Deutsche Bank sets July 2021 office return date for U.S. employees

Bank's return to office is later than other large Wall Street firms

Deutsche Bank set an office return date of July 2021 for its U.S. employees on Wednesday as banks struggle with whether to bring workers back to Manhattan.

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Chief of staff for the Americas Matthias Krause sent employees a memo, obtained by FOX Business, that cites the "sporadic school schedule" of many employees' children as a reason for the delay.

"In addition, despite New York’s success in containing Covid, with the understandable concerns about public transportation, cleanliness, security and other quality of life issues, many of you do not wish to return to 60 Wall Street soon," the memo said, as first reported by the Wall Street Journal.

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The planned return to normalcy for Deutsche Bank will coincide with the opening of its new office in Columbus Circle next summer, which Krause called a "watershed moment" for the bank. Some employees are allowed to return to the current office before then if they choose to.

Deutsche Bank's plans differ from that of some other large banks. JPMorgan, the largest bank in the U.S., will have many employees in New York and London return to the office on Sept. 21st. Last week Goldman Sachs told employees, it would start letting people back into its offices in the coming weeks.

Stocks in this Article

GSGOLDMAN SACHS GROUP INC.
$186.12
-5.50 (-2.87%)
JPMJP MORGAN CHASE & CO.
$92.74
-1.53 (-1.62%)

President Trump, who has repeatedly pushed for a return to normal, congratulated JPMorgan "for ordering everyone BACK TO OFFICE on September 21st."

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There have already been some bumps in the return to the office though. Bloomberg reported Tuesday that JPMorgan sent some employees in its Manhattan office home after a worker in equities trading tested positive for coronavirus.

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The chief executives of several other banks, including Bank of America, Morgan Stanley, UBS Group, and Citigroup, signed on to a letter this week calling for New York City Mayor Bill de Blasio to "restore essential services" in the city so that people can feel safe returning to work.

"There is widespread anxiety over public safety, cleanliness and other quality of life issues that are contributing to deteriorating conditions in commercial districts and neighborhoods across the five boroughs," the letter, which was organized by the Partnership for New York City, said. "People will be slow to return unless their concerns about security and the livability of our communities are addressed quickly and with respect and fairness for our city’s diverse populations."

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