Big banks allow more work-from-home days than smaller peers
Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been leading the charge to get employees into the office more often, but it’s their smaller industry peers who are more likely to demand full-time on-site work.
While just four per cent of banks with 5,000 or more employees require full-time office attendance, nearly a third of the smallest banks in the cohort demand it, according to a survey of 137 United States banks employing 4.4 million people from Scoop Technologies Inc., which advises firms on flex-work policy. The policy differences could be influencing where bankers want to work: The share of larger banks’ new employees that are coming from smaller banks has increased to 26.8 per cent this year, up from 22.6 per cent in 2021, according to job-market data tracker Revelio Labs.
Banks with fewer employees are also more likely to let employees chose if they come into an office at all, while the vast majority of bigger banks use some type of hybrid arrangement, where workers are on-site a few days a week. Of the 66 banks that were added to Scoop’s index over the past year, none of them said they required full-time office attendance. The data contrasts with the much-publicized comments from the leaders of big banks like Jamie Dimon, who has said remote work “doesn’t work.”
While people quit jobs for many reasons, some of those leaving the small banks might be seeking more flexible work arrangements at bigger firms. More than three out of four recruiters note a positive impact on attracting talent when more flexible hybrid schedules are in place, according to recent data from LinkedIn. Office attendance in New York, long the nation’s financial capital, hasn’t budged much beyond 50 per cent of pre-pandemic levels as
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