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Some Large Banks Call Back Staff told VTT trading players he shifted the competitors Punds Association Some Wall Street leaders are wondering if they were too early to promote flexible work URS Group AG for example, has been touting hybrid work in town halls and memos. So some sales and trading employees were surprised when certain Continued from Page One tests were to full York." Mr. Gorman said then time by September. Sales and "None of this. I'm in Colo e said the tone rado..and getting paide I'm after sitting in New York City Goldman and JPMorgan started Other banks are betting the brinding staff back to the office. strict attitude will look outdated URS derified its approach last and help them dw in new tal- week, telling staff it was com ent. A recent study by consulting mitted to hybrid work where piant McKinsey & Co showed role, tasks and location allow." that more than half of employ Deutsche Bank AG will bring ees prefer hybrid workami back employees after Labor Day ture of working remotely and when it will open its new offices heading into the office-up from overlooking Central Park. Many 30% before the pandemik. The will be shale to work from home playing field was level for all part time depending on their role. For example, taffers with these banks because they were dient-facing jobs will be able to forced to work from home at the same time," said Chris Wooten Traders are likely to refrain full an executive vice president at An entrance at Goldman Sachs, where staff members returned on June 14 and were greeted with a fleet of food trucks time the coming firm NICE who is A spokesman said the bank working with banks to ensure work best from team to team tries, especially when sectors like commuting, but so what" social distancing for und hoped to attract talent with the remote-work plans meet risk CEO Richard Handler has said like toch are being so flexible he said at The Wall Street Journated salt Inteld work model as well as the and compliance guidelines. The that record revenue proves he That is important because ma's CEO Council Summit in In private equity Blackstone new offices which include out preat experiment starts when doesn't need to issue an edit banks, hedge funds and asset May Group Inc. called its investment door terraces that can function some go back to the office full bring staff back to work maike have increasingly A person familiar with the staff back to the office full time as meeting rooms. time and some don't "Our people didn't spend the been searching for afield for new matter said the bank is expect in June. Carlyle Group Inc. and One particular difference Citigroup said in March that day streaming movies commis hires Goldman has been looking ing more people to resien than Apolo Global Management Inc. days. At Capital One Financial the bulk of its workforce would rating about the pain of life in at liners, and JPMorgan wid in other years, but that overall are offering more flability Carp, Lamardad and pard, be in the office about three days isolation or hiding in any way ned its recruiting pool to spena attrition is low. A JPMorgan Asset manager Vurd mary staffers will be allowed to a week. "Our vision is you can't from their obligations," he wrote broader of universities, spokesman wild staff members Group is preparing for most from home on Mondays to back to what it was you uw to investors this month. They dating some more focused on in supporting roles who went Matters to work from home two und Pridays to go forward," said Tyler Dick worked harder and more effere engineering and technolo Che manages capital ordening with dys a week, and Black Rock Al JPMorgan, those who can son, the global cohead of bank tively than at any time in our group has been hiring thousands clients will be able to work re Inc. will allow for some level of work from home part time have in capital markets and adv firm of coders and computer promotely a few days a week hybrid work. Some of her been told by som man sory Some recruiters said that rummers For those returning to the of funds also said they were con that on Mondays and Fridays Jefferies Financial Group Inc. pushing for five days a week in Mr. Dimon, the JPMorgan fice, some firms have instituted dering three days a week in of they must be in the office In largely betting employees word the office will finder etforts to cQ, admitted he has gotten vaccine requirements, while och ficcording to a May survey - Lim Tenden figure out what will Hire people from other insa Wowok. "Oh, yes, people dont ens are repirine didosures and by Industry group Managed contributed to Mr article History Wall Street Split on Forcing Bankers to Return to Office 1 ti ri ri a BY JULIA-AMBRA VERLAINE traders and deal makers. JPMorgan's investment-bank- Leaders at both banks say be li AND DAVID BENOIT While businesses acrossing staff had to be back in the ing in the office leads to better B America are struggling with office by Tuesday, including collaboration and idea genera f There is a growing divide on whether and how to have staff communications, technology and tion, and they have complained to Wall Street: firms calling em return full time, the issue has operations teams. Sales, trading that employees are less produc- ployees back and firms telling been particularly thorny at large and research staff members tive at home. people they can work from U.S. banks, where leaders like Ja were told to return full time in Morgan Stanley CEO James home. mie Dimon and David Solomon June. Many sales and trading Gorman said at a conference last & Titans like Goldman Sachs have voiced strong opinions. staffers have already been in the month that he would "be very Group Inc. and JPMorgan Chase Culture is at the heart of the office throughout much of the disappointed if people haven't s & Co. are taking a hard-line ap- debate. Some say the trading past year. found their way into the office proach, beefing up in person floor is the last bastion of Wall Goldman staff members re- by Labor Day. staff five days a week in New Street, where interns and young turned on June 14. Mr. Solomon, "If you want to get paid New York even though it might mean employees learn by osmosis. the CEO, said in February that York rates, you work in New losing talent. Rivals including Others think record results in a working from home isn't the Please turn to page A4 Citigroup Inc. are touting flexi- remote work year prove that the new normal: "It's an aberration bility, betting that a softer ap trading floor and the office alike that we're going to correct as San Francisco office workers proach will help them poach top have lost their relevance. soon as possible." are slow to return B6 Fill-in-the-blank Questions: Q1: Financial institutions located in New York City are divided on the issue of whether to bring workers back into the office or continue with remote work from home now that Covid19 quarantine issues have been mitigated somewhat. Banks taking a firm stand on staff in person in office five days a week in New York include _where company leaders believe being in the office leads to better collaboration and idea generation and that employees are less productive at home. Q2: Businesses across America are struggling with whether and how to have staff that have been working remotely return full-time and Lis at the heart of the debate. Q3: Over at although many sales and trading staff had already been in the office throughout much of the past year, remaining sales, training and research staff were to return in June and investment banking staff were to be back in the office by Tuesday, July 6, 2021, although a spokesman said staffers in supporting roles who are managing capital or dealing with clients would be able to work remotely a few days a week. One key difference between Capital One and is that staff at Capital One will be allowed to work from home on Mondays and Fridays whereas at some employees who can work from home part time have been told by some managers that they must be in the office on Mondays and Fridays. Q4: At the CEO in February commented that working from home isn't the new normal, adding "It's an aberration that we're going to correct as soon as possible". Q5: said in March that most of its workforce would be in the office about three days a week and the is letting employees and leaders figure out what will work best from team to team. Q6: UBS Group Had been touting work to employees but sales and training staff said the tone shifted after competitors Goldman and JP Morgan started bringing staff into the office again although UBS has recently clarified it's approach by saying it was committed to hybrid bird work where role, tasks, and location allowed. Q7: Bank will bring New York employees back to their new offices overlooking Central Park after Labor Day, but many will be able to work from home part time depending on their role. Q8: A recent study by consulting firm McKinzey and company indicated more than half of employees prefer hybrid work which is a mixture of