It was just a couple of days ago that we reported that J.P. Morgan was one of the first investment banks on Wall Street to consider bringing its employees back to work. JPM had said that employees lose "creative energy" when working from home.
Now, UBS could be joining the chorus of bank executives that appear to be ready to re-open. Chief Executive Officer Sergio Ermotti said at a Bank of America conference on Tuesday that it's difficult for banks to "create and sustain cohesiveness and a culture when employees are working from home," according to BNN.
He said that for UBS, 20% to 30% of employees will be working from home and that an 85% rate is "non sustainable" for banks.
UBS employs a total of nearly 70,000 employees over 50 countries and has had about 80% of its staff working from home since the coronavirus pandemic began. The bank's Chief Operating Officer, Sabine Keller-Busse, had said earlier this year that up to 33% of the bank's employees might wind up working remotely on a permanent basis.
There was no confirmation that the bank had yet recalled additional workers back to their respective offices.
Recall, just days after J.P. Morgan suggested its employees come back to work, the firm was hit with a Covid outbreak and was forced to upend its plans. This left this CEO Jamie Dimon with some egg on his face after he personally signed off on the bank's opposition to work from home.