From JPMorgan to Citigroup, how Wall Street does RTO

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  • Jan 09, 2025
From JPMorgan to Citigroup, how Wall Street does RTO

Every day it seems as if another company is calling its workers back to the office five days a week. Amazon's office staffers are largely back to their seats Monday through Friday starting this month, as are the employees of the telecom giant AT&T . A Bloomberg News report said JPMorgan Chase was also considering returning to a five-day workweek.

Investment banks like Goldman Sachs and hedge funds like Citadel have been leading efforts to get employees working in the same place since the pandemic kicked off the work-from-home phenomenon. Goldman's CEO, David Solomon, famously blasted the work-from-home phenomenon as an "aberration" before most Americans were even vaccinated. Citadel's Ken Griffin said he feared that working from home was harming the nation and wished President Joe Biden would do something about it.

So which Wall Street firms are still letting employees work from home at least part of the time? Here's our list of back-to-work mandates at the largest financial-services companies.

Goldman Sachs

Goldman Sachs started calling workers back in June 2021. It was initially one of the few financial firms to buck the remote-work trend and demand that pretty much everyone return to the office five days a week .

Goldman started by welcoming employees back with ice cream and food trucks . By 2022, it was monitoring attendance via ID-badge swipes . In 2023, it cracked down on laggards, reminding staffers that the five-days-a-week policy was for everyone — even during the dog days of summer .

From JPMorgan to Citigroup, how Wall Street does RTO

JPMorgan

JPMorgan started calling workers back in July 2021 on a rolling basis. By 2022 it had developed a hybrid work policy that was supposed to result in 50% of the bank's employees returning to the office five days a week, including people who worked in bank branches or in investment-banking jobs like sales and trading.

In April 2022, CEO Jamie Dimon said that 40% of the bank's employees, which then numbered about 270,000, would be permitted to work a few days at home, while about 10% could work from home full time. Everyone else was expected to be in the office five days a week.

The next April, Dimon called all the bank's managing directors back to the office five days a week, whether they worked in demanding revenue-producing jobs or led back-office departments like technology and compliance. Everyone else, JPMorgan said, must be in at least three days a week.

Like Goldman, JPMorgan has also been tracking attendance through ID-badge swipes , collected in a dashboard that can churn out reports for managers and other senior leaders.

A spokesman for JPMorgan, which reported having 316,043 workers at the end of September, declined to comment on Bloomberg's report that it may soon revert to a five-days-a-week schedule for everyone. He said that roughly 70% of the bank's employees were already back in the office five days a week, while everyone else was back three or four days a week.

From JPMorgan to Citigroup, how Wall Street does RTO

Citigroup

Citi's Jane Fraser is one of the few Wall Street CEOs who has not participated in the work-from-home bashing. She's embraced a hybrid work policy that allows most employees to work three days from the office and two days at home, depending on the job. Bank branch employees, for example, are still required to go in five days a week.

Fraser has also characterized working from home as a privilege, not a right. At the World Economic Forum in Davos, Switzerland, in 2023, she said the bank was calling workers with productivity issues back to their desks .

"We do measure productivity very carefully," she said, according to Bloomberg. "You can see how productive someone is or isn't, and if they're not being productive we bring them back to the office, or back to the site, and we give them the coaching they need until they bring the productivity back up again."

A spokeswoman for the bank said Citi was "committed to our hybrid work model." She said most employees still worked on a hybrid schedule, or at least three days in the office and up to two days remotely.

From JPMorgan to Citigroup, how Wall Street does RTO

Bank of America

Bank of America's policy has morphed over time. In early 2022, it encouraged employees to work from the office more often but left room for flexibility at a manager's discretion. By May of that year, investment-banking employees at all levels were being ordered to return to the office four or five days a week .

Since 2022, Bank of America has required employees who are client-facing, like bankers and traders, to be in the office or meeting with clients five days a week. Everyone else must be in the office three days a week. A BofA spokesman confirmed that the policy established in 2022 remained in place.

Early last year, Bank of America issued "letters of education" to employees who violated the bank's return-to-office policies. "Failure to follow the workplace excellence expectations applicable to your role within two weeks of the date of this notification may result in further disciplinary action," one of these letters said.

From JPMorgan to Citigroup, how Wall Street does RTO

Morgan Stanley

Morgan Stanley's new CEO, Ted Pick, hasn't commented on the company's remote-work policy since taking the role last January. His predecessor, James Gorman, however, was a big proponent of working from the office, telling Bloomberg in 2023 that working from home was "not a choice."

"They don't get to choose their compensation, they don't get to choose their promotion, they don't get to choose to stay home five days a week," Gorman said in an interview in Davos.

That said, Morgan Stanley has allowed for some remote work, depending on the job. "At Morgan Stanley, we're kind of business unit by business unit," Gorman said. "It's three or four days in the office."

From JPMorgan to Citigroup, how Wall Street does RTO

BlackRock

BlackRock's employees have been making use of its new Hudson Yards headquarters in New York City.

The world's largest asset manager required its employees to work in the office four days a week starting in September 2023, with the option to work from home one day a week.

From JPMorgan to Citigroup, how Wall Street does RTO

Citadel

Citadel's Griffin has said he believes that teams work better and faster when they're in the same room. His $66 billion hedge fund and his market maker, Citadel Securities, have been in the office full time since June 2021.

"We make so much money because our competition plays in their pajamas — and that's just been a home run for us," Griffin told the Goldman partner Raj Mahajan in an interview for the bank's Talks at GS series in June 2023.

From JPMorgan to Citigroup, how Wall Street does RTO

Blackstone

Blackstone employees have been back in the office five days a week since June 2021.

A source told BI in 2021 that to make staffers more comfortable with the return to office, Blackstone spent $20 million on COVID-19 safety and precautions including covering cab fares for employees' commutes.

From JPMorgan to Citigroup, how Wall Street does RTO

Bridgewater

Bridgewater Associates, the world's largest hedge fund, has kept to a flexible schedule. Since September 2021 the fund has required staff to be in the office at least two days a week.

Its website says managers and department heads can require additional days in the office. It adds that on days employees are in, the firm focuses on taking "advantage of our shared location."

From JPMorgan to Citigroup, how Wall Street does RTO

Millennium

Izzy Englander's Millennium experimented with a hybrid working arrangement in 2021. At that time, the firm required its employees to work in the office at least three days a week .

Since then, a person familiar with the firm said, most employees have been in the office five days a week.

From JPMorgan to Citigroup, how Wall Street does RTO

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