Goldman Sachs joins JPMorgan in saying Wall Street workers will return to the office in rotations

David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.

Adam Galacia | CNBC

Goldman Sachs told employees that it would allow them to return to the office in shifts, a rotational approach similar to what JPMorgan Chase announced last month for its investment bank.



In a memo sent Wednesday from Goldman CEO David Solomon and his top deputies, the bank alerted its workforce that it was preparing for more employees to return to its offices around the world.

“Over the coming days and weeks, colleagues in those offices will hear from their divisional, business and/or local leadership about what to expect for the months ahead, including team rotations in the office where possible, with the goal of giving everyone who can do so an opportunity to come in to their office,” Solomon said.

Wall Street’s traders and bankers have mostly been working from home since March because of the coronavirus pandemic. With cases seemingly under control in New York and London, banks are now wrestling with how to get more of their staff safely back to the office. For JPMorgan, the answer is to allow workers to cycle between days at the office and at home.

At Goldman, each business will have its own approach, and some may not need to use worker rotations, according to a person with knowledge of the bank’s deliberations. The method will be used for teams where more workers want to return, making it harder to keep people socially distanced at the office without shifts, the person said.

“Importantly, this rotational approach will not look the same for everyone, as we each navigate unique personal responsibilities – for example, planning around adjusted school schedules, managing personal and family health conditions, and not being comfortable commuting to the office during peak hours, among many other considerations,” Solomon said.

Read more: JPMorgan will have staff cycle between office and remote work in a move that may remake Wall Street


Originally published on CNBC

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