Goldman Sachs Delays UK Return To Office

Sachs staff won't be returning to their London office until 19th July 2021.

June 17, 2021
Goldman Sachs Delays UK Return To Office
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Ian Lewis

Written By

Ian Lewis

 

Goldman Sachs (the bank behind Marcus), one of the largest banks operating in London, has delayed the return of staff to the office until 19th July, in line with the new government coronavirus restrictions. This is despite its push globally to get staff back to working in the office as soon as possible.

The bank had previously told all staff to be prepared to return to the office in June, but on Tuesday evening this week, it sent staff a notice that the return would be held off.

That follows the announcement of the government on Monday that all coronavirus restrictions due to be lifted on 21st June would be pushed back until mid-July.

Office-based work seen as the goal

The Goldman Sachs office is currently open and available for any workers who wish to return, but it is not being enforced. The bank’s group chief executive, David Solomon, has previously described working from home as an “aberration”.

He claims that office life is an essential part of helping to develop more junior staff who have struggled with longer hours and feelings of isolation during the pandemic.

It is clear that the bank is eager to get staff back to the office. This week they enforced the return to offices in New York, offering free food to all staff and staged afternoon concerts in a bid to improve morale for those who may have been against the move. It is one of the first banks to demand that all staff return to the office.

Goldman has also not made clear their future working strategy, instead delegating some of the responsibility to individual teams to work on a potential hybrid solution.

It is expected that for many people involved in trading, this will mean working full-time in the office, although business bankers who interact with clients or those who work in back-office support may find more flexibility.

The approach of other banks

The global approach of banks is very split across the return to the office. Morgan Stanley’s James Gorman takes a similar approach to Solomon, saying “If you can go into a restaurant in New York City, you can come into the office.”

However, NatWest is one bank that says over a third of its full-time employees in the UK will continue to work remotely, while over half of staff will take on a hybrid approach mixing working from the office with working from home.

I would say that we’ve busted the myth that jobs need to be done in a certain way. We have learnt new ways of working and it’s important we carry those learnings forward.

NatWest chief executive, Alison Rose

There are many considerations for the return to the office. Some banks have claimed that their ability to offer customers reliable support is impacted when working from home. And other businesses, such as cafes, coffee shops and small retailers, have claimed that the drop in commuters puts their own businesses at risk.

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Mentioned Banks

About Goldman Sachs International Goldman Sachs International is a wholly owned subsidiary of Goldman Sachs Group UK. It is primarily based in London but has additional branches in...
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NatWest, or National Westminster, is a retail and commercial bank based in the United Kingdom. It is one of the ‘Big Four’ UK clearing banks and has more than 7.5million personal banking...
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Offering savings accounts that encourage you to ‘put the interest back into your savings’, Marcus is a trading name of Goldman Sachs. Though you might not have heard of Marcus, you’ll...
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About Morgan Stanley Morgan Stanley is an American investment bank and financial services company, headquartered in New York City. The bank began life in response to the Glass-Steagall...
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