Goldman readies June return to office, Vanguard goes hybrid

[NEW YORK] Goldman Sachs Group's top brass has formulated a plan to have US and UK employees return to offices next month as Wall Street's march back to its skyscrapers gathers pace.

US staff should be prepared by June 14 to work from offices again, while those in the UK should be ready June 21, according to an internal memo seen by Bloomberg.

The move follows a mandate last week from JPMorgan Chase & Co chief Jamie Dimon, seeking to return his workforce in rotations from early July. Vanguard Group, with about 17,300 employees, said it's planning a hybrid model for most of its staff.

Goldman chief executive officer David Solomon joins Mr Dimon in counting on an expanding vaccination drive to hasten the revival of pre-pandemic routines in an industry where legions have spent 14 months working remotely.

The duo has been at the forefront in sketching out the most pressing timelines to refill towers, moves that are likely to put pressure on other firms in finance and beyond.

"We are focused on progressing on our journey to gradually bring our people back together again, where it is safe to do so," Goldman said in the memo.

An Accenture survey of 400 North American financial-services executives found that almost 80 per cent prefer that workers spend four to five days in the office when the pandemic is over.

Such plans could face resistance from the ranks. Many employees want to hang on to flexible schedules after proving they could stay productive while working from home, according to Accenture.

In New York, home to the two banking giants, plans are under way to fully reopen in two weeks, marked by the return of arenas, gyms, stores, restaurants and hair salons, New York Governor Andrew Cuomo said Monday at a briefing. Most capacity restrictions will also be lifted across New Jersey and Connecticut, while all-day subway service will resume in the city this month.

Goldman's management is unlikely to follow a similar schedule in other countries as the virus charts an uneven course across the globe. That's especially true for the firm's sizable operation in India, the country now battling one of the most severe coronavirus outbreaks in the world.

At Vanguard, based in Valley Forge, Pennsylvania, many employees will be allowed to work remotely on Mondays and Fridays. Other money managers, including Two Sigma Investments and Bridgewater Associates, are planning to allow employees to continue to work remotely at least part-time.

BLOOMBERG