Goldman Sachs have informed employees they are expected to return to its New York City offices by next month as the bank’s return to Wall Street gathers pace.
The US investment bank sent a memo to staff telling them they should be prepared to return to the offices, which are located in Manhattan’s Financial District, by June 14.
It comes after Goldman’s CEO David Solomon slammed remote working amid the COVID-19 pandemic as an ‘aberration’ and said it would not become the ‘new normal’ for the New York-based banking giant.
Goldman is the latest Wall Street bank to announce a return to the office after JPMorgan told staff they should prepare to be back in early July on rotation.
It was not immediately clear if Goldman’s staff would be returning on a rotation basis.
Goldman Sachs sent a memo to staff telling them they should be prepared to return to the offices, which are located in Manhattan’s Financial District, by June 14
The return to Wall Street comes as New York Gov Andrew Cuomo removed capacity limits on offices on Monday if all employees were vaccinated.
Offices have to enforce 6-feet social distancing for employees inside offices if all staff have not been vaccinated, which would essentially restrict the number of people they can allow in.
‘We are focused on progressing on our journey to gradually bring our people back together again, where it is safe to do so, and are now in a position to activate the next steps in our return to office strategy,’ the Goldman memo, first obtained by Bloomberg, read.
The memo, which was signed by Solomon, president John Waldron and CFO Stephen Scherr, said different teams would be given instructions on returning to the office.
‘While each community is at a different stage of managing through the pandemic, we continue to be encouraged by the rollout of vaccines in a number of jurisdictions, as well as by the effectiveness of the health and safety protocols we have put in place across Goldman Sachs campuses to protect our people,’ the memo said.
Goldman’s return-to-office push gained momentum back in March when CEO David Solomon slammed remote working amid the COVID-19 pandemic as an ‘aberration’ and said it would not become the ‘new normal’ for the New York-based banking giant
Goldman is the latest Wall Street bank to announce a return to the office after JPMorgan told staff they should prepare to be back in early July on rotation
‘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 that they can experience that once again on a regular basis.’
Goldman’s return-to-office push gained momentum back in March when Solomon said the bank has an obligation to its 5,400 interns, analysts and associates to have most employees working alongside each other in person.
Solomon told a Credit Suisse virtual conference back then that he was looking to rectify the remote working situation as soon as possible.
‘That’s a temporary thing. I do think that 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,’ he said.
‘It’s an aberration that we’re going to correct as soon as possible.’
When he made the comments, Solomon noted that he didn’t want the incoming class of 3,000 new recruits arriving remotely because he feared they wouldn’t get the ‘direct mentorship’ they needed.
‘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.
The return to Wall Street comes as New York Gov Andrew Cuomo removed capacity limits on offices on Monday if all employees were vaccinated, otherwise social distancing needs to be enforced
‘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.’
The push to for employees to return is just the latest announcement from a financial firm.
JP Morgan Chase told staff last month that their return was set for July.
The company told workers its offices and buildings would reopen to all employees on May 17 as part of a plan to gradually bring back staff.
‘We would fully expect that by early July, all US-based employees will be in the office on a consistent rotational schedule,’ the memo to staff read.
‘With this timeframe in mind you should start making any needed arrangements to help with your successful return.
Like Goldman’s CEO, JP Morgan’s boss Jamie Dimon has previously expressed the need for people to return to offices, arguing it was difficult to develop relationships over Zoom.
Wells Fargo & Co said in March it would start bringing workers back to its offices after Labor Day, while Deutsche Bank previously informed staff in NYC they could work from home until July.