Wall Street leaders aren't ready to bank on a work world that goes more remote than in-office, and Bank of America is no exception.
As more and more tech companies are adopting permanent remote work or hybrid work models, the counterpart banking sector is not very keen about this change.
The Bank of America Vice Chair of Global Strategy, Cathay Bessant said at a CNBC event that the company is very focused on getting their people back to the office.
Explaining this move, Bessant said, “We are definitely a company that has worked from office culture”. She further explained why office culture is important to Bank of America by saying, “The reason for that is that informal collaboration that you’re talking about we believe produces a better and more sustainable outcome”.
Earlier the JP Morgan CEO Jamie Dimon also conveyed that he believes remote work eliminates ‘spontaneous learning’ and ‘creativity’. Whereas, Goldman Sachs’ CEO David Solomon went as far as to call remote work “an aberration”.
This enthusiasm from the banking sector to return to office was sadly squashed by the delta variant. Now as many tech companies have given into the inevitability of remote culture, it seems like the return to office phase is going to be more difficult than previously imagined.
But the Bank of America is planning to take this challenge head on and is determined to bring people back to their offices as soon as possible.