In a bid to restore the traditional office routine, Goldman Sachs CEO David Solomon has decided to terminate the company’s ‘Summer Fridays’ policy, which had allowed employees greater flexibility.
The move is part of the bank’s efforts to bring staff back to the office for a full five-day workweek.
Human resources chief Jacqueline Arthur issued a statement to The Post, stating, “While there is flexibility when needed, we are simply reminding our employees of our existing policy. We have continued to encourage employees to work in the office five days a week.”
This renewed emphasis on in-office work comes as Goldman Sachs’ Wall Street headquarters reportedly appeared “totally dead” on Fridays. This phenomenon occurred after interns had completed their terms, and a significant number of employees opted to work remotely to extend their weekends, as sources have disclosed to The Post.
Solomon, who has faced criticism amid a dip in the bank’s profits this year, has been resolute in his commitment to re-establishing the in-office work culture. However, the timing of the reinforcement of this policy just before Labor Day has raised eyebrows among many of the bank’s employees.
Employee anger
One employee commented, “I think David’s really missing (another) trick if he thinks sending out that five-day note at this point will gain friends.” They asserted that they have no intention of following the new policy.
Additional sources expressed their frustration, questioning the bank’s focus on strict attendance when morale within the organization is reportedly at a low point. They also pointed out that despite Goldman’s comparatively high attendance rates in contrast to other banks like Citi and JPMorgan, it has not translated into a clear benefit for the company.
Goldman Sachs is currently facing multiple challenges, including a 58% drop in earnings in the most recent quarter, investigations into its handling of advising Silicon Valley Bank before its collapse, a significant write-down of its Greensky acquisition, and contemplation of selling its investment advisory unit.
Despite management’s push, many employees are expected to return to the office voluntarily after Labor Day, rendering the heavy-handed approach potentially unnecessary.
