Goldman Sachs employees are back in the office on February 1, but some exceptions are allowed
Goldman Sachs chief executive David Solomon has made it clear he thinks working from home is an aberration. But the bank he runs has quietly allowed people to continue working from home, On the Money has learned.
At the bank’s headquarters at 200 West Street – where thousands of staff were called back to the office on Feb. 1 – management is making concessions to some employees who say they are still ‘Covid aware’, people close say folder.
Still, the pressure is on for the folks at Goldman to get that all-important face time with the big bosses. The bank had called people back to work in June but then ‘encouraged’ them to return to their home offices as Omicron grew last month. Even then, about 20% of employees were still coming to the office, people familiar with the matter told On the Money.
Now that the WFH is a thing of the past, Goldman is trying to make concessions on a case-by-case basis when it comes to people who don’t want to come back. The bank is the first major Wall Street firm to require all employees to receive a booster shot. But unlike its competitors – namely Citibank – which will lay off unvaccinated employees, Goldman is not taking such a strident stance.
While the company hasn’t written an official note telling employees they can work remotely, most managers have let their teams know that the hard-nosed bank will be more accommodating if employees are genuinely concerned about Covid. These exceptions would apply to a range of circumstances, including people with co-morbidities or those living with elderly family members.
Leaders aren’t too worried about employees taking advantage of loopholes, people familiar with say. “Goldman can get away with asking people to come five days a week,” a source told On the Money of Goldman’s decision – and pointed out that most employees want to show commitment to their jobs.
Meanwhile, the Feb. 1 return to the office lacked the fanfare Goldman had previously offered returning employees in June, but the office was still buzzing, people who were there in person said.
All headquarters cafeteria food stations have been reopened after a more limited supply of a few food stations in recent months.
Goldman declined to comment, but a spokeswoman said the company wants its employees to work in person.
The recovery date also coincides with the date on which employees must be boosted. The bank has also implemented tests every two weeks.