UBS plans hybrid work model for two-thirds of employees
Wall Street firms inundated with requests from talent to be relocated to Florida: Gasparino
Sources tell FOX Business’ Charlie Gasparino that Wall Street firms like JP Morgan, Goldman Sachs and Morgan Stanley can’t keep up with requests for employees to leave New York City.
UBS Group AG will permanently allow up to two-thirds of its employees to utilize a hybrid schedule that includes both working at home and going into the office.
The Zurich-based lender, which employs 72,000 people globally, will require those workers who conduct tasks that need an onsite presence, or have regulatory or supervisory needs to report to the office, according to a post on the company’s intranet. The hybrid model will be rolled out on a country-by-country basis based on the local pandemic situation.
The Financial Times was first to report that UBS would deploy the hybrid model.
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UBS' hybrid-based approach represents a stark contrast to many Wall Street firms that have called workers back into the office.
Goldman Sachs Group Inc. earlier this month brought workers back to the office, welcoming them with live music and free lunch from food trucks. CEO David Solomon has for months been calling on workers to return.
Meanwhile, JPMorgan Chase & Co. last week said all workers need to be back to a "regular schedule" in the office by July 6, whether or not they are vaccinated. Workers will initially need to be in the office for a minimum of 50% of the time before eventually returning full time.
Citigroup Inc. is planning to bring up to 30% of its staff back to the office next month. The firm invited interns in its trading and investment banking divisions for an optional one-week visit for a networking opportunity. The program, which lasts 10 weeks, was originally planned to be entirely virtual.
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Morgan Stanley, which only allows vaccinated people into its offices, expects its workers to be back in person following the Labor Day holiday.
"If you want to get paid New York rates, you work in New York," CEO James Gorman said last week at an investment conference. "None of this 'I'm in Colorado … and getting paid like I'm sitting in New York City.' Sorry. That doesn't work."
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