Goldman Sachs has informed employees that they are expected to return to its New York City offices by next month as the bank’s return to Wall Street gains momentum.
The US investment bank sent a memo to staff telling them to be ready to return to its offices in Manhattan’s financial district by June 14.
It comes after Goldman’s CEO David Solomon blamed telecommuting during the COVID-19 pandemic as an ‘aberration’, saying it wouldn’t become the ‘new normal’ for the New York-based banking giant.
Goldman is the last Wall Street bank to announce a return to office after JPMorgan told staff to prepare to return to rotation in early July.
It was not immediately clear whether the Goldman staff would return on a rotation basis.
Goldman Sachs sent a memo to staff telling them to be ready to return to its offices in Manhattan’s financial district by June 14.
The return to Wall Street comes after New York Gov. Andrew Cuomo lifted office capacity limits on Monday if all employees were vaccinated.
Offices should enforce a six-foot social distance for employees in offices if not all staff are vaccinated, which would essentially limit the number of people they can admit.
“ We are focused on progressing on our journey to gradually bring our people back together, where it is safe to do so, and are now able to activate the next steps in our return to office strategy, ” said the Goldman memo. obtained by Bloomberg, read.
The memo, which was signed by Solomon, President John Waldron and CFO Stephen Scherr, said several teams would be instructed to return to office.
While each community is at a different stage of pandemic management, we are still encouraged by the roll-out of vaccines in a number of jurisdictions, and by the effectiveness of the health and safety protocols we have put in place throughout Goldman. Sachs campuses to protect our people, ”the memo said.
Goldman’s return to office gained momentum in March when CEO David Solomon blamed remote working amid the COVID-19 pandemic as an ‘aberration’, saying it wouldn’t become the ‘new normal’ for the New York-based banking giant
Goldman is the latest Wall Street bank to announce a return to office after JPMorgan told staff to prepare to be back on rotation in early July
“We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, and we look forward to having more of our colleagues back in the office so they can experience that again.”
Goldman’s return to office gained momentum in March when Solomon said the bank has an obligation to its 5,400 interns, analysts and employees to have most employees work side by side personally.
Solomon then told a Credit Suisse virtual conference that he wanted to remedy the situation for remote working as soon as possible.
‘That’s a temporary thing. I really think that for a company like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal, ”he said.
“It is a deviation that we will correct as soon as possible.”
Making the comments, Solomon noted that he didn’t want the incoming class of 3,000 new recruits to arrive remotely, fearing they wouldn’t get the “ direct mentorship ” they needed.
“I’m very focused on not wanting another class of young people coming to Goldman Sachs remotely over the summer,” he said.
The return to Wall Street comes when New York Gov. Andrew Cuomo removed office capacity limits on Monday if all employees were vaccinated, otherwise social distance must be enforced
“I don’t think if we get out of the pandemic, the overall way of operating a company like ours will be vastly different.”
Pushing employees to return is just the latest announcement from a financial firm.
JP Morgan Chase told staff last month their return is scheduled for July.
The company told workers that its offices and buildings would reopen to all employees on May 17 as part of a plan to gradually reduce staff.
“ We would fully expect all US-based employees to be in the office on a consistent rotation schedule by early July, ” the memo read to the staff.
With this time frame in mind, you should begin to make the necessary arrangements to assist you in your successful return.
Like Goldman’s CEO, JP Morgan boss Jamie Dimon has previously expressed a need for people to return to offices, arguing that building relationships over Zoom was difficult.
Wells Fargo & Co said it would begin returning employees to its offices after Labor Day in March, while Deutsche Bank previously informed New York staff that they could work from home until July.