🎧 Listen: In today's episode of The Journal podcast, DaveCBenoit discusses bank executives bringing their workers back to the office full time, despite major banks performing well while employees worked remotely
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
David Benoit: The Wall Street banks are demanding their people be back. Some of them are back in person already. Some of them are coming back in September, but it's really kind of not the, "Sure, you can always be flexible and work from home." Ryan Knutson: Welcome to The Journal, our show about money, business and power. I'm Ryan Knutson. It's Wednesday, July 21st. Coming up on the show, some of Wall Street's biggest banks are rejecting work from home, even if it has worked so far. First of all, why should we care what banks are doing?Ryan Knutson: I guess, Wall Street is in the name. That's true.
Ryan Knutson: But working remotely wasn't working for everyone. For entry level workers who were still learning the ropes, it was really hard. Ryan Knutson: Goldman said it took the concern seriously, hiring more staff and protecting time off, like Saturdays. But long and grueling hours have always been part of Wall Street's work culture. David says that for a lot of young staffers, working from home made it worse.
David Benoit: Young people are a big reason why even the top executives say they need to be back in the office in Wall Street, because the way to learn and to train people, especially young bankers, is to be face to face and next to each other. And kind of learning by osmosis is what happens on Wall Street. They all talk about bringing in the young workers and "the apprenticeship model of Wall Street.
David Benoit: I know that the banks spent a lot of time tracking their people. We would hear anecdotally, productivity was down, especially on Fridays and especially Friday afternoons. James Gorman: There'll be more flexibility, because we've learned that we can function with a little more flexibility. But that doesn't mean, "Hey, it's Monday, Wednesday, Friday. I'm in Florida." If you want to get paid New York rates, you work in New York. You know, none of this, "I'm in Colorado. I'm working in New York and getting paid like I'm sitting in New York City." Sorry, that doesn't work.
Jamie Dimon: We are, but that's life. It's got to work for the clients. It's not about whether it works for me. And I have to compete. David Benoit: Yes. It is a dinner with you and three other bankers. It wasn't even just a solo dinner.
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