International Business: Jefferies says Covid-19 spike was not caused by a specific incident – Gulf Digital News

International Business: Jefferies says Covid-19 spike was not caused by a specific incident – Gulf Digital News

NEW YORK: A spate of Covid-19 cases at Jefferies Financial Group Inc was not caused by a specific incident, the Wall Street investment bank said on Thursday, and its decision to reinstate home working was erring on the side of caution.

Jefferies on Wednesday sent staff home and cancelled client parties and virtually all but essential travel after nearly 40 new Covid-19 cases were reported at the firm, prompting speculation about the cause of the spike and whether other banks will follow suit.

The Jefferies spokesman said the number of cases was small - the Manhattan-headquartered bank has 4,500 employees worldwide, with offices in Asia and Europe as well as the United States - but it was getting out in front of the issue. He said the bank does not do routine staff Covid-19 testing.

"Throughout the pandemic, we have worked to put the health and safety of our employees first," Jefferies Chief Executive Richard Handler said in a statement to Reuters on Thursday.

"Given the time of year and the increase in Covid cases happening everywhere, it just made sense to encourage people to work from home, be with their families, and avoid any unnecessary travel or large social events."

The bank has