Swiss multinational UBS will allow two-thirds of its staff to do some of their work from home, breaking ranks with JPMorgan and Goldman Sachs, who want their employees to come back to the office as soon as possible.
The Swiss investment bank announced that two-thirds of its employees could to transition to a “hybrid” work model permanently.
The bank stated that the majority of its employees are in “positions suitable for hybrid working.” These employees will be able to work both from home and the office.
“We are committed to offering our employees the flexibility for hybrid working where role, tasks and location allow,” UBS said in the announcement.
The announcement comes after investment banks JPMorgan Chase, Morgan Stanley and Goldman Sachs pushed back against the idea of remote working.
James Gorman, the CEO of Morgan Stanley stressed the importance of in-office work. He even suggested that workers who want to work from home will have to take a pay cut.
“That’s where we teach, that’s where our interns learn, that’s how we develop people, that’s where you build all the soft cues that go with having a successful career that aren’t just about Zoom presentations,” he said.
“If you want that NYC salary, you need to be in NYC offices,” he said.
Employees Love Remote Work
What Gorman might be missing is that some workers would rather take a pay cut. Employers seem to be reluctant to continue remote working arrangements. Employees, on the other hand, like remote working.
A Leadership IQ survey of remote workers found that only 9% of workers want to return to the office full-time. 68% prefer a hybrid model.
Most employees cite benefits to health, relationships and productivity when working from home. 39% of respondents said that their work-life balance is better when working from home.