U.S. banks are signalling that we won't see a V-shaped recovery: Dick Bove
The biggest U.S. banks updated investors this week on their plans for returning workers to offices as stay-at-home orders lift around the world. Most said it’s still too soon to offer detailed schedules.
JPMorgan Chase & Co.
About 80 per cent of the bank’s traders have been working from home through the pandemic, Chief Executive Officer Jamie Dimon said. Most staff will return to the office at some point, and it’s too soon to know how much of the work-from-home shift will become more permanent, he said.
“There are huge benefits to people being together,” Dimon said.
Wells Fargo & Co.
Work-from-home arrangements will continue through at least September, and it’s too early to say when the bank will return to more traditional arrangements, CEO Charles Scharf said.
The company has been cautious with public pronouncements regarding a return to the office, though it’s started to bring back a small percentage of workers. It’s likely that less than half the workforce will return before a coronavirus vaccine is developed, according to the company.
“While I’d like to see more of our people back in the office, we’ve been clear that we won’t do anything to jeopardize their health and safety,” CEO Mike Corbat said.
Goldman Sachs Group Inc.
The bank is following the lead of colleagues in Asia, where it’s using a split-team approach with as much as 50 per cent working from the office, Chief Executive Officer David Solomon said. In Europe, 35 per cent of employees are back in the office, with the U.K. figure at 15 per cent. In New York, a small number have returned, he said.
“Our progress will be dictated by circumstances in each region, and we will adjust as needed,” Solomon said.
Bank of America Corp.
Fewer than 15 per cent of employees are working in offices, CFO Paul Donofrio said. The bank told workers earlier this month that it would start inviting U.S. employees back to work after Labor Day.
More than 90 per cent of workers continue to work from home. Chief Financial Officer Jon Pruzan said the firm has learned a lot about its organization and technology through the crisis, and will use those insights as it plans future strategy.