US offices expecting workers back from September

New York

JEFFERIES Financial Group is revamping its offices with the firm expecting that workers will decide to return en masse in September.

The company's headquarters will have more common areas and fewer private offices, with space that allows employees to collaborate when they're not working from home, according to a note from chief executive officer Rich Handler and president Brian Friedman.

Still, Jefferies doesn't expect many staffers to return to offices before September, when children are able to go to school.

"Deadlines to return seem premature and arms do not need to be twisted, as almost everyone is eager to return," Mr Handler and Mr Friedman said in an e-mail to clients and employees.

"Mandating rules accomplishes little more than adding to people's already high anxiety about the risks and process of re-entry. People will trickle back into the office when they feel safe and comfortable."

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With the US in the midst of its biggest vaccination campaign in history, financial firms have been eager to return employees to offices.

Wells Fargo has also said it plans to invite more workers back in September, while Citigroup is planning to open up its offices to more staffers in July. Bank of America said the 1,800 new graduates it's hiring will be trained online, but are likely to work in offices starting in October.

Based on conversations they had with specialists, Mr Handler and Mr Friedman said they expect 60 per cent of the US population to be vaccinated by the end of the year. But because most doses are in Group of Seven countries, that means just 10- 15 per cent of the global population will likely be vaccinated, they said.

"This means the light switch of immunity will not be easily 'turned on' around the world and it will be more of a safer, slow dimmer switch that is getting brighter every day," they wrote.

The pandemic has forced bankers to rewrite the rules for how they pitch clients, including doing roadshows for initial public offerings virtually. That trend could continue even after the pandemic abates, but Mr Handler and Mr Friedman expect travel to rebound.

"When safe, the world will return to lunches, dinners, meaningful travel, live conferences and in-person entertainment," they said. "In respect of travel, governments, working together, will have to develop a globally trusted programme to verify vaccination for international travel in the next 12 months." BLOOMBERG