Morgan Stanley executives told young bankers that they were nuts to be at the office constantly.
Chris O’Dea the New York managing director stated to staff that continuing work remotely will mean they miss out on valuable learning opportunities from their peers.
Speaking on his video call last week, O’Dea said, according to the New York Post: ‘If you’re 21 to 35, you are nuts not to be in the office all the time.’
He also stated that it would be difficult to get advice from bankers while at home.
After James Gorman, CEO of the bank, said that in June, he expected all staff to return to work by autumn.
Goldman Sachs CEO James Gorman (pictured in Davos in 2020) warned staff could face salary cuts if they did not return to the office by Labor Day
Staff could be subject to salary reductions if they do not return before Labor Day.
It was the first company to tell employees that they were allowed to return. All staff had to be vaccinated in order to allow them to return to the office.
Gorman was speaking at the firm’s annual U.S. Financials, Payments & CRE Conference when he made the strong remarks.
Morgan Stanley has more than 63,000 employees around the globe.
The company’s Times Square headquarters is located in New York and has 42 floors. However, it’s not clear how many employees the company has in New York City.
Gorman said: ‘I would call it directionally strong without dictating – yet. But [by]Labor Day is my last day of work. I will be disappointed if they don’t find their way to the office. Then we can have another kind of conversation.
The bank would continue to offer flexibility for parents who have young children and cannot attend school.
However, he stated that he was determined to take on the younger bankers refusing to do office work.
This firm instructed employees to go back and required all staff to show proof of vaccination before returning to work (pictured at New York Headquarters).
Morgan Stanley is the place where everything happens. We teach there, we train our interns, we build soft cues, which are essential to building a career. It’s not all about Zoom presentations.
“When will this happen?” It has always been a deliberate leadership style of mine. One day per week between July and Labor Day last summer, two days Labor Day through the end, three days from the start of this year to March, and now, four days.
“If you are able to go to a New York City restaurant, then you’re welcome in the office.” You are welcome to come into the office.
“If you are looking to be paid New York rate, then you must work in New York.
No, I don’t know about this. “I’m not in Colorado…and getting paid as if I were in New York City.” Sorry. This doesn’t work.
Others Wall Street banks are issuing different directions to employees on how to return to work.
Goldman Sachs required most employees to arrive at work by June. JPMorgan Chase permitted 10% of its workforce to continue working from home.
UBS and Citibank are providing flexible options for staff that allows them to pick the solution that best fits their requirements.
Citi will also require all US workers to get vaccinated in January. It is offering a $200 bonus for any employee who can provide proof of vaccination before December 8.
This bank is one of the most relaxed Wall Street companies in terms of at-home work. It cites families and childcare for one reason why people find it harder to return to the workplace.