Where Wall Street’s Big Banks Face Back-to-Office Policy

Late night shifts on Wall Street are part of industry lore, but in the post-pandemic world, banks still have official back-to-office policies.

Earlier this week, the ambiguity of official RTO rules across financial institutions came to the fore as Goldman Sachs and Morgan Stanley made moves to lift COVID protocols in their offices.

Messages from businesses were hesitant to make a five-day work week mandatory, but lifting vaccine and testing requirements could prevent employees from coming to the office full-time. It appears to be part of a broader effort to remove the remaining hurdles.

On Thursday, investment bank Jefferies took that language a step further, requiring everyone to return to the site “consistently.”

In a memo to staff, CEO Rich Handler and President Brian Friedman said, “We’re not going to look at individual names at the turnstile,” but “we’re really looking at the fourth and final quarter.” We need a regular presence of staff to maximize it,” he added. The future that lies ahead. ”

Towards the end of the summer, some companies have enacted stricter policies. For example, his tech giant Apple set September 5th as the deadline for returning to the office at least three days a week.

And companies across the country, especially others in the high-risk banking industry, are poised to give tougher words about their return-to-office expectations.

Here’s how Wall Street celebrities endorse the RTO policy.

goldman sachs

Wall Street’s top investment bank has been pushing for a full-fledged return to the office since last year, according to internal sources, but some teams have established their own rules regarding work-from-home policies.

Banking giant David Solomon has been a vocal critic of remote work.

“This is neither ideal nor the new normal for us,” he said at a Credit Suisse forum in February 2021.

Goldman Sachs Chairman and CEO David Solomon speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, USA on May 2, 2022.  REUTERS/Mike Blake

Goldman Sachs Chairman and CEO David Solomon speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, USA on May 2, 2022. REUTERS/Mike Blake

A Goldman Sachs memo to staff earlier this week read:

“Beginning Tuesday, September 6, all Goldman Sachs employees, with or without vaccinations, will be able to enter any Goldman Sachs office in the Americas (including New York City and Lima, as detailed below). In New York City, all Goldman Sachs employees who have been approved for a medical or religious exemption from New York City’s vaccination requirements are also required to attend routine testing and wear a face covering. Anyone with an approved exemption and not meeting New York City’s vaccine mandate should continue to work remotely.”

Jeffries Group

Rich Handler CEO and President Rich Handler said Thursday that “As long as Covid is manageable, we can truly maximize the fourth and final quarter and beyond. As such, we need everyone to return to the office consistently.” in a note.

“We need seniors because then we will have motivated and influential juniors. We are not going to see individual names at the turnstiles. If there is, it’s totally fine, let’s appreciate it together, and we can do our best to end the year the right way, not in the silo of a lonely home.”

city ​​group

“Most colleagues are expected to be in the office at least three days a week as part of a hybrid schedule,” a Citi insider told Yahoo Finance. “There are no recent changes here. This is consistent with the global working model that Jane Fraser announced in early 2021 that we have put in place when markets are safely back in the office.”

“This year, we allowed our hybrid colleagues to work fully remotely (in their country of employment) for two weeks in August. There is no requirement for, and I encourage my colleagues to check the CDC’s local community level for guidance on mask wearing.”

“We are updating our health and safety guidance to reflect recent changes in CDC guidance. We will continue to provide information.”

Morgan Stanley

The bank said in a memo to employees in New York last week that it planned to suspend controls such as testing and contact notification emails as of Sept. 5, Bloomberg News reported.

Morgan Stanley did not immediately respond to a request for comment from Yahoo Finance.

According to Bloomberg, the memo urges anyone who tests positive to quarantine for at least five days and wear a mask for an additional five days, while staff who may have been infected but not positive will be masked in the office for 10 days. you don’t have to wear Isolate.

A Morgan Stanley insider told Yahoo Finance that there is increasing pressure to be in the office at least four days a week in certain areas of the business.

JP Morgan

A JP Morgan representative said the bank is following a return-to-office policy outlined in CEO Jamie Dimon’s annual shareholder letter published earlier this year.

Dimon wrote in the letter:

  • Generally speaking, many employees (about 50%) need to work full time at one location. This includes nearly all employees in retail bank branches, as well as many jobs such as check processing, vaulting, sales and trading, critical operational functions and facilities, amenities, security, and healthcare.

  • Some employees (approximately 40%) work in a hybrid model (e.g., days on site and days at home). Increased flexibility and hybrid working will vary by job category. We hope that these types of arrangements are appropriate and that we can provide them for those who want them.

  • A small percentage of employees, perhaps 10%, may be working from home full time in very specific roles. ”

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executive Club luncheon in Boston, Massachusetts, USA, November 23, 2021.  REUTERS/Brian Snyder

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executive Club luncheon in Boston, Massachusetts, USA, November 23, 2021. REUTERS/Brian Snyder

Deutsche Bank

A spokesperson for Deutsche Bank told Yahoo Finance that the company is still implementing the hybrid working model it introduced earlier this year.

In a February statement, Deutsche Bank said, “Our hybrid working model offers eligible employees the option to work remotely for part of their working hours. You can voluntarily decide to work remotely up to 40-60% of your time based on your country and country.All remote work arrangements are agreed with your manager to ensure effective planning and reporting. It will be duly recorded and documented.It will be tracked in the bank’s personnel system.”

Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc

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