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Goldman Sachs CEO David Solomon says in-person attendance tops 50% after return-to-office push

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Goldman Sachs CEO David Solomon’s marketing campaign to summon extra of his workers again to the workplace is a piece in progress that might take years, he mentioned.

In-person attendance at U.S. places of work is between 50% and 60%, down from a pre-Covid determine of roughly 80%, Solomon informed CNBC’s David Faber on Monday. That determine is increased in European places of work and 100% in Asian cities that are not on lockdown, Solomon added.

“We want people to generally come together,” Solomon mentioned. “It’s going to take some time, you know; behavior shifts take time generally, and I think over the course of the next couple years, our organization will generally come together.”

Solomon has been certainly one of Wall Street’s main voices in making an attempt to carry his individuals again to the workplace; he is referred to as the distant work period “an aberration” that he would right as quickly as doable.

While rivals CEOs at JPMorgan Chase and Morgan Stanley have made related feedback, the continuing push and pull at Goldman has gotten essentially the most consideration. Last yr, the funding financial institution arrange an array of meals vehicles exterior its Manhattan headquarters and gave workers free meals to entice them to return.

But the figures cited by Solomon are usually not a lot increased than the 50% attendance reported for the financial institution’s New York headquarters again in February, when the agency made a renewed push after the newest wave of Covid subsided.

Fully half of the financial institution’s roughly 50,000-person workforce are of their 20s, Solomon mentioned. He cited a McKinsey report stating that Gen-Z employees crave extra mentorship, which presumably occurs extra in an workplace atmosphere than in distant settings.

Media reviews final month cited Solomon’s efforts to have employees return 5 days every week, and subsequent reviews indicated some junior bankers had been sad with their attendance being tracked by administration. However, an individual with information of the financial institution mentioned these reviews had been overly simplistic, centered on a handful of hard-to-verify complaints and that workers have extra flexibility than is portrayed.

“You waged a public campaign, it would seem, to have people show up five days a week,” Faber mentioned. “It feels like you lost.”

Solomon mentioned Monday that his marketing campaign was “never as binary” as reviews made it appear.

“I have always had a view that’s been rooted in flexibility and taking care of our employees,” he mentioned. “It’s been portrayed sometimes as much more dogmatic than it is.”

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