UBS is bucking Wall Street’s back to office trend
The Swiss bank will allow up to two-thirds of its employees around the world to permanently adopt a hybrid schedule that includes a mix of working from home and from the office, a person familiar with the matter told CNN Business.
There will be no maximum number of days these hybrid schedule employees can work remotely, the person told CNN Business.
However, UBS, which employed about 73,000 people around the world as of the end of 2020, said employees won’t have carte blanche to work remotely.
“Please also understand that hybrid working doesn’t mean that you can work wherever and whenever you want,” the note said. “Business and team needs have to be taken into consideration and any agreement to work in a hybrid model needs to be discussed and agreed with your line manager.”
UBS said hybrid working will be offered where “role, tasks and location allow,” adding that some tasks may “require an onsite presence” and others may not be suited for remote work due to regulatory or supervisory reasons.
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The more relaxed stance by UBS and other European lenders could help them attract talent, especially against tech firms offering the flexibility that many younger employees and working parents are seeking.
But many US-based Wall Street firms have signaled a desire to turn the page on the era of virtual work for a variety of reasons, including cultural concerns, cybersecurity and legal vulnerabilities, and a hope to inspire confidence in New York City. At its core, banking is a face-to-face business.