Morgan Stanley CEO James Gorman issued a new forecast for how long companies would delay the return of employees after he walked back his previous order.
He said he was wrong on Monday on CNBC. I thought we would be out of it by Labor Day.
In June, Gorman told conference attendees that he would be very disappointed if his workers didn't return to Morgan Stanley buildings by Labor Day. The plans were derailed by the discovery of the omicron Covid variant. In the last few weeks, companies have had to rethink their return-to-office plans.
I think we will be in it through most of next year, according to Gorman. We will eventually run out letters of the alphabet, but we will have pi, theta and epsilon, because everybody is still finding their way. It is still an issue.
More than half of Morgan Stanley employees have returned to their New York headquarters, according to the bank. He said that about 65% of employees have returned to work, and 98% of employees have gotten the vaccine.
