Hong Kong Sends Bankers Home

Tighter government COVID-19 restrictions from Saturday already prompted UBS and other banks to re-impose workplace limits.

The Hong Kong government yesterday announced a raft of new COVID-19 restrictions yesterday following a number of untraceable Omnicron variant cases, a step that is already prompting UBS and other banks to ask bankers to resume working from home.

The government says on its website that the enhanced restrictions will take effect from January 7 and last for 14 days. Group gatherings of more than four people will be prohibited and restaurants will have to close at 6pm.

All leisure and sports facilities, gyms and bars will be fully closed. It has also suspended all flights from Australia, Canada, France, India, Pakistan, the Philippines, the UK, and the U.S.

UBS is splitting its 2,500 workforces into groups, with one working from home and the other in the office in an alternate fashion, according to a report, citing an internal memo.

Employees have also been asked to curtail movement in the office and sharply limit socialization outside their direct teams, the memo indicates. Other banks taking similar steps include HSBC, Bank of America, and Standard Chartered, the news outlet said.

Others are expected to follow as the restrictions come into effect.