Lender UBS will implement a hybrid working regimen unlike many of its peers on Wall Street.
The option of choosing a mix of working from home and from the office would be given to up to two-thirds of its employees around the world by the Swiss bank, said reports quoting sources with knowledge of the matter.
This strategy of the bank is in sharp contrast to some of the other Wall Street banks such as Morgan Stanley which are trying to get employees back to the office.
“As a firm, we’re committed to support the flexibility for hybrid working where possible,” UBS executives wrote in an internal note to employees earlier this month, claimed a report published by the Financial Times.
The bank also currently does not plan to put an upper limit on the number of days these hybrid schedule employees can work remotely, said the reports quoting source information.
Employees won’t have carte blanche to work remotely, UBS, which had staff strength of about 73,000 people around the world as of the end of 2020, however said.
“Please also understand that hybrid working doesn’t mean that you can work wherever and whenever you want,” the note said. “Business and team needs have to be taken into consideration and any agreement to work in a hybrid model needs to be discussed and agreed with your line manager.”
According to reports quoting from the note, UBS said that the hybrid working regimen will be offered where “role, tasks and location allow”. It added that some tasks may “require an onsite presence” while others may not be suitable for remote working because of regulatory or supervisory reasons.
UBS and other European lenders could have the benefit of attracting talent because of the more relaxed stance by the bank particularly against tech companies that offer flexible working conditions that are sought by many younger employees and working parents.
Most roles at the company will be designated as hybrid, said Citigroup, the only big US bank with a woman as CEO, in March. Those employees who are designated to have hybrid roles will be allowed to work from home up to twice a week, Citi said.
However, many of the Wall Street firms based in the United States want opt bring an end to the remote and work from home regimen thrust upon them because of the Covid-19 pandemic for a variety of reasons which includes cultural concerns, cybersecurity and legal vulnerabilities as well as kin the hope of inspiring confidence in New York City. At its core, banking is a face-to-face business.
He’ll be “very disappointed” if workers aren’t back in the office by Labor Day, Morgan Stanley CEO James Gorman recently warned. Gorman warned that if they’re not, “then we’ll have a different kind of conversation”.
(Adapted from CNN.com)