Strategy

Goldman Sachs Wants Office Work To Resume

Tom Burroughes, Group Editor, May 7, 2021

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Financial organizations are positioning for how to arrange working arrangements after the pandemic (hopefully) winds down in parts of the world.

Goldman Sachs confirmed that it is asking its US-based staff to return to the office by the middle of June and those in the UK to do so by the middle of July. 

“We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, and we look forward to having more of our colleagues back in the office so that they can experience that once again on a regular basis,” David Solomon, chief executive, John Waldron, chief operating officer, and Stephen M Scherr, chief financial officer, said in an email. 

Its position over working practices touches a debate on how employment practices have been turned upside down by COVID-19. In February, Solomon described employees working from home as an “aberration,” taking a stance that in some ways goes against that of some peers. Big banks such as HSBC and JP Morgan will reportedly let thousands of staff work from home after the pandemic, and PricewaterhouseCoopers will allow its 22,000 employees to do so for at least half of the time. 

In a memo shown to this news service, the executives said: “We are now more than a year into navigating the myriad of challenges posed by COVID-19, and we remain attentive to the difficulties our people are experiencing. In India and Latin America, the devastating rise in the number of infections and deaths is leading to new lockdowns and significant strain. In other locations where progress has been made, such as parts of Asia-Pacific, many of our offices are nearing a full return. Several locations in the US and UK are welcoming an increasing number of colleagues.”

In March Wells Fargo said it would start bringing workers back to its offices after Labor Day, while JP Morgan has said it sought employees' return to office on a rotational basis from July.

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