Goldman Sachs CEO calls work from home an 'aberration'

Oscar Williams-Grut
·Senior City Correspondent, Yahoo Finance UK
·2-min read
David Solomon, Chairman and CEO of Goldman Sachs. Photo: Mark Lennihan/AP
David Solomon, Chairman and CEO of Goldman Sachs. Photo: Mark Lennihan/AP

The boss of Goldman Sachs (GS) has said working from home is an "aberration" that will be reversed as soon as staff can get back to the office.

David Solomon told a conference on Wednesday that remote working was "not the new normal" for investment banks.

"I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us," Solomon said according to the BBC. "And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible."

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Goldman Sachs employs about 30,000 people around the world. As early as May last year the investment bank was pushing for some staff to get back to the office in parts of the world such as Hong Kong and Tel Aviv.

Solomon's position stands in contrast to the attitude of many European bank bosses who have said working from home will become a permanent part of their business.

HSBC (HSBA.L) said earlier this week it would get rid of 40% of its office space over the next few years as staff move to a "hybrid model" of working. Lloyds (LLOY.L) said it would shut down 20% of its office space in response to demand from staff to work from home for at least part of the week.

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"I think this will be critical going forward in the way people choose who to work for," Lloyds chief executive Antonio Horta-Osorio said.

Last year Barclays (BARC.L) chief executive Jes Staley said packed city centre offices could be a "thing of the past." The bank has said it is reconsidering its real estate footprint but has not made any firm decisions.

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