Goldman Sachs CEO Says Work-From-Home is Not Permanent

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David Solomon called remote working an “aberration.”

For nearly a year now, remote working has been an absolute necessity in keeping office workers safe from the COVID-19 pandemic. With modern conveniences like easy file sharing and video conferencing, many companies have found working from home to be a surprisingly easy transition. This has prompted the question of whether or not remote working could remain a norm even once the pandemic has eventually come to an end. According to Goldman Sachs CEO David Solomon, the answer is a resounding “no.”

“I do think 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,” Solomon said in a conference on Wednesday.

Solomon has said that one of his primary concerns on the matter of remote work is that it is more difficult for new employees to receive “direct mentorship” from senior employees. “I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.

Other financial institutions have echoed Solomon’s sentiments. JPMorgan Chase’s CEO Jamie Dimon said back in September that remote working is bad for productivity, while Barclays CEO Jes Staley has expressed hopes that the delivery of the vaccine ensures a speedy return to in-office work.

Tech companies like Microsoft, Facebook, and Twitter, on the other hand, have expressed interest in going full-remote, with Facebook in particular estimating that at least half of its staff could be working remotely within the next five to ten years. However, there have been rumors that employees working outside Silicon Valley would receive reduced pay on the grounds of having a lower cost of living than those on site, which has cooled expectations.

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11 months ago