He spoke specifically of the detriment it would cause to the famous internship programme and the firm's ability to train its next generation of staff. "I do think that for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us."
More recently, Morgan Stanley's Chief Executive James Gorman announced to its New York based staff that they should plan to return to the office by 6 September (Labour Day). "If you can go to a restaurant in New York City, you can come into the office. And we want you in the office," Gorman announced, before speaking about all the potential training and development that would be lost if staff worked permanently, or even largely, from home. Gorman also went so far as to touch on the traditionally generous Wall Street paycheques, saying "If you want to get paid New York rates, you work in New York. None of this: 'I'm in Colorado ... and getting paid like I'm sitting in New York City.' Sorry, that doesn't work."
Similarly, JP Morgan have raised their own concerns about drops in productivity, mentoring and the general impact of home working. The lender is however still expecting up to 30% of its staff globally to work in a hybrid structure. Amazon, too, issued a statement at the end of March stating, "Our plan is to return to an office-centric culture as our baseline. We believe it enables us to invent, collaborate, and learn together most effectively."
This has become more prescient in the UK, where the government have announced that it is considering legislation that would make home working the "default" option, thereby making it a legal right for employees to work from home. Bruce Carnegie-Brown, chairman of Lloyd's of London, spoke recently at an event discussing the legislation, about how he felt the legislation was "inappropriate", saying, "It will take different kinds of management skills to be inclusive of people who are working remotely to the same extent as you can be in the office. This is something that needs to develop over time."