In another reminder that it's lower paid New Yorkers who are losing most during the pandemic while bankers work from home, it seems some banks have a surfeit of catering staff.
Recent WARN filings with the New York State Department of Labor show that catering staff at Credit Suisse's 11 Madison Avenue office and at four JPMorgan offices (383 Madison Ave, 277 Park Ave, 4 Chase Metrotech Center and 4 New York Plaza) were furloughed this week.
The caterers weren't working for the banks themselves, but were employed by Aramark, a catering provider that according to the Credit Suisse WARN filing "offers great catering services." 107 Aramark caterers are being furloughed at JPM's NYC buildings and 52 are being furloughed at Credit Suisse.
The furloughs at JPMorgan come despite the fact that the bank asked senior traders to come back to the office earlier this month.
At Credit Suisse, the catering services might be much missed as they're presumably reduced as a result of the furlough. Aramark's Credit Suisse catering site says the firm prepares "professional, delicious catering." The catering menu for the building includes artisanal sandwiches, quinoa salads, chipotle-rubbed sirloin and seasonal berry tarts.
Amarark Services provides catering for banks globally, and has a fairly intimate relationship with its clients. In 2006, JPMorgan and Goldman invested $4.6bn to take Aramark private. And in January 2020, just before the pandemic began, Aramark Services entered into a $3.6 billion credit agreement with JPMorgan Chase for a secured credit facility, maturing in 2022.
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Prudence Earl on Unsplash