By: Hadassa Kalatizadeh
Goldman Sachs is buckling down and getting tough with bankers.
Last week, the Wall Street giant began requiring all bankers to report back to their desks five days a week. As the employees reluctantly filed in after enjoying remote and hybrid work options since the onset of the pandemic, they had another surprise awaiting them. As reported by the NY Post, the “free coffee” cart which had greeted employees at the company headquarters in lower Manhattan was gone.
Since the pandemic, there was a complimentary “grab and go” coffee station at the entrance of 200 West St., which had offered employees cold-brew java, complete with a full line of creamer options, almond milk, and even soy milk. The extra perk, which had been introduced to reportedly lure bankers back to their desks, has been carted away. Sources say, the management has changed strategies, and now instead of offering sweets, it will be threatening layoffs as it enforces its position on having workers back at their desks.
“RIP to another pandemic perk for junior bankers,” said one junior Goldman banker. “I’m sure the partners still don’t have to pay for their coffee — or anything in their fancy dining hall.” A source close to the bank, told the Post that the bank splurged for free cupcakes on the employees’ first day back, last Tuesday. The source also said Goldman still offers free drip coffee elsewhere in the building, including at the building’s “Sky Lobby” on the 11th floor. Still, junior employees complain that this coffee is a hassle to get their hands on and isn’t as fancy.
Goldman CEO David Solomon — who famously called remote work an “aberration”– won’t be taking any more of the work-at-home craze. Last month, he had sent a memo to workers saying all COVID protocols will be lifted a week after Labor Day. Goldman had also been springing for banker lunches and breakfasts, but that was axed in the spring. Free daily car rides to and from the office ended in April.
Other big banks on Wall Street are also getting back to basics. Perks enjoyed during the pandemic are subtly disappearing. In the past, JPMorgan, Morgan Stanley, and Goldman were offering their top performing bankers free US Open tickets to the tennis championship in Queens. That’s stopped too. Officially, JPMorgan says employees need to come in three days a week. For his part, however, CEO Jamie Dimon, has been getting stricter, privately telling senior managers that he expects the employees to come in five days a week.
Other banks are easing the way more for their employees. As per the Post, Citigroup CEO Jane Fraser has refrained from mandating that employees come back to the office five days a week. Rather, in March, the bank had asked most employees to return to their desks at least a few days a week. Bank of America CEO Brian Moynihan has said he will provide more guidance on returning to the office in the coming six to eight weeks, when he said he will outline “more formality to the flexibility.”
