The life of a 20-something Wall Street number cruncher has always been a grind, marked by marathon workweeks and menial tasks. Working from home made it worse. Now bank leaders want the newbies back in the office.
While many companies are hailing the Covid work-from-home experiment as a success, top Wall Street firms such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. aren’t so sure. They hope that being back in the office will cure the malaise that many of their junior bankers are feeling.
Remote work “does not work for younger people,” JPMorgan Chief Executive Officer Jamie Dimon said at The Wall Street Journal’s CEO Council Summit in May. “It doesn’t work for those who want to hustle.”
At Goldman, a class of 3,000 new interns and analysts started remotely at the bank in summer 2020. CEO David Solomon said he didn’t want that to happen again.
“I fully appreciate how busy our people have been,” Mr. Solomon said in April. “This has been exacerbated by the isolation of working remotely.”