Boxed Lunches and Plexiglass Will Welcome Back Wall Street’s Workers

Grab-and-go packaged meals may replace midday generous buffets and three-figure lunches. Plexiglass could divvy up trading floors the size of football fields. Heat maps, accessible on a mobile app, will help identify the restrooms with the smallest crowds.

But when Wall Street reopens its doors to employees, the talent will only trickle in.

New York is starting to ease restrictions on businesses, and the world’s biggest financial firms are preparing to bring thousands of employees back to their offices starting this month. But even with sophisticated face-mask sensors in the lobby, temperature checks and touch-free elevator rides, it will be well into next year before most workers are back at their desks and the center of global finance begins to feel like its old self again.

“We’ve really underscored to people that returning to the office will be different from what they’ve left,” said Andrew Komaroff, chief operating officer of the asset management firm Neuberger Berman, where about 150 of the firm’s 1,400 workers will return to the office in the coming weeks. “It’s not going back to where we were at the end of February.”

Even as Wall Street has evolved away from frantic traders clutching bits of paper, it has maintained its raucous energy. Hordes of workers stream from packed subway trains and ferry terminals each morning to shout and cajole their way through complex transactions with big money on the line. But the post-virus financial industry is likely to lose some of its thrum, not only because of its trickle of returning employees but because of the added inconveniences they’ll face.

At Goldman Sachs, which is expected to bring back a first wave of employees to its downtown Manhattan headquarters this month, workers with a body temperature of more than 100.4 degrees will not be allowed to work from the office. At Citigroup, which plans to bring back a small cohort as early as July, workers will be required to stand six feet apart while waiting for the elevator. And at the Midtown offices of Neuberger Berman, conference room seats have been removed and additional hand sanitizer dispensers have been plastered to walls and entryways.

“There’s a high degree of anxiety, as you can imagine,” said Scott Rechler, chief executive of the real estate company RXR Realty, which counts UBS, Bank of America and other financial services firms in New York as tenants. To help reorient employees on their return to the office, Mr. Rechler’s firm has established an app to coordinate workdays and arrival times with its tenants to minimize social contact. It has also shot videos of planned arrival procedures, including temperature scans and Bluetooth-powered elevator programming, to help workers understand what to expect.

“Officing is going to be different than it was before,” Mr. Rechler said.

Mr. Komaroff of Neuberger Berman and executives at other large financial firms say the first wave of returning workers will be small and composed primarily of those who cannot do their jobs at home easily. There are many: stock and bond traders accustomed to tracking fast-moving markets on multiple screens, bankers working on complex bond underwriting deals that require interacting with hundreds of investors, and treasury workers who oversee their firms’ own financing by managing a complex network of creditors, bonds and other cash sources.

There may also be some employees whose jobs do not demand the office environment but who are feeling pent up or distracted at home.

Once workers are at the office, firms will be trying to space people out in cafeterias, elevators and cubicle zones. Restrooms will pose a particular challenge, especially on trading floors where hundreds of people work shoulder to shoulder. To mitigate the problem, RXR Realty’s new tenant app will allow workers to view heat maps of restrooms to avoid those with higher traffic. Workstations will also be tagged with QR codes that employees can scan if they want to request a deep cleaning.

  • Updated June 5, 2020

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Most banks and investment firms say that many different safety measures are under review, and that the details of their new office protocols have not been completed. But many will no doubt require six-foot buffer zones at the elevator banks. Some firms will mandate that masks be worn in all common areas.

The logistical headaches and continued safety concerns have some companies thinking it’s just not worth hurrying. In some cases, firms are postponing reopening at least until September, and maybe even further. The private equity firm TPG expects to keep employees based in New York, San Francisco and London at home until after Labor Day. The hedge fund Point72 has decided to keep its New York and Stamford, Conn., offices essentially closed until further notice, as well as the fund’s satellite office near the beach in East Hampton. The private equity firm Carlyle Group, based in Washington but with a large office in Midtown, is also on a post-Labor Day timetable, and the Boston-based private equity firm Bain Capital has not yet set a return date for its offices in the United States or in London.

For some workers, there’s no rush. As in many other industries, meetings have moved to Zoom and other video platforms. And banking executives say that because of reductions in travel — both daily commutes and trips to client meetings that could be halfway around the world — they are able to connect virtually with a wider network, sometimes holding a meeting every hour, on the hour. Some say they appreciate the extra time to catch up on emails and other administrative work.

“I was definitely concerned about the workability of working from home,” said Jen Roth, who runs Goldman Sachs’s currencies and emerging markets business in the United States. “I have been shockingly surprised.”

Matt Phillips and Edmund Lee contributed reporting.

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