Prognosis
Citi, UBS Pause Hong Kong Back-to-Office Plans as Cases Jump
- JPMorgan tells Hong Kong staff to work at home after spike
- Banks had been sending as many as 80% of staff to offices
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Global banks including Citigroup Inc. and UBS Group AG are suspending their return-to-office plans in Hong Kong after the city reported a daily record of more than 100 new coronavirus cases.
Citigroup, which had already asked as many as 70% of staff to work from home last week, is now asking most people to do so starting Monday, according to an internal memo obtained by Bloomberg News. JPMorgan Chase & Co. and Goldman Sachs Group Inc. are also requesting workers stay away from the office, while UBS estimates about 60% will work from home, triple the level of two weeks ago.