London Daily

Focus on the big picture.
Tuesday, Aug 04, 2026

Goldman Sachs: Bank boss rejects work from home as the 'new normal'

Goldman Sachs: Bank boss rejects work from home as the 'new normal'

Goldman Sachs boss David Solomon has rejected remote working as a “new normal” and labelled it an “aberration” instead.

Mr Solomon said the investment bank had operated throughout 2020 with “less than 10% of our people” in the office.

His eagerness for workers to return to the office is at odds with many other firms, who have suggested that working from home could become permanent.

Mr Solomon suggested that it does not suit the work culture at Goldman Sachs.

“I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible,” he told a conference on Wednesday.

"I'm really not looking forward to going back into the office," Tom, a 35-year-old who works in urban planning, told the BBC.

He has enjoyed being more involved with his young children during the pandemic. But his employer is quite "stubborn" about wanting him back in five days a week.

"I have found the lack of understanding and support from the older generation of directors, as well as their eagerness to just go back to offices and not learn lessons really difficult."

He says his employer seems to assume there will be someone at home to cover childcare and other day-to-day demands, whereas the tech industry, where his wife works, allows more flexibility.

Tom is now looking for a new job that will offer him more choice.

"The best-case scenario for me would be two days in the office - to get that connection with colleagues - and two to three days at home."

In particular Mr Solomon was worried about an incoming “class” of about 3,000 new recruits, who wouldn’t get the “direct mentorship” they need.

“I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.

Although he thought the Covid-19 pandemic had helped push the adoption of digital technologies and created ways for the investment bank to run more efficiently, Mr Solomon thought it would not lead to huge changes over the longer term.

“I don’t think as we get out of the pandemic the overall operating mode of the way a business like ours operates will be vastly different,” he said.

Within the finance sector, it appears Mr Solomon is not alone.

In September, JP Morgan’s chief executive Jamie Dimon said that working from home has had a negative effect on productivity.

Barclays boss Jes Staley also expressed hope recently that the vaccine would allow employees to return to the office.

However, more recently Lloyds Banking Group said it planned to cut the amount of office space it uses by 20% within three years, and HSBC has announced a 40% cut in its office footprint.

Permanent work from home?


Tech companies, also appear to be more enthusiastic about work from home arrangements.

Microsoft, Facebook and Twitter have all said staff would have the option to work from home permanently.

Facebook has suggested that up to half of its staff could work remotely within five to ten years.

But the social media giant has also hinted that remote workers might receive lower pay, as their expenses would be less away from San Francisco and Silicon Valley.


How to combat back pain while working from home


Newsletter

Related Articles

0:00
0:00
Close
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
Nigel Farage Expresses Openness to Potential Alliance with Restore Britain
AstraZeneca Merger Talks Reflect Intensifying Pharmaceutical Consolidation
University Merger May Set Template for Higher Education Reform
Apple's Legal Challenge Highlights Growing Tension Over Encryption and Surveillance
Prime Minister Andy Burnham's Agenda Signals Shift Toward Greater Regional Devolution
Mental Health Trust Faces Criticism Over Planned £25 Million Budget Cuts
Scientists and Cultural Leaders Call for Funding to Save Jodrell Bank Observatory
UK Manufacturing Output Reaches Highest Level in Nearly Two Years
University of Greenwich and University of Kent Complete Landmark Merger
Nigel Farage Unveils Naval Border Proposal Amid Questions Over £5 Million Donation
Prime Minister Andy Burnham Pledges Tougher Action on Small Boat Crossings
Apple Challenges UK Government Over Encrypted Data Access Demands
AstraZeneca Shares Fall After Reports of $400 Billion Bristol Myers Squibb Merger Talks
Triple Lock Lifts UK State Pension but Leaves a Wider Retirement Gap
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
Modern Slavery Decisions Broaden the Al Fayed Inquiry’s Frame
FIFA’s Retreat Leaves a Larger Question Over Who Guards the Game
Two Firefighting Crew Members Die in Helicopter Collision West of Athens
Public Sector Automation Through Artificial Intelligence
Regional Investment Beyond London
Protection of Strategic Technology Assets
UK Competition Regulator Blocks Major Foreign Takeover of British Quantum Computing Firm
UK Government Commits Two Billion Pounds to Modernise Northern Rail Network
UK Parliament Approves Planning Reforms to Accelerate Housing Construction on Green Belt Land
Scotland Approves Major Floating Offshore Wind Expansion in the North Sea
United Kingdom and European Union Sign Defence and Critical Minerals Cooperation Agreement
NHS Invests Five Hundred Million Pounds in Artificial Intelligence Diagnostics to Reduce Waiting Lists
Bank of England Cuts Interest Rate to Three Point Seven Five Percent as Inflation Pressures Ease
Ceuta Border Surge Recasts Europe’s Migration Debate
Burnham Promises a Harder Channel Response as Crossings Test His New Government
Glasgow 2026 Commonwealth Games End With Organisers Defending Smaller Format as Sustainable Model
Reform UK Faces Labour Criticism Over Nigel Farage Leadership Return Discussions
Environment Agency Restricts River Thames Navigation as Low Water Levels Raise Concerns
UK Government Launches Free Bus Travel Scheme for Children During Summer Holidays
Chancellor Rachel Reeves Confirms October Budget Date and Plans Wider Regional Funding Shift
Prime Minister Andy Burnham Promises Tougher Action on Small Boat Crossings Amid European Migration Pressure
UK Economic Growth Forecast Raised Slightly as Inflation Expected to Remain Above Target Until 2029
National Farmers Union Warns of Food Shortage Risks as Drought and Heatwaves Damage UK Crops
Finland Deploys Commercial-Scale Thermal Batteries Using Crushed Rock to Store Renewable Grid Energy
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
Sainsbury Agrees to Sell Argos in £120 Million Deal to Private Consortium
High Court Clears Way for Construction of Chinese Embassy at Royal Mint Court
UK Fuel Prices Climb to Multi-Month Highs as Strait of Hormuz Tensions Disrupt Oil Supplies
Severe Summer Drought and Record Heat Put UK Harvests at Risk
Prime Minister Andy Burnham Faces Labour Backbench Opposition Over Potential Support for New North Sea Oil and Gas Drilling
Bank of England Warns Inflation Will Stay Above 3% as Middle East Energy Shock Prolongs Cost-of-Living Pressures
×