UBS relies on flexibility when working from home.
The largest bank in Switzerland – in a different tone than its American counterparts – said on Monday that it would let most employees work from home at least temporarily, even if they did not set a date for returning to the office.
In a memo to employees The Post received last week, UBS announced that around two-thirds of employees will be allowed to adopt a hybrid work model that allows them to work from home or in the office, depending on their preference.
“We strive to offer our employees the flexibility for hybrid work, where role, tasks and location allow,” said the bank in a message to the employees. “Our aim is to meet the requirements of our employees for a flexible and future-oriented work environment.”
The note states that the hybrid model will be implemented from country to country. Once it is safe to return to the office in countries like Australia and the US, most employees will adopt the hybrid schedule. Whether or not an employee is completely removed depends entirely on their role and the discretion of their manager. Certain roles such as store clerks and traders are required to return to the office full-time.
UBS is also introducing new training courses for managers to better integrate employees who work from home into their teams.
Almost all bank employees around the world worked from home during the pandemic. Now most US banks like Goldman Sachs, JP Morgan and Morgan Stanley are calling employees back to the office.
Goldman Sachs has been the most aggressive on their return to the office, treating employees to free food and music the first week of their return two weeks ago. Goldman CEO David Solomon has been vocal about his aversion to working remotely – calling it “an anomaly we will correct as soon as possible” and “not a new normal” for the bank’s staff.
Most UBS employees won’t be swinging through the revolving doors of the bank anytime soon.
At Morgan Stanley, James Gorman has yet to tell employees to return this summer. But he made headlines last week for giving his employees a stern warning in a virtual conference – come back to the office by Labor Day or threaten a cut in their salaries. “If you can go to a restaurant in New York City, you can come to the office,” he said.
Bankers at JPMorgan will be returning en masse next month whether or not they got a coronavirus shot.
Jane Fraser, CEO of Citigroup, has announced that it will temporarily allow employees to work from home. Bank of America has yet to disclose what approach it will take.