Coronavirus

Goldman Sachs boss calls home office a “wrong way”

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David Solomon, head of Goldman Sachs, wants his employees to be able to get back to the office quickly, reports the British newspaper “The Guardian”. Home office “is not ideal for us and it is not a new normal,” said Solomon at a conference of the Swiss private bank Credit Suisse. “It is a wrong path that we will correct as soon as possible.”

Opinions about working from home are divided

Solomon is known for loosening up the dusty reputation of Wall Street and introducing more relaxed dress codes, according to “The Guardian”. Solomon also believes in personal networking, especially in a company like Goldman Sachs. He believes that this will not change after the pandemic and that home office should not become the standard.

The opinions on the home office could hardly be more different. The commercial bank HSBC had announced that they want to reduce their office space by 40 percent – in response to the increasingly popular work from home, reports “The Guardian”. The competing Bank Lloyds also wants to reduce the number of offices available by a fifth. In a survey, 77 percent of Lloyds employees said they would work from home for three or more days a week. Such a hybrid model could become the rule after the pandemic, according to recruiter Robert Half, reports “The Guardian”.

For Solomon this is inconceivable. He is concerned about developments and cannot imagine how the future generation of home bankers will work. “I am very focused on ensuring that not one more young people start working remotely at Goldman Sachs in the summer,” Solomon said at the conference.

He stressed the need for newly hired employees to be personally trained on Wall Street. Due to the ongoing corona pandemic, however, the home office will remain the standard at Goldmann Sachs, at least temporarily.

Bank JPMorgan is also critical of the home office. In particular, the bank complained about falling productivity on Mondays and Fridays, reports “The Guardian”. In addition, training young employees from the home office is much more difficult. Nonetheless, the company expects that up to 30 percent of employees will at least partially work from home in the future.

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