UBS To Permit Two-Thirds of Workforce To Split Time Permanently Between Home and Office

Kimberly Redmond  |

Image: UBS headquarters, Zurich. Source: UBS

UBS Group AG (NYSE:  UBS) is planning to let up to two-thirds of its employees permanently split their time between working remotely and being in the office.

A spokesperson for the Zurich-based lender told CNBC on Monday it was “committed” to offering its 72,000 employees globally “the flexibility for hybrid working where role, tasks and location allow.” 

Only workers in roles that require them to be in the office, such as supervisors, traders or branch positions, will have less flexibility, the bank said.

The hybrid model will be rolled out on a country-by-country basis, based on local COVID-19 conditions.

The bank — which has not yet set a date for when employees will return to the office — believes the flexibility will boost its attractiveness as an employer in the banking sector, CNBC noted.

UBS, Switzerland’s largest bank, is striking a different tone from its American counterparts. After more than a year of bank employees working remotely, many Wall Street firms are calling them back to the office.

By July 6, JPMorgan Chase & Co aims to have half of its US-based workers back in the office a minimum of 50% of the time. JPMorgan’s chief executive officer Jamie Dimon has said he believes by October the workplace “will look just like it did before.” 

The Goldman Sachs Group brought its workers back to the office earlier this month, welcoming them with live music and free lunch from food trucks. Chief executive officer David Solomon has been calling on workers to return for months and described working from home as an “aberration.”  

Morgan Stanley, which is only allowing vaccinated people into its offices, expects workers to be back in person after Labor Day. 

James Gorman, Morgan Stanley’s chief executive officer, has also been vocal about his dislike for remote work.

During an investment conference last week, Gorman said, “If you want to get paid New York rates, you work in New York. None of this ‘I’m in Colorado and getting paid like I’m sitting in New York City.’ Sorry. That doesn’t work.” 

Meanwhile, Citigroup plans to bring up to 30% of its staff back to the office next month, but chief executive officer Jane Fraser has said she will let employees work from home some of the time.   

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Source: Equities News

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