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| A Wall Street Bank’s Hard-Driving Culture Pushes Traders Into the Office | A Wall Street Bank’s Hard-Driving Culture Pushes Traders Into the Office |
| (3 days later) | |
| When a group of Bank of America employees dialed into a call with their boss, Soofian Zuberi, late last month, they were expecting to hear that they could continue doing their jobs from the safety of their homes. The coronavirus had ravaged New York City and was tearing across the country, leaving well more than a thousand dead. Most firms, including those on Wall Street, were already recommending that people work from home. | When a group of Bank of America employees dialed into a call with their boss, Soofian Zuberi, late last month, they were expecting to hear that they could continue doing their jobs from the safety of their homes. The coronavirus had ravaged New York City and was tearing across the country, leaving well more than a thousand dead. Most firms, including those on Wall Street, were already recommending that people work from home. |
| Mr. Zuberi provided no such comfort. Instead, the global sales executive praised individuals by name who were still braving the office, calling them out as if they were soldiers in an ongoing battle, according to three people on the call, which took place on March 27. He emphasized that their colleagues in India were so dedicated to the bank that they were sleeping at the office. The upshot, the people said, was clear: Mr. Zuberi’s group, which sells stocks and other financial products and makes a lot of money for the bank, should be in the office, too. | Mr. Zuberi provided no such comfort. Instead, the global sales executive praised individuals by name who were still braving the office, calling them out as if they were soldiers in an ongoing battle, according to three people on the call, which took place on March 27. He emphasized that their colleagues in India were so dedicated to the bank that they were sleeping at the office. The upshot, the people said, was clear: Mr. Zuberi’s group, which sells stocks and other financial products and makes a lot of money for the bank, should be in the office, too. |
| Mr. Zuberi’s message typified the hard-driving culture that has come to dominate Bank of America’s global markets division since Thomas K. Montag, now the bank’s president, joined the firm 12 years ago, traders and other employees say. And while Wall Street by its nature prizes profitability above all else, at Bank of America that ethos has collided with the fears of employees in a way that has made many of them feel their safety is hardly a priority. The markets division includes bankers, traders, stock salespeople and others who conduct business and trades on behalf of corporations and investors. Such businesses often make their biggest profits during times of extreme market volatility, such as now. | Mr. Zuberi’s message typified the hard-driving culture that has come to dominate Bank of America’s global markets division since Thomas K. Montag, now the bank’s president, joined the firm 12 years ago, traders and other employees say. And while Wall Street by its nature prizes profitability above all else, at Bank of America that ethos has collided with the fears of employees in a way that has made many of them feel their safety is hardly a priority. The markets division includes bankers, traders, stock salespeople and others who conduct business and trades on behalf of corporations and investors. Such businesses often make their biggest profits during times of extreme market volatility, such as now. |
| Traders and those who work closely with them have felt pressure to continue showing up even though some employees at Bank of America’s Midtown Manhattan headquarters caught the coronavirus, according to nine current employees and six former employees with knowledge of conditions there. The situation is forcing some to make a painful choice: Report to the office and risk infecting themselves and their loved ones, or remain home and risk the loss of a job or income. | Traders and those who work closely with them have felt pressure to continue showing up even though some employees at Bank of America’s Midtown Manhattan headquarters caught the coronavirus, according to nine current employees and six former employees with knowledge of conditions there. The situation is forcing some to make a painful choice: Report to the office and risk infecting themselves and their loved ones, or remain home and risk the loss of a job or income. |
| Since state and federal guidelines have established financial services as an essential economic activity, banks have wide leeway in deciding who must work at job sites and who may stay home. Yet while key traders from Goldman Sachs, Citigroup and other large financial firms have retreated to home offices, tackling technology and communications setbacks as they arise, their counterparts at Bank of America are often erring on the side of going in. | Since state and federal guidelines have established financial services as an essential economic activity, banks have wide leeway in deciding who must work at job sites and who may stay home. Yet while key traders from Goldman Sachs, Citigroup and other large financial firms have retreated to home offices, tackling technology and communications setbacks as they arise, their counterparts at Bank of America are often erring on the side of going in. |
| The bank’s communications about the number and location of sick employees have been scant, say markets-division workers, leaving many worried that they may have unwittingly spent time near a virus patient. The lack of information has also created an atmosphere of paranoia, whispers and gossip, employees say. | The bank’s communications about the number and location of sick employees have been scant, say markets-division workers, leaving many worried that they may have unwittingly spent time near a virus patient. The lack of information has also created an atmosphere of paranoia, whispers and gossip, employees say. |
| “Lot of cases are popping up,” wrote a trading employee in an April 2 text to a relative that was reviewed by The New York Times. “I know of at least 10+ confirmed/likely cases on the 5th floor alone,” the worker added, referring to the floor at Bank of America’s headquarters where stock traders sit. | “Lot of cases are popping up,” wrote a trading employee in an April 2 text to a relative that was reviewed by The New York Times. “I know of at least 10+ confirmed/likely cases on the 5th floor alone,” the worker added, referring to the floor at Bank of America’s headquarters where stock traders sit. |
| The bank wouldn’t say how many people had fallen sick. | The bank wouldn’t say how many people had fallen sick. |
| “We’ve got a critical role to play to help keep the economy moving forward,” said Jessica Oppenheim, a spokeswoman for Bank of America, in a statement. “That’s our assignment. At the same time we are sparing no expense or consideration taking care of our people.” She added that 95 percent of trading-business employees are now working from home. | “We’ve got a critical role to play to help keep the economy moving forward,” said Jessica Oppenheim, a spokeswoman for Bank of America, in a statement. “That’s our assignment. At the same time we are sparing no expense or consideration taking care of our people.” She added that 95 percent of trading-business employees are now working from home. |
| To deal with the increasing risk of infection, Bank of America created two teams and suggested they alternate weeks at the office and working remotely. Other banks, including Goldman and JPMorgan Chase, had made similar adjustments to mitigate the risk while keeping markets and other essential areas running smoothly. | To deal with the increasing risk of infection, Bank of America created two teams and suggested they alternate weeks at the office and working remotely. Other banks, including Goldman and JPMorgan Chase, had made similar adjustments to mitigate the risk while keeping markets and other essential areas running smoothly. |
| Since early March, she said, the bank has told employees that anyone who feels unwell should stay home, and a nurse has been placed on site to take temperatures. Yet, some traders say they feel they must come in unless they are confirmed to have coronavirus — even if they have fevers, according to two current employees. | Since early March, she said, the bank has told employees that anyone who feels unwell should stay home, and a nurse has been placed on site to take temperatures. Yet, some traders say they feel they must come in unless they are confirmed to have coronavirus — even if they have fevers, according to two current employees. |
| Central to the culture at Bank of America’s markets division is Mr. Montag, a former co-head of Goldman Sachs’ securities business. Since joining Merrill Lynch in 2008, just months before it merged with Bank of America during the financial crisis, he has kept a tight grip on the workplace, employees and alumni of the markets division say. | Central to the culture at Bank of America’s markets division is Mr. Montag, a former co-head of Goldman Sachs’ securities business. Since joining Merrill Lynch in 2008, just months before it merged with Bank of America during the financial crisis, he has kept a tight grip on the workplace, employees and alumni of the markets division say. |
| Mr. Montag has also promoted a culture of old-school toughness in the division. It’s a culture that prizes long hours and face time, these people say, things that can be hard to replicate in an environment in which government officials are urging Americans to stay home, and many workers are juggling family obligations and their jobs. | Mr. Montag has also promoted a culture of old-school toughness in the division. It’s a culture that prizes long hours and face time, these people say, things that can be hard to replicate in an environment in which government officials are urging Americans to stay home, and many workers are juggling family obligations and their jobs. |
| In many organizations, particularly in finance, “there’s this sense of immutability, a sense of ‘this is the way it has always been done, and this is the way it has to be done,’” said Jeffrey Pfeffer, a professor of organizational behavior at Stanford. With that mentality, “there is a shockingly little amount of the questioning of assumptions,” he added. “It’s completely dysfunctional.” | In many organizations, particularly in finance, “there’s this sense of immutability, a sense of ‘this is the way it has always been done, and this is the way it has to be done,’” said Jeffrey Pfeffer, a professor of organizational behavior at Stanford. With that mentality, “there is a shockingly little amount of the questioning of assumptions,” he added. “It’s completely dysfunctional.” |
| In a recording of a recent phone call with employees that was reported by CNBC, Fabrizio Gallo, who runs Bank of America’s stock division, said of working from home that “we are going to entertain special cases but not the ‘I don’t feel comfortable, sorry.’ It doesn’t work that way over the long term.” In a statement to the Times, Mr. Gallo said he was referring to future scenarios during that call. | In a recording of a recent phone call with employees that was reported by CNBC, Fabrizio Gallo, who runs Bank of America’s stock division, said of working from home that “we are going to entertain special cases but not the ‘I don’t feel comfortable, sorry.’ It doesn’t work that way over the long term.” In a statement to the Times, Mr. Gallo said he was referring to future scenarios during that call. |
| For employees at Bank of America, the stakes are high. Some say they worry that if they don’t show up to the office, they’ll be poorly paid or let go at the end of this year — a fear that is widespread across Wall Street. | For employees at Bank of America, the stakes are high. Some say they worry that if they don’t show up to the office, they’ll be poorly paid or let go at the end of this year — a fear that is widespread across Wall Street. |
| Mr. Montag has been known to monitor the comings and goings of his trading team, sometimes leaving notes on their desks noting the time — usually after 5 p.m. — and asking where they had gone, since he was still there, according to two former executives. Once, during a presentation to his top lieutenants at an off-site meeting in Barcelona, Mr. Montag put up a slide showing the number of attendees who had taken the redeye flight to Europe and those who had flown during the day, on what is pejoratively known in financial circles as “the chairman’s flight.” The move was widely seen as an attempt to chide those who spent the extra day traveling rather than flying all night to avoid losing productivity, say two people who were there. | Mr. Montag has been known to monitor the comings and goings of his trading team, sometimes leaving notes on their desks noting the time — usually after 5 p.m. — and asking where they had gone, since he was still there, according to two former executives. Once, during a presentation to his top lieutenants at an off-site meeting in Barcelona, Mr. Montag put up a slide showing the number of attendees who had taken the redeye flight to Europe and those who had flown during the day, on what is pejoratively known in financial circles as “the chairman’s flight.” The move was widely seen as an attempt to chide those who spent the extra day traveling rather than flying all night to avoid losing productivity, say two people who were there. |
| Updated June 12, 2020 | Updated June 12, 2020 |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| Mr. Montag did not respond to a request for comment. | Mr. Montag did not respond to a request for comment. |
| On March 27, the same day that Mr. Zuberi hailed people on his team who were coming into the office, Brian Moynihan, Bank of America’s chief executive, appeared on CNBC assuaging fears of layoffs and promising to avoid them at least until the end of the year. “We don’t want our teammates to worry about their jobs during a time like this,” he said in the interview. | On March 27, the same day that Mr. Zuberi hailed people on his team who were coming into the office, Brian Moynihan, Bank of America’s chief executive, appeared on CNBC assuaging fears of layoffs and promising to avoid them at least until the end of the year. “We don’t want our teammates to worry about their jobs during a time like this,” he said in the interview. |
| Mr. Zuberi did not respond to a request for comment. | Mr. Zuberi did not respond to a request for comment. |
| Some traders who have worked from home during the virus outbreak have faced a different set of issues. One big one is a limit on how much of the bank’s cash they can use or borrow to buy and sell securities, according to four employees, which can harm their ability to trade profitably. Profits are key to traders’ year-end bonuses, which are typically higher than their base salary, and any impediments are viewed with great concern. | Some traders who have worked from home during the virus outbreak have faced a different set of issues. One big one is a limit on how much of the bank’s cash they can use or borrow to buy and sell securities, according to four employees, which can harm their ability to trade profitably. Profits are key to traders’ year-end bonuses, which are typically higher than their base salary, and any impediments are viewed with great concern. |
| Traders working from home must also check in frequently with supervisors and provide lists of their accomplishments, and their use of company trading platforms is monitored remotely. | Traders working from home must also check in frequently with supervisors and provide lists of their accomplishments, and their use of company trading platforms is monitored remotely. |
| Those coming into the office face other threats. Social distancing has been unevenly observed, say employees and their relatives. Trading-floor bathrooms in San Francisco and Stamford, Conn., a backup site, have not been consistently cleaned, with piles of paper towels and overflowing trash cans in the men’s room at one point in mid-March, say three employees who have recently worked there. Bottles of hand sanitizer have been provided, they added, but masks have run short and some workers have had to furnish their own as of early this week. | Those coming into the office face other threats. Social distancing has been unevenly observed, say employees and their relatives. Trading-floor bathrooms in San Francisco and Stamford, Conn., a backup site, have not been consistently cleaned, with piles of paper towels and overflowing trash cans in the men’s room at one point in mid-March, say three employees who have recently worked there. Bottles of hand sanitizer have been provided, they added, but masks have run short and some workers have had to furnish their own as of early this week. |
| A worker on the third floor of the bank’s New York office, where there are hundreds of bond traders, stopped showing up around the first week of March, say three employees on that floor. Colleagues wondered aloud whether the person was sick with Covid-19. The only clue was a sign near the elevator banks restricting access to that and other trading floors to all but the employees who normally sat there. | A worker on the third floor of the bank’s New York office, where there are hundreds of bond traders, stopped showing up around the first week of March, say three employees on that floor. Colleagues wondered aloud whether the person was sick with Covid-19. The only clue was a sign near the elevator banks restricting access to that and other trading floors to all but the employees who normally sat there. |
| It is not clear when the bank learned that the employee had tested positive, but the following week, a few people on that floor were alerted that the person had contracted coronavirus. | It is not clear when the bank learned that the employee had tested positive, but the following week, a few people on that floor were alerted that the person had contracted coronavirus. |