Summary of Why Wall Street is in such a rush to get workers back to the office

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Why Wall Street is in such a rush to get workers back to the office summary

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Wall Street is insisting that employees return to their offices as soon as possible, says CNN Business journalist Matt Egan. He explains why the big financial firms are prioritizing doing business face-to-face. Their executives believe that having people work together confers a competitive advantage, strengthens corporate culture, and reduces the regulatory and security risks associated with remote work. But, given remote work’s widespread acceptance, will insisting on people’s presence in the office make veteran employees or prospective talent choose to work elsewhere?

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Matt Egan, a lead writer for CNN Business, covers Wall Street, energy and the day’s most important financial and corporate news.

Summary

Wall Street powerhouses want employees back working in their offices as quickly as possible.

Wall Street Powerhouse SkyBridge Capital brought workers back full-time in May 2021. In the second half of June, Goldman Sachs ordered employees to return to the office. Morgan Stanley wants all staff members onsite by Labor Day. Although certain European firms, such as Credit Suisse, allow employees to return voluntarily at their own pace, they expect most to be back in their offices by early September.

In the struggle for competitive advantage, no financial firm wants to fall short because of technical glitches on video conference calls, for example, or due to being unable to look someone in the eye and shake hands in person. Reading the room and negotiating the best deals becomes...


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