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Work ShiftWealth


GOLDMAN IS CRACKING DOWN ON EMPLOYEES THAT AREN'T IN OFFICE FIVE DAYS A WEEK

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Goldman Sachs to Enforce Five Days a Week Office Policy
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WATCH: Goldman Sachs is embarking on a fresh effort to enforce its policy of
working from the office five days a week. Sri Natarajan and William Cohan react
on “Bloomberg Markets: The Close.”Source: Bloomberg 
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By Sridhar Natarajan
August 22, 2023 at 8:42 PM GMT+2

Listen

1:32

Goldman Sachs Group Inc., one of Wall Street’s most ardent return-to-office
champions, is cracking down on laggards.

The Wall Street giant is embarking on a fresh effort to enforce its policy of
working from the office five days a week. Though revenue-producing employees
have mostly returned full time, senior managers have grown frustrated by
reluctance of staff in other groups constituting a significant chunk of its
workforce.

“While there is flexibility when needed, we are simply reminding our employees
of our existing policy,” human resources chief Jacqueline Arthur said in a
statement. “We have continued to encourage employees to work in the office five
days a week.”

For a related story on just how many office desks are empty globally, click
here.

Peers like Citigroup Inc. and JPMorgan Chase & Co. have been tracking attendance
and urging managers to enforce their three-days-a-week guidelines for many
employees. At Citigroup, staffers were recently told they may face consequences
if they don’t comply with attendance policies, potentially affecting pay.
JPMorgan told employees in April that managing directors are expected to commute
every day of the work week.



Goldman’s fresh effort shows that more than three years after the pandemic sent
much of the industry home, even the firms most eager to refill their towers are
having to cajole workers to resume their old ways. That tension can be felt
across corporate America as many big firms contend with the challenges of
enforcing stricter policies.

Attendance was still less than half of pre-Covid levels across 10 of the largest
US business districts as of early August, according to data from Kastle Systems.
That figure is roughly unchanged compared with the start of 2023.



— With assistance by Matthew Boyle

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