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August 27, 2020

BNY Mellon directs majority of staff to work from home until 2021

American investment manager BNY Mellon has asked most of its staff to continue working from home for the remainder of the year as Covid-19 cases see a spike.

As per earlier plans, the firm intended to restaff offices with some employees in September.

According to a Bloomberg report, BNY Mellon directed its employees to work remotely until at least 1 January 2021.

Of BNY Mellon’s workforce of around 48,000, nearly 96% have been working from home since March when the pandemic started taking off across the globe.

In May, the firm’s CEO Todd Gibbons said that the remote working arrangement might be in place more often even after the Covid-19 crisis in order to reduce expenses.

BNY Mellon spokeswoman Madelyn McHugh said: “Our top priority remains the health and safety of our employees and our clients.

“We remain operational and responsive to client needs during this time.”

Operational changes at other firms amid the pandemic 

A week ago, British fund manager Schroders offered permanent work-from-home to employees.

This makes Schroders the first major financial services firm in London to make remote working permanent after the pandemic.

Last month Barclays boss Jes Staley urged its UK employees working remotely due to the pandemic to return to offices.

According to sources, Barclays does not plan to abandon its financial hubs.

Staley previously said that big city offices “may be a thing of the past”.

Meanwhile, HSBC asked its UK staff not to return to the office until at least September 2020.

Earlier, a report said that HSBC, Goldman Sachs and Barclays are set to reopen their offices in Hong Kong as the city-state eases curbs on social distancing.

Additionally, Deutsche Bank reportedly reopened 80 of its 200 branches it closed temporarily in March due to the spread of Covid-19.

The decision was reportedly taken as the bank believes that the virus spread in the country has peaked.

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