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.
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.
Bank accidentally deposits $86M into client’s account
A financial institution mistakenly deposited over $86 million into a client’s account, causing shockwaves in the banking industry.
The error came to light when the client, a small business owner, checked their account balance and discovered the astronomical sum. It is being hailed as one of the most significant banking errors in recent memory.
The client, who wishes to remain anonymous, reportedly contacted the bank immediately upon noticing the massive windfall. Bank officials were left scrambling to rectify the error, which has raised numerous questions about the institution’s internal controls and safeguards.
The client’s account, initially holding just a few thousand dollars, suddenly displayed a balance that could buy luxury yachts, mansions, and more.
The incident has prompted investigations by regulatory authorities to determine how such an egregious error occurred in the first place.
While the bank has issued an apology and assured the client that the funds will be corrected to the proper balance, it remains unclear how this mistake could have happened on such a colossal scale.
The financial institution may also face potential legal consequences for the error, as well as reputational damage that could impact its future business.
Tech giants drive global mega-cap surge amid inflation relief
Tech giants have taken the lead in propelling global mega-cap stocks to new heights.
This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.
The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.
The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.
Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?
Real reason bosses want employers back in the office
As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.
Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.
This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured
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