Goldman Sachs CEO David Solomon said working from home “is not a new normal” for the investment banking giant, calling it an “aberration.”
Speaking at Credit Suisse’s annual virtual financial services forum on Wednesday, Solomon said the coronavirus pandemic had seen a “significant portion” of Goldman Sachs employees move to work remotely.
However, he said the firm had still managed to have an average of less than 10% of its staff working in its offices around the world.
In New York, Solomon said Goldman had up to a quarter of its employees working on site and had managed to get the same number back to its London offices last summer and fall when UK public health restrictions they had briefly relieved.
Goldman had brought more than half of its staff to its Asia offices, Solomon said, but added that this declined again in the fall and winter months with a resurgence in coronavirus cases.
“I think for a business like ours, which is a collaborative and innovative learning culture, this is not ideal for us and it is not a new normal,” Solomon said.
“It is an aberration that we are going to correct as quickly as possible,” he added.
Solomon said he was particularly focused on ensuring that the next cohort of young workers joining Goldman Sachs this coming summer did not start working at the company remotely, as he believed they could miss out on “direct contact” and “mentoring. direct “.
He said he was a “big believer in personal connectivity” and therefore did not think for a company like Goldman that its operating style would be very different after the pandemic.
Solomon’s comments contrast sharply with those of many big names in the tech space who have made the shift to working remotely a more permanent part of their operations. The latest example is music streaming service Spotify, which announced earlier this month that it would allow employees to work from anywhere after the pandemic.
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