Credit Suisse staff told to expect return to work in phases

[ZURICH] Credit Suisse Group employees have been told to expect to return to offices in four phases as the Swiss bank prepares to reopen offices that have been shuttered to halt the spread of the coronavirus.

The first phase will allow a very limited number of essential staff to return to offices, and phase two will see additional employees returning in alternating groups, according to a memo from the bank's executive leadership seen by Bloomberg News. In phase three, more people will return while the split model arrangement is still in place, while phase four will allow for a full return and resumption of all services.

"We anticipate that in the first weeks and months, many of us will either continue to work from home or in split operations," the bank said in the memo.

Switzerland's second-largest bank said regional management together with crisis managers in each region will decide when to move between phases.The bank did not say when employees would begin returning to work. A bank spokesperson declined to comment.

Banks across the world are telling employees to expect further weeks and months away from their desks, with many refraining from giving specific dates for reopenings. At UBS Group, officials are telling New York City employees not to expect a return to work until June at the earliest and possibly well into the summer. A spokesperson for UBS declined to comment on when employees in different regions can expect to return to work.

Capital One Financial, potentially setting a standard for the US financial industry, plans to keep most employees working at home at least four more months as it waits for the coronavirus pandemic to ebb.

Around 70 per cent to 80 per cent of Credit Suisse employees are working remotely, while health measures are in place for staff who are still working in the bank's offices, chief executive officer Thomas Gottstein said last month. Credit Suisse is headquartered in Zurich and also employs thousands in financial centres such as London, Hong Kong and New York.

BLOOMBERG