Fewer Wall Street Firms Are Demanding Full-time Office Attendance

The Wall St Bull

A recent survey by Scoop, a company that facilitates the coordination of hybrid teams, revealed that only 20% of financial services firms require their employees to work in the office full-time. This marks a decline from the previous quarter´s figure of 22%. 

The survey also found that there is a reduction in the number of banks that allow full remote work; most are transitioning to a hybrid work model.

Wall Street Firms Are Embracing Hybrid Work Models

The results from the survey suggest that Wall Street employees will continue to benefit from a significant degree of flexibility. Despite JPMorgan Chase & Co’s recent directive for managing directors to work in the office every weekday, the majority of the company’s corporate personnel currently working on a hybrid work arrangement. 

Lloyds Banking Group Plc and Bank of New York Mellon Corp. are among the companies that have recently tightened their remote-work policies. Wells Fargo & Co.’s commercial real estate division has informed employees that they must come into the office at least four days a week or potentially face disciplinary action, according to a recent memo confirmed by a representative from Wells Fargo. 

To increase office-occupancy rates, which remain at just under 50% of pre-pandemic levels, New York City Mayor Eric Adams has urged business leaders to agree on a minimum number of days that workers must commute, which could potentially lower the $12 billion in remote work costs that the city’s economy incurs annually.

Total
0
Shares
Related Posts

Join us (We Have Cookies)

You're interested in news & tips about remote work? What luck! That's what we do! Better join our newsletter so we can hang out.

15585

Welcome back. Let's hang out again

Nice seeing you again!

You're a fan of us, we're a fan of you—let's make this official.


Sign up for our weekly newsletter and never miss out on something important from Think Remote again:

15585

JOIN US (WE HAVE COOKIES!)

You're interested in news & tips about remote work? What luck! That's what we do! Better join our newsletter so we can hang out