees may still come to the office on a voluntary basis, but only if they are vaccinated, the company said, according to a copy of an internal memo obtained by Insider.

Credit Suisse cited “the Delta variant’s higher contagion rates,” in the memo sent to staff last week.

Representatives for Credit Suisse declined to comment.

Credit Suisse had previously outlined a two-step approach for returning to the office that asked all US staffers to return to their desks after Labor Day, as Insider reported in May.

Vaccinated staff were welcomed back on a voluntary basis starting on June 14. After Labor Day, all employees were to resume “regular full time, in-office work” schedules, according to a memo sent by the bank’s leaders this spring.

Wells Fargo and BlackRock have also delayed to October plans to get workers back to their desks starting on September 7. The postponements come as the Delta variant “raises concerns about returning to the office — even those who are vaccinated and particularly for those of you with dependents at home who are currently ineligible for the vaccine,” as BlackRock explained in its August 5 memo to staff.

Wall Street has been eager to get workers back to the office for months, but its plan to return to normalcy has become fragmented as concerns about the Delta variant grow.

Some firms like JPMorgan and Goldman Sachs have pushed forward with full reopenings, while other firms like Morgan Stanley continue to hold off setting a firm date.

Banks have also been split on whether to require workers to provide proof of vaccinations to work in the office.

Parella Weinberg and Jefferies have also recently delayed their office-return plans.

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