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Morgan Stanley boss James Gorman has doubled down on his stance against working from home, saying there is no substitute for going to the office and working with colleagues in person.
“I fundamentally believe that you and I grow our careers by being mentored and observing and experiencing the professional skills of those who have come before us,” the Wall Street mogul told analysts in a earnings conference call Thursday. .
“You can’t do this sitting at home on your own, there’s a limit to Zoom technology,” Gorman added, asking if he would allow employees to work from home.
Morgan Stanley’s chief executive – who told employees last month, “If you can go to a restaurant in New York, you can walk into the office” – told staff if they don’t come back to the office before the party. work. , they could face a pay cut.
Gorman also earlier criticized Zoom for the purpose of encouraging face-to-face meetings with customers, as The Post previously reported.
But Morgan Stanley’s top boss also appeared to ease his stance slightly during Thursday’s call. He explained that while he expected most people to work in the office, he would also allow employees to be flexible in moving forward.
“For some people, flexibility makes a lot of sense,” Gorman said. “When they have health issues or take care of family members for a few months, we can handle it.”
One problem with Morgan Stanley’s plan to bring all employees back is that they ban the return of unvaccinated employees. Still, Gorman is quick to point out the double standard of people who move around town but don’t return to their desks.
The work from home debate has rocked the big banks on Wall Street. At Goldman Sachs, most of the Big Apple employees were expected to be back at their desks in June. JPMorgan Chase has brought back staff regardless of their immunization status, but caps office capacity at 50 percent with a longer-term goal of keeping 10 percent of the company’s 225,000 employees permanently home.
Meanwhile, UBS – Switzerland’s largest bank – takes a different tone from its US counterparts and lets most employees work from home permanently at least part of the time. The bank is also slow to set a return to office date.
Citi, led by CEO Jane Fraser, cited childcare issues as the reason it was waiting to force staff back. With the closure of schools, daycares, and summer camps during the pandemic, child care became a huge struggle for workers and was a burden that largely fell on women.
Earlier today, Morgan Stanley reported strong second quarter earnings, supported by aggressive acquisitions and an economic recovery.
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