Goldman Sachs' US employees to return to the office in June

Goldman posts better-than-expected earnings

Goldman Sachs posted earnings of $18.60 per share versus $10.22 per share expected by analysts. FOX Business’ Cheryl Casone and Dagen McDowell weigh in.

Goldman Sachs' employees will return to the office beginning in June, according to a memo from executives reviewed by Fox Business on Tuesday. 

TickerSecurityLastChangeChange %
GSTHE GOLDMAN SACHS GROUP, INC.350.08+0.06+0.02%

"We are now more than a year into navigating the myriad of challenges posed by COVID-19, and we remain attentive to the difficulties our people are experiencing," CEO David Solomon, chief operating officer John Waldron, and chief financial officer Stephen Scherr wrote. "While each community is at a different stage of managing through the pandemic, we continue to be encouraged by the rollout of vaccines in a number of jurisdictions, as well as by the effectiveness of the health and safety protocols we have put in place across Goldman Sachs campuses to protect our people."

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The memo asks that U.S. office employees who have not yet done so to make plans to return to the office by June 14, while those in the U.K. are asked to be ready to return by June 21. The bank notes that employees will receive additional information on their team's specific return plans in the coming weeks as conditions and capacity considerations shift. 

In addition, the company will welcome back nearly 5,400 interns, analysts and associates over the coming months. 
 
"We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, and we look forward to having more of our colleagues back in the office so that they can experience that once again on a regular basis," the executives added. "As we advance on this journey, we will need to stay nimble and flexible, adapt our plans to the specific needs of each location as the environment evolves and be guided by our people-first approach."

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Executives emphasized that the return will be guided by science, with an independent medical advisory board overseeing the move. The company acknowledged the "devastating rise" in COVID-19 infections in India and Latin America, while noting the company's offices in parts of the Asia Pacific are nearing a full return and several U.S. and U.K. locations have gradually welcomed back and increasing number of employees.

Goldman is offering its employees to get COVID-19 vaccinations by offering a half-day of paid time off for each dose and COVID-19 Family Leave to accompany dependents who are getting vaccinated. Individuals who are unable to return to the office are encouraged to discuss alternative plans with their manager, or the company's wellness department if the decision is for specific health reasons. 

The company added it will consider the potential for rotational schedules where applicable and is extending the deadline to use COVID-19 Family Leave to Sept. 30, will leverage technology to enhance its office spaces and will expand access to outdoor spaces and other amenities. 

"We will carry what we have learned during the pandemic into the future to become an even stronger firm," the memo concludes."We remain committed to listening to our people to understand how we can continue to best support you, and we are proud of how everyone at the firm continues to step up in the face of considerable difficulties. Thank you for your hard work, flexibility and dedication as we continue to navigate this unique and complex landscape." 

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Goldman isn't the only big bank summoning its employees back to the office. 

TickerSecurityLastChangeChange %
JPMJPMORGAN CHASE & CO.155.64+2.25+1.47%

At a Tuesday conference hosted by the Wall Street Journal, JPMorgan chairman and CEO Jamie Dimon said that by mid-July, employees will return to the office on a rotational basis, subject to health mandates that require a capacity of 50% in office spaces.

While he acknowledged that he's open to employees working from home a few days per week, he argued remote work doesn't work for everyone. 

"It doesn't work for young people, it doesn't work for those who want to hustle, it doesn’t work in terms of spontaneous idea generation," Dimon said. "It doesn’t work for culture."

JPMorgan employees in the U.S. have been told to "get used to" the fact that they will be expected to work in the office one or two days per week beginning May 17 to get reacclimated.  

"Obviously, according to laws, if you have religious or other reasons, you know, we're not going to make you," Dimon said. "But we want people back at work and my view is, sometime September, October it'll look just like it did before."   

Dimon added that he's fed up with Zoom.

"I'm about to cancel all my Zoom meetings," Dimon said. "I'm done with it." 

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