UBS Group AG is to permanently allow as many as two-thirds of its employees to adopt a hybrid model of working from home and the office, a person familiar with the plans has said, as it seeks a competitive recruitment edge over some US banks taking a more hardline approach.
The lender’s move is being led by chief executive officer Ralph Hamers, the person said, asking not to be identified because the information is not public.
The bank is also committed to offering staff the flexibility of a hybrid work arrangement based on roles and locations, the person said.
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The bank’s internal analysis shows that two-thirds of its employees are in positions suitable for hybrid working, while other roles, such as traders and branch staff, would need to work on site, the person said.
No date for a return to the office has been set, the person said.
An official at UBS declined to comment on the plans, which were first reported by the Financial Times.
UBS chairman Axel Weber and former chief executive officer Sergio Ermotti had at the start of the year hinted that a flexible working model was under consideration and that at least one-third of UBS’ workforce could work permanently from home.
The move by UBS is in stark contrast with many of its US rivals. Goldman Sachs Group Inc has required almost all of its US employees to report to their desks, JPMorgan Chase & Co is asking most of its US workers to start regular office schedules on Tuesday next week and Morgan Stanley chief executive officer James Gorman fired off a warning shot: “If you can go to a restaurant in New York City, you can come into the office and we want you in the office.”
Citigroup Inc has also told most workers that they can adopt a hybrid schedule between home and the office longer term.
Deutsche Bank AG told US investment bankers that it expects them back in the company’s offices by early September, although the company has said that it is working on plans to allow staff to work from home up to three days per week.
Dealing with a global workforce also poses the challenge of a more universal corporate policy, with new waves of the COVID-19 pandemic prompting lockdowns and other restrictions around the world.
For some banks, the moves have meant re-evaluating their footprint and use of office space.
UBS last year started a review of its real-estate properties, echoing comments from Deutsche Bank that desk sharing would be accelerated as more people stayed home at least part of the time.
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