Goldman Sachs CEO Solomon calls homework a “deviation”

Goldman Sachs CEO David Solomon said the work of the home was ‘not a new normal’ for the investment banking giant, calling it a ‘deviation’.

Solomon said on Wednesday at Credit Suisse’s annual virtual financial services forum that the coronavirus pandemic was switching a “significant portion” of Goldman Sachs employees to work remotely.

However, he said the company still managed to employ on average less than 10% of its staff in its offices around the world.

In New York, Solomon said that Goldman employed up to a quarter of his staff and that he was able to regain the same number in the London offices this past summer and autumn, when British health restrictions briefly eased.

Goldman brought half of its staff back to its offices in Asia, Solomon said, but added that it fell again in the fall and winter months with a revival in cases of coronavirus.

“I think for a company like ours that is an innovative, collaborative apprenticeship culture, it is not ideal for us and it is not a new normal,” Solomon said.

“This is a deviation that we are going to correct as soon as possible,” he added.

Solomon said he was particularly focused on ensuring that the next group of young workers joining Goldman Sachs next summer will not work remotely at the firm because he believes they could miss direct contact and direct mentorship.

He said he was a “big believer in personal connection” and therefore did not think for a company like Goldman that its operating style would be much different after the pandemic.

Solomon’s remarks stand in stark contrast to those of very big names in the technological space that have made the shift to remote work a more permanent part of their operations. The latest example is the music streaming service Spotify, which announced earlier this month that it would be hiring employees from all over the pandemic.

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