It is a short walk from the global office of Goldman Sachs Group Inc. to Citigroup Inc., but when it comes to reopening after the epidemic, the two Manhattan Towers can be thousands of miles away.
This morning, Goldman Sachs is urging almost all of its employees on the Hudson River to show up at their desks, marking Wall Street’s most ambitious return to work since Covid-19 laid siege to the city more than a year ago. At the same time, Citigroup will not be calling for more staff until July at its mostly empty Tribeca Tower in central Manhattan. Even then, the company confirmed to most employees that they could accept the so-called hybrid schedule from home տան office ավելի in the long run.
Such disagreements are emerging in Manhattan’s powerful financial industry, creating pockets of optimism in the city’s economy but widespread anxiety within the workplace. Bosses worry that their teams will be less competitive if members are slow to return. People are worried about losing the flexibility of remote work, but also the fact that young, lonely colleagues and competitors may be more likely to rush back and spend time with managers or clients.
“Women are absolutely nervous about it,” says Rob Dix, Accenture Plc’s talent and corporate capital for the markets. “I see that in the banks, people know the people, the business leaders know, understand, and start planning around the fairness of the assessment.”
It is still difficult to draw broad conclusions as to whether such issues will take root in the industry, as no Wall Street company seems to take the same approach. The case is similarly confusing in London, where many banks are still making plans.
A leading proponent of getting people back to office early, as well as amateur DJ Goldman CEO David Solomon, ended his bank-from-home era on Friday with the release of a new single, “Learn to Love Me,” which has been strengthening staff for months. He told staff who had not yet returned that they had until Monday to find out how they would return.
Early this morning, five-year-olds hugged each other as they ran into Goldman’s Manhattan office in the dark. They will be greeted by free food in the cafe երաժշտ music with food trucks all week. The bank is also setting up coffee stations all over the building to promote water-cooled conversations, with some staff saying they enjoy free soft drinks but wondering how much they will pay.
Citigroup CEO Jane Ein Fraser offers even more flexibility to staff as vaccination campaigns continue, young children await filming, and some childcare options, such as summer camps, have not yet fully reopened. His decision to regulate the process is one of the biggest he has made since taking office a few months ago. And once he starts to make his mark on the company, the situation may soon give him a chance to differentiate Citigroup as an employer.
Among other fast-moving companies, JPMorgan Chase & Co. has already begun charging its skyscraper on Madison Avenue, while its building is located on Park Avenue. The country’s largest bank has told all US employees they are ready to return early next month, but the tower will still be closed with 50% employment.
Elsewhere in Midtown, senior executives at Bank of America Corp. began entering the office. The company does not expect a wider return of staff until the fall.
“We are focusing on vaccines,” Bank of America CEO Brian Moynihan told CNBC today. “But we need to make sure that the unvaccinated can return in a constructive manner.”
Recently, the bank began asking employees to disclose their status; now there are tens of thousands of people in the United States who have received the footage. These employees are invited back and given 30 days notice to return. Many in the industry want to return. Moynihan said he was having a wedding on the weekend and spoke to several “young children” working for rivals. “They are tired of working outside their rooms.”
Deutsche Bank AG, while offering freedom, told investment bankers in New York that they plan to operate from their offices no later than September after Labor Day. Credit Suisse Group AG has informed fully vaccinated employees in New York that they may start returning on Monday, although all staff will not start full-time work until September.
“People are going to be back in office a lot,” said Alex Howard-Keys, vice president of Kingsley Gate Partners, a recruiting firm focused on the financial services industry. “If you are taking a big risk, there will be pressure to return to the office all the time. If you are a customer, I doubt there will be a degree of breadth. ”
The same rift is expected to be revealed in other US industries and cities soon, as companies from tech giants like Facebook Inc. and automakers like General Motors Corp all promise more in the future. to work
In New York City, where about 46 percent of the population was fully vaccinated as of Friday, the fate of the economy remains on Wall Street. The state has long estimated that every 10th job in the city is directly or indirectly related to the securities industry, which accounts for one-fifth of New York’s private sector wages.
Behind the scenes, banks and their technology partners are working on more fundamental, long-term changes to how the industry works. They are taking advantage of the lessons learned by leaders when businesses across Manhattan suddenly had to work remotely. It turned out to be surprisingly doable.
Even banks that want to recharge their towers in Manhattan are now working on plans to relocate those jobs to more cities, which is called a “distributed sales tax.”
Businesses that were once supposed to be run from New York will increasingly be run from lower-cost states such as Texas, North Carolina and Florida. Many tech talents still prefer to live in those areas, says Likhit Waggle, IBM Corp. Global Banking and Financial Markets General Manager.
“A successful salesperson now has to be someone who is very good at using artificial intelligence, machine learning,” Waggle said. “Such individuals are not available in London, New York or Frankfurt. “They have strong views on the work-life balance. Many of them have said they are not ready to move.”
For now, bankers are returning to offices that are very different from what they left in March 2020.
High plastic barriers are cut between the desks, while chairs in conference rooms are locked to encourage social distance. Cleaning stations are common. Masks may not be required for employees who are fully vaccinated, but daily health checks will be frequent.
Good indoor air quality is now one of the most sought after facilities in the office for hunting corporations. This was stated by REUly Ulan Whelan, Global Director of Occupational Research at CBRE. He jokes that many clients have become amateur HVAC professionals, focusing more on ventilation systems than on access to fitness or public transportation.
“The things that pushed the adoption of buildings are all at the bottom of the list,” Whelan said.
(Details on reopening Goldman’s office in paragraph 7)
– With the help of Sonali Basak և Steve Dixon.