Perella Weinberg to Delay Return to Office Amid Variant Concerns

(Bloomberg) -- Perella Weinberg Partners told staff primarily in New York and London that return-to-office plans will be delayed as the Covid-19 variants spread.

The investment bank may seek to bring more workers back in October, depending on the trajectory of the virus, a person familiar with the matter said, asking not to be identified discussing internal decisions. Perella Weinberg previously sought a September return.

Perella Weinberg announced its decision on Monday during a town hall hosted by Chief Executive Officer Peter Weinberg and Co-Presidents Andrew Bednar and Dietrich Becker. Bednar told hundreds of global employees that a five-day, 15-hour-a-day week in the office is from the “last chapter,” as executives have been saying for months that flexibility will be part of the future.

Other Wall Street firms have delayed return-to-office plans. BlackRock Inc. said last week that it would wait an extra month, and will look to open its doors to more employees in October. Wells Fargo & Co. has made a similar move.

Read more: It’s Chaos on Wall Street as Delta Variant Upends Return

Perella Weinberg, which listed publicly this year in a merger with a special purpose acquisition vehicle, wants more employees to return to offices in Houston, Los Angeles, San Francisco and Chicago. Meanwhile, just a fraction of New York and London workers is returning, the person said.

A Perella Weinberg spokeswoman didn’t immediately return a message seeking comment.

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