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        Work from home is not the ‘new normal’ says Goldman Sachs boss

        Work from home is not the ‘new normal’ says Goldman Sachs boss

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          Goldman-Sachs-1

          Banking chief rejects remote working as the ‘new normal’, instead labelling it an ‘aberration’.

          Goldman Sachs CEO David Solomon has said the international investment bank has been operating with “less than 10% of our people” in the office throughout 2020.

          His enthusiasm for staff to return to their offices seems to be at odds with numerous businesses who have intimated that they will be implementing permanent work from home policies. Mr Solomon’s reason for his stance on the subject is simply that the work from home model is not a fit for the Goldman Sachs work culture.

          Commenting at a conference on Wednesday, Mr Goldman said; “I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible.”

          His main concern is for the 3,000 new recruits who will miss out on the vital “direct mentorship” they can only receive in an office environment.

          “I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.

          Whilst acknowledging that the pandemic has accelerated the adoption of digital technologies and established some additional efficiency in the running of the investment bank, Mr Solomon believes it will not bring about long term change.

          “I don’t think as we get out of the pandemic the overall operating mode of the way a business like ours operates will be vastly different,” he said.

          And it seems that Mr Solomon’s beliefs are not unique within the finance sector.

          Jamie Dimon, JP Morgan’s chief executive said back in September that working from home has impacted negatively on  productivity.

          Barclays boss Jes Staley also recently stated his hopes that the vaccine would pave the way for allowing his staff to return to their offices.

           

          Image courtesy of MusikAnimal

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