New York’s financial industry is leading the way in bringing office workers back. Mudrick Capital, has already called back employees to the office as of Labor Day. JP Morgan Chase followed suit in calling more senior officials back this week. Citigroup and Goldman Sachs will begin bringing employees back next month. Large banks where face time is essential, are now urging workers to come back. On the flip side, the financial industry is also seeing that they can be productive at home. Kevin Russell, Chief Investment Officer of UBS O’Connor, a hedge fund operating within Swiss Bank, sees the benefits of working remotely: “There’s a recognition happening that you don’t have to be in the office every day, so people are looking at more quality-of-life arrangements.” He recently permitted a longtime employee to relocate to Florida indefinitely.
JP Morgan and Goldman Sachs have recently brought back employees only to have to send them home again after an outbreak of Covid-19. JP Morgan has asked their senior Managers to return to their offices in New York and London on a week in, week off basis.
New York will be back. There may be some setbacks before resuming office life as it once was pre Covid-19, but face time can not be undervalued. The finance industry depends these interactions.