As the financial services industry recalibrates post-pandemic, a contentious debate is underway regarding remote work. While flexibility became the norm during COVID-19, more corporate entities—especially banking—are reversing course, requiring employees to return to the office full-time. This shift has sparked passionate discussions about productivity, culture, and employee satisfaction, offering valuable insights for stakeholders on both sides of the issue.
Major Banks Mandate Return to Office
Several financial institutions are leading the push for in-office work. JPMorgan Chase, for instance, recently announced a return to requiring employees onsite, five days a week, ending the hybrid options popularized during the pandemic. CEO Jamie Dimon has consistently expressed skepticism about remote work, asserting, “You can’t run a $3 trillion company over Zoom.”
Similarly, Lloyds Banking Group has introduced policies linking bonuses to office attendance, mandating senior leaders work onsite at least two days a week. Executives failing to comply could face reductions in their bonuses.
Goldman Sachs has enforced strict attendance rules as well, requiring all employees to return full-time. CEO David Solomon described remote work as an “aberration.”
The Benefits of In-Person Work
Industrywide, advocates for the return-to-work arrangement cite its advantages, including enhanced collaboration, creativity, and mentorship. Dimon has described in-person attendance as essential for fostering an apprenticeship culture, stating, “The apprenticeship culture, which is critical to our future, happens in person.”
In addition, office environments are often viewed as crucial for fostering innovation and enabling real-time problem-solving. Many firms also argue that stricter oversight of compliance and trading activities is easier to achieve onsite.
Given the relational underpinnings of its daily work, many bank roles are simply too dependent on face-to-face interactions with both customers and colleagues to be virtual.
Highlighting this point, Investopedia notes that relationship banking and senior executive roles benefit from in-person interactions. Relationship banking emphasizes personalized services and trust-building, which are more effectively achieved through face-to-face meetings with patrons.
Furthermore, in-person interactions have proven crucial for mentoring and developing junior staff. Instances have shown that remote-working managers may inadvertently hinder the career progression of younger employees due to reductions in personal guidance and networking opportunities.
Why Remote Work Can Boost Financial Employee Output
Despite the push for in-office work, employees continue to voice strong support for remote and hybrid models. A Gallup study found that 51 percent of workers reported increased productivity in hybrid work arrangements, while 67 percent said they used their time more effectively when working remotely.
Remote work has also been shown to enhance work-life balance, reduce commute stress, and increase overall job satisfaction, which are critical factors in retaining talent within a competitive labor market. A survey by TINYpulse found that remote workers are 22 percent happier in their jobs than office workers, with 91 percent citing better work-life balance as a contributing factor.
Specific to banking, a 2020 PricewaterhouseCoopers survey shows credit analysts, risk assessors and other financial services roles faring particularly well in remote environments. PwC data show telecommuting as a successful option for some internal bank functions in 69 percent of financial services firms.
Work From Home Debate Heats Up
Elon Musk Calls Remote Work “Morally Wrong“
Still, remote office arrangements continue to attract differing viewpoints. In fact, outright polarization has seemed to deepen as the pandemic recedes further and further in the public consciousness.
In a recent CNBC interview, billionaire (and new President Trump appointee) Elon Musk characterizes remote work as “morally wrong.” He deems its benefits to white-collar professionals with no correlating upside to blue-collar workers as “hypocritical.”
O’Leary: “We Will Never Go Back” to the Old Way of Work”
In response, entrepreneur and media personality Kevin O’Leary used a CNN appearance to respond to Musk. “I have 54 different companies in our portfolio,” he cites. “We have employees in every state in the country. We stopped forcing people to come back to the office two years ago. We get better talent, happier people, more productive. We will never go back to the old way.”
Flexibility is Non-Negotiable for Gen Z Bankers
The insistence on returning to the office has created friction between employees and management. Surveys reveal that workers are more likely to leave companies that do not offer flexibility. A Jan. 2025 FinTech Futures report highlighted that flexibility is often a nonnegotiable priority for younger employees, who might otherwise opt for roles in tech or fintech firms if the perk is unavailable in more traditional financial services roles.
Rigid in-office mandates also pose recruitment challenges. Younger workers entering the financial industry place high value on work-life balance and may prioritize companies offering hybrid or fully remote options.
Hybrid Work in the Financial Workforce
To bridge the gap between operational demands and employee preferences, hybrid models are emerging as a potential solution. Citigroup, for example, has adopted a three-day-per-week in-office requirement, blending the benefits of face-to-face collaboration with flexibility.
Technology also plays a pivotal role. Secure communication platforms, AI-driven compliance monitoring, and enhanced collaboration tools can mitigate many of the risks traditionally associated with remote work.
Future Implications for Financial Services
The return-to-office debate reflects broader questions about the future of work in financial services. Should firms revert to prepandemic norms, or adapt to new employee expectations and technological advancements?
Journalist Jane Hamilton writes: “From family life to side hustles, commitments outside of work are abundant. An inflexible job doesn’t compute with modern life and the leaders who fully understand that will have the happiest, most productive workforce.”
How the industry responds to this reality will shape workplace culture and determine its ability to attract and retain talent in a rapidly evolving landscape, she believes.
Tailoring Work Policies for the Modern Banker
The financial services sector is at a critical juncture. While employers emphasize collaboration, compliance, and culture as benefits of in-person work, employees value the flexibility and balance offered by remote models.
A one-size-fits-all approach is unlikely to succeed. Instead, financial services firms that adopt balanced, nuanced policies that blend oversight with employee autonomy are more likely to thrive in the long term.
As Kevin O’Leary’s statement suggests, employers may prioritize performance over personal life. However, for the modern workforce, flexibility has become an essential factor—one that financial institutions cannot afford to ignore.
