It's U.S. investment bank results week and bank CEOs are busy affirming their commitments to getting staff back in the office.
Banking analyst Mike Mayo asked Morgan Stanley CEO James Gorman today to elaborate on his previous comments about the need for all employees to return to the office by Labor Day, including Gorman's suggestions that, “If you can go into a restaurant in New York City, you can come into the office," and, "If you want to get paid New York rates, you work in New York."
Gorman said his comments had been taken out of context, but was unrepentant on his push for employees to return. "– I fundamentally believe the way you and I and others in this room have developed our careers is by mentoring and watching...those coming before us," said Gorman. "I don’t believe you can do that sitting at home yourself."
However, Gorman said that he also appreciates that working from home can be useful in some circumstances and on a time-limited basis. "We will be flexible when flexibility is called for," he said. "Under certain circumstances, working from home makes great sense - when you have health issues or are looking after family. In the past we would have said 'Too bad', but now we can manage for a few months."
Ultimately, Gorman said he expects that 80% of employee hours worked will be done in the bank's offices instead at home. Working from home will not be 100%, "but not zero," he concluded.
Goldman Sachs' CEO David Solomon is very keen on being back in the office too.
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