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There is an expectation that post-pandemic that businesses will contin but many large businesses are urging a return back to office as soon as The CEO of a large investment bank has rejected remote working ‘as the new normal’ and instead branded it an “aberration” – the BBC reported.
Staley shared: “It will increasingly be a challenge to maintain the culture and collaboration that these large financial institutions seek to have and should have.”
David Solomon, who heads up Goldman Sachs, said that the bank had operated throughout 2020 with fewer than ten per cent of staff in the office. He suggested that this way of working does not suit the culture at the banking giant in the long run.
While many bosses at banking firms have expressed an eagerness to return to a central office post-pandemic, not all have followed suit.
Speaking to a conference on Wednesday, Solomon said:
“I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible.” One particular area of concern for Goldman Sachs’ boss was about an incoming “class” of circa 3,000 new recruits who he said would be unable to receive the needed “direct mentorship”. He added: “I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely.” Solomon’s comments come shortly after Barclays boss Jes Staley said he did not believe that remote work was “sustainable” long-term. In a virtual meeting of the World Economic Forum last month, as was reported by City AM, Staley said: “It’s remarkable it’s working as well as it is, but I don’t think it’s sustainable.” He too pointed towards the impact that remote work has had on collaboration and culture.
advocate spring 2021| advogroup.co.uk | 24
In March 2021, HSBC announced plans to almost halve its office space globally over the long-term as part of a cost-cutting exercise. According to Reuters, the bank’s CEO, Noel Quinn, said that the reduction would come from axing office premises as their leases come to an end. This would not include branches or the bank’s headquarters building in Canary Wharf, London. Quinn explained that retained buildings will be used more flexibly. Quinn said: “We are focused on those offices with support functions and head office activities when we talk about the 40% reduction,” Quinn said.
“We believe we’ll achieve it via a very different style of working post-COVID with a more hybrid model,” the CEO added. Yet, it is not just those in the banking industry that are looking to change working patterns more permanently. Earlier this month, streaming firm Spotify announced that it is adopting a ‘Work from Anywhere’ model. Under this, staff can choose whether they want to be in an office full-time, work from home full-time or a combination of both. The new initiative has been described as a “new way of collaborating that allows Spotifiers to work
This article is based on an article first publis You can read the BBC article on returning to
