Morgan Stanley’s CEO said he expects all New York City employees to return to work by Labor Day, or they may face salary cuts.
“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office. Then, we’ll have a different kind of conversation,” James Gorman stated in a virtual conference call from the bank’s office at 1585 Broadway.
“Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Chief Executive James Gorman remarked from the bank’s Midtown office during the firm’s annual U.S. Financials, Payments & CRE conference.
The financial giant has allowed its 70,000 employees to work from home since the epidemic began, but with 70 percent of New York adults vaccinated and an infection rate of less than half a percent, Gorman says it’s time for them to return to their desks.
“If you can go into a restaurant in New York City, you can come into the office.”
If employees do not comply, Gorman has threatened to cut their salaries.
According to the Daily Mail, Gorman has been going to work four days a week since last July, despite contracting COVID-19 himself last year.
“If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman said.
“Sorry, that doesn’t work.”