UBS Traders Set for Return to New York Offices at End of June

(Bloomberg) -- UBS Group AG is working on plans to bring back traders and other staff in risk-related roles to its New York locations starting this month, the latest bank to allow key workers to return after the pandemic.

A limited number of employees in jobs that have risk-management aspects will be allowed, but not required, to return to the bank's skyscrapers in the U.S. city, a person familiar with the matter said. The Swiss lender joins rival Morgan Stanley in allowing some employees to return to work after the pandemic's spread eased.

The bank's trading floors in New York are being reconfigured to comply with physical distancing guidelines, the person said. UBS is also considering staggering and assigning departure and arrival times for its staff to avoid lines forming at entry points and elevators, as well as when employees should wear masks and have their temperature checked, according to the person.

“The health and safety of our employees and clients remains of the utmost importance. As we monitor the relaxation of lockdowns across the U.S., we are beginning to prepare our workplaces and our teams for a gradual and safe return to the office,” UBS spokeswoman Erica Chase said. “Our approach will be coordinated across our entire regional footprint, taking into account the relevant local conditions, as well as the guidance of government and public health authorities.”

In Switzerland, UBS workers beyond essential staff will return to offices starting in the middle of the month, with the speed of their return depending on capacity to maintain social distancing.

European peer Barclays Plc is sending 700 employees -- mostly traders -- back to offices in the U.K., U.S. and India starting in July.