Goldman Sachs told UK bankers they should be ready to return to office in June.
That is the day when the government hopes to lift the COVID restrictions on social distancing in England.
Deviation From Normal
While for many homeworkers it has become commonplace, Goldman manager David Solomon previously described it as a “deviation”.
But a rival investment bank, JP Morgan, is planning to reduce office space, April said.
Goldman banks have largely returned to office in some parts of the Asia-Pacific region.
However, in India and Latin America “further increase in the number of infections and deaths leads to new closures and hardships”, Goldman’s top three executives said in an internal statement Tuesday.
However, the bank is “encouraged by the release of vaccines” in many areas, said chief executive David Solomon, president John Waldron and chief financial officer Stephen Scherr.
American banks must be ready to return to office by June 14, and UK banks must make plans to return by June 21, they said.
What If Some Employees Want To Work From Home?
“We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, and we look forward to many of our colleagues returning to the office to experience that again,” he said.
Employees who wish to continue working at home should discuss this with their manager, adding.
While some bank executives have suggested that working from home may not be a long-term one for some employees, others set up small offices.
What Are The Competitors Doing?
JP Morgan CEO Jamie Dimon said in April that the investment bank would need “more” office space in the coming years, requiring only 60 seats per 100 people.
HSBC CEO Noel Quinn said at the end of April that the bank was planning to move to a mixed working environment, with employees having a combination of office and home operations.
Some investment bankers at Canary Wharf have been working in the office during the pandemic.
Barclays expects to retain a large number of traders at Canary Wharf in the future.
Barclays manager Jes Staley previously said working from home was “not an ongoing process” in major financial institutions.
Bank employees in London and New York will return to the office in stages from mid-June, but the return to work at the Barclays staff office will be slow.
