Many of the big banks on Wall Street are offering flexible working arrangements as a strategy to attract talent. While firms such as JP Morgan and Morgan Stanley want their employees back at the office, other firms such as UBS and Citigroup announced flexible work plans.
Wall Street firms were the first to call their employees back to the office when the COVID-19 situation improved. However, some companies are extending their remote work policies, offering employees more flexibility.
Wall Street Firms that Offer Remote Work Policies
Firms such as UBS, Wells Fargo, HSBC, BNY Mellon, and Citigroup are primarily the ones that announced flexible work plans. Even JPMorgan, which has embraced an on-site culture, expects half its employees to return fully to the office. The other ones will maintain flexible arrangements.
The main reason for many to encourage remote work is talent. As Mr. Naratil of UBS mentioned:
“It’s all about the talent — how do you retain it, how do you attract it,”
UBS rolled out its plan to allow 10% of its 20,5000 employees to work remotely permanently. They also offer hybrid schedules for three-quarters of its employees.
City Group allows its 65,000 employees in the US to work two days a week in the office. The primary purpose of these days is to have workshops for managers and employees on remote collaboration.
Wells Fargo started calling its employees back in mid-march. However, the company has a “hybrid flexible model” that entails a minimum of three days a week in the office.
BNY Mellon has over 50,000 employees, and it allows teams to decide how they want to work: own mix of in-person and remote work.