Investment bankers who rushed to court clients in person after COVID-19 vaccines became available last year have been forced to cancel such gatherings at the start of 2022 as the Omicron variant rages.
"My motto has always been, if I'm not in front of my clients, someone else is. But I think this is just a different time. If people want to travel, and they are comfortable doing it, and they take precautions, I'm allowing people," said Drew Goldman, global head of investment banking coverage & advisory at Deutsche Bank AG.
JPMorgan Chase & Co, Goldman Sachs Group Inc, Morgan Stanley and other big banks have encouraged staff to work from home to limit the spread of the virus. Some, such as Citigroup Inc, have gone further, implementing a"no jab, no job" policy to push employees to get fully vaccinated - barring employees who receive an accommodation or exemption.
Banks put on lavish dinners and wine-soaked meet-and-greets for clients. Some even rewarded staff with bonuses based on the number of clients they met.