Goldman Sachs’s top brass has formulated a plan to have U.S. employees return to offices next month as Wall Street’s march back to its skyscrapers gathers pace.
The investment bank is planning to tell staff that they should be prepared by mid-June to work from offices again, according to people with knowledge of the matter. The move follows a mandate last week from JPMorgan Chase CEO Jamie Dimon, seeking to
Goldman CEO David Solomon joins Dimon in counting on an expanding vaccination drive to hasten the revival of pre-pandemic routines in an industry where legions have spent 14 months working remotely. The duo has been at the forefront in sketching out the most pressing timelines to refill towers, moves that are likely to put pressure on other firms in finance and beyond.
An Accenture survey of 400 North American financial-services executives found that almost 80% prefer that workers spend four to five days in the office when the pandemic is over. Such plans could face resistance from the ranks. Many employees want to hang on to flexible schedules after proving they could stay productive while working from home, according to Accenture.
In New York, home to the two banking giants, plans are underway to fully reopen in two weeks, marked by the return of arenas, gyms, stores, restaurants and hair salons, New York Governor Andrew Cuomo said Monday at a briefing. Most capacity restrictions will also be lifted across New Jersey and Connecticut, while all-day subway service will resume in the city this month.
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Goldman’s management is unlikely to follow a similar schedule in other countries as the virus charts an uneven course across the globe. That’s especially true for the firm’s sizable operation in India, the country now battling one of the most severe coronavirus outbreaks in the world.
At Vanguard, based in Valley Forge, Pennsylvania, many employees will be allowed to work remotely on Mondays and Fridays. Other money managers, including Two Sigma Investments and Bridgewater Associates, are planning to allow employees to continue to work remotely at least part-time.
— Additional reporting by Jenny Surane, Lananh Nguyen and Misyrlena Egkolfopoulou
