German lender Deutsche Bank asked its New York City staff to continue work from home until July 2021 amid the Covid-19 pandemic, The Wall Street Journal (WSJ) reported.
In a memo, Deutsche Bank Americas chief of staff Matthias Krause said that the workers have “understandable concerns about public transportation, cleanliness, security and other quality of life issues.”
The lender’s sales and trading staff have been returning to its New York headquarters, gradually.
Deutsche Bank allowed them to work from home for two or three days a week even after the pandemic ends, the report added.
In recent years, the investment bank has been reducing its presence in the US, by either cutting jobs or restructuring its trading operations.
Currently, the bank employs nearly 8,000 people in the country.
As many as 5,000 employees are poised to move to a new headquarters next year, out of the 60 Wall Street location in downtown Manhattan.
The bank is set to open a new office and trading floor in Columbus Circle next year.
It has been reviewing designs for the new office in the wake of the Covid-19 pandemic, WSJ said.
The Frankfurt-based lender’s latest work from home decision is in contrast to the move made by its Wall Street rival JPMorgan Chase, in the US.
Last week, JPMorgan asked its senior employees to return to the office by 21 September 2020.
Additionally, Bank of America (BofA) asked some of its traders to prepare to return to the office in the next few weeks.
By the end of October 2020, its employees are expected to return to the office. However, they can opt to continue working from home.
On the other hand, in a conference call, UBS Group told some of its senior staff that it will not follow the footsteps of JPMorgan.
In the UK, however, Deutsche Bank asked 1,700 of its employees, representing 20% of its total workforce in the country, to return to the office.