• Business Insider obtained a memo that Goldman Sachs sent to employees on Thursday. 
  • It details the bank’s reopening and testing strategy as it brings workers back to offices. 
  • Between 15 and 20% of Goldman Sachs employees have already returned to the office, Business Insider has learned.
  • Goldman’s plan — our best look yet at a big bank’s strategy — involves using three kinds of coronavirus testing: antigen, PCR, and antibody.
  • Do you have information about companies’ reopening strategies? Reach out to this reporter at [email protected] or through Signal/text at 1-252-241-3117.
  • For more stories like this, sign up here for Business Insider’s daily healthcare newsletter.

Business Insider has obtained a Goldman Sachs memo that sheds new light on how the marquee Wall Street firm is bringing employees back to the office.

The memo is dated October 8 and lays out the testing strategy that Goldman is using as one of the first major companies to bring white-collar employees back to physical offices. Between 15 and 20% of Goldman Sachs employees have returned to the New York office, according to a person familiar with the matter.

In it, the company details three kinds of tests it’ll use, plus its rules on social distancing, mask-wearing, and contact tracing. For New Yorkers in particular, Goldman is standing up an in-person screening service too.

Wall Street wants to get back to the office

Large banks have put stakes in the ground over this issue of working from home versus returning to the office. Executives are asking workers to come back to the office, The New York Times reported last month, if only for some days of the week or month. Some of them seem worried about degraded office culture, which in finance typically includes long hours and time spent face-to-face, and dwindling productivity during these

(Bloomberg Markets) — JOYCE CHANG

Chair of global research at JPMorgan Chase & Co.

a person posing for the camera: Joyce Chang

© Bloomberg
Joyce Chang

What’s your morning ritual when working from home?

Coffee first, scan the print newspapers delivered to my door second.

What has brought you joy this year?

The biggest windfall was the “live” time with my two kids. If I were to do over anything in my career, I would have better balanced my work-travel schedule and time with family.

What was your most significant accomplishment in 2020?

A crisis is always an opportunity to set precedents. The way that we work, share information, communicate, and interact with clients is forever changed.

What would you do differently if you had to go through a lockdown again?

Embrace disruption.

What will 2020 be remembered for?

Speed. Paradigm shifts. Zero yield. Cultural intelligence: the need for people to be seen, heard, and treated fairly.


Chairman of NatWest Group Plc

Howard Davies wearing a suit and tie

© Bloomberg
Howard Davies

What’s your morning ritual when working from home?


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Dragging a reluctant dog round the village to wake myself up and confirm that there is a world outside Zoom.

What has brought you joy this year?

A first grandson, and the discovery of some excellent Austrian pinot noir.

What was your most significant accomplishment in 2020?

I made a set of card models of Brutalist London buildings, which reminded me that there are aspects of London I don’t miss.

What would you do differently if you had to go through a lockdown again?

Move promptly to Sweden.

What will 2020 be remembered for?

The pandemic itself, but the explosion of government debt might merit a footnote, whose long-term consequences are uncertain.


Chief economist of the International Monetary Fund

What’s your morning ritual when working from home?


Rollercoaster moves in the natural gas market over the past few weeks are underscoring traders’ uncertainty about whether a frigid winter, muted output, and rebounding demand will send prices rocketing higher in the coming months.

Gas futures settled more than 7 percent higher on Monday, mimicking gains in oil and equities. But just two weeks ago, prices posted their biggest one-day loss in almost two years. Historical volatility has surged to levels not seen since late 2018, and implied volatility, a measure of how dramatic price swings may be going forward, is the highest in data going back to 2010.

Bullish bets on US gas have soared as traders wager on lackluster production and surging demand heading into winter. Liquefied natural gas exports are rising as consumption recovers from pandemic-driven lockdowns, and as terminals restart after storm-related outages and maintenance. Meanwhile, shale output remains subdued as drillers heed investor calls for financial restraint after this year’s oil-price crash.

Outsize moves in risk assets amid geopolitical turmoil have magnified the volatility in gas, while a hyperactive hurricane season has disrupted offshore production and LNG exports and triggered blackouts that curtailed gas demand for power generation.

“You’ve had a volatile market, but this is the icing on the cake,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. “Guys were stepping in to pick at the bottom.”

But as is often the case with the gas market, it all hinges on the weather. Though a La Nina pattern has emerged, which could lead to a chilly winter in the northern United States, brutally cold conditions are far from certain. A mild December, January, and February would limit gas demand for heating and curb withdrawals from underground storage, leaving the market oversupplied heading into spring.

Almost half of respondents