Morgan Stanley CEO urges workers to return to office: 'If you want to get paid New York rates, you work in New York'

Morgan Stanley CEO urges workers to return to office: 'If you want to get paid New York rates, you work in New York'

The CEO of Morgan Stanley this week said he expected company employees to return to the office in New York as vaccination rates continue to rise.

"If you can go to a restaurant in New York City, you can come into the office. And we want you in the office," James Gorman said Monday during an investing conference, CNN reported.

He joked that he was making the request from the company's New York office while wearing a suit and tie.

ADVERTISEMENT

Gorman said that by the time summer is over, most Morgan Stanley employees will need to start commuting to the investment bank's headquarters in Times Square again.

He specified that on-site work policies would be applied on a case-by-case basis, as the company has offices around the world.

"By Labor Day, I'll be very disappointed if people haven't found their way into the office, and then we'll have a different kind of conversation," Gorman said.

"If you want to get paid New York rates, you work in New York," Gorman added. "None of this 'I'm in Colorado ... and getting paid like I'm sitting in New York City.' Sorry. That doesn't work."

However, Gorman added that the company would not be "dictatorial" in its policy and would offer some flexibility in terms of splitting work hours between home and the office. He also mentioned that "well over 90 percent" of Morgan Stanley employees have been vaccinated against COVID-19 and that he expected the number to rise to 98 or 99 percent.

New York state on Tuesday reached its goal of vaccinating 70 percent of the state's adult population. As a result, the state said it would be lifting coronavirus restrictions.

"That means we can return to life as we know it," Gov. Andrew CuomoAndrew CuomoCuomo ordering all New York state workers to be vaccinated or face testing Want to improve vaccine rates? Ask for this endorsement Scarborough pleads with Biden to mandate vaccines for teachers, health workers MORE (D) tweeted. "Effective immediately, state-mandated COVID restrictions are lifted across commercial and social settings."