Goldman Sachs boss David Solomon has described home working as an “aberration” that needs to end as soon as possible.
Less than 10 per cent of the investment bank’s 34,000 global staff are working in company offices - mirroring the shift to home-working across many companies since the pandemic swept around the world last year.
But Mr Solomon said the practice was not the “new normal” for Goldman Sachs as it did not suit the company’s work culture.
“That’s a temporary thing. I do think that for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible,” he told a Credit Suisse conference this week.
Mr Soloman’s push contrasts with some other company heads, who have suggested home-working could become permanent after the worst of the Covid-19 crisis is over.
HSBC said this week that it would cut its office space by 40 per cent to encourage more home-working, while rival Lloyds announced it would slash its own office footprint by a fifth.
A recent poll by recruiter Robert Half found 89 per cent of companies expect employees to split their working hours between the home and office after the pandemic.
Mr Soloman said he was particularly worried about new recruits missing out on face-to-face support if home-working became permanent.
“I’m very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely … that aren’t getting more direct contact, direct apprenticeship, direct mentorship,” he said.
He acknowledged that the pandemic prompted the investment bank to adopt digital services more quickly but he did not expect many more long-term changes.
“I don’t think as we get out of the pandemic the overall operating mode of the way a business like ours operates will be vastly different,” he said.
Mr Soloman’s views on home-working are supported by others in the finance sector.
JP Morgan has previously raised concerns about a small drop in productivity on Mondays and Fridays, while Barclays boss Jes Staley said home-working was “getting old”.
“I look forward to us being able to welcome colleagues back into the office. That will certainly happen sometime this year,” he said.
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Bib%20Gourmand%20restaurants
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
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Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
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• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
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Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
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Key products and UAE prices
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With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
|
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850 |
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There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
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5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m
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5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m
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6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
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7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
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11. Daniil Kvyat, Toro Rosso 1 lap
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16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
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10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
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Favorite place to travel: Lebanon
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