Work from home

It’s a short stroll from Goldman Sachs Group’s global headquarters to Citigroup Inc.’s, but when it comes to reopening after the pandemic, the two Manhattan towers might as well be thousands of miles apart.

2020 was a challenging year for banks. The impact of COVID on the economy as well as changes to accounting for loan loss provisions were evident in weaker financial and stock price performance in 2020 for many banks and yet CEO compensation increased. Learn from experienced executive compensation consultants about the challenges Compensation Committees faced in 2020, why pay levels increased relative to 2019, what were common COVID-related compensation changes, and what changes were made for 2021 incentive plan design.

“Our goal is by after Labor Day to effectively be back to where we were in January of 2020,” Chief Executive Brian Moynihan said.

Mastercard will soon bring workers back to its New York City office at least two days a week.

For JPMorgan Chase, it’s another step toward post-pandemic normal, but for the U.S. financial industry it’s a bellwether.

Zoom meetings may never go away, but in the fiercely competitive world of high finance, visits to faraway clients are starting to stage a rapid comeback.

Bank bosses are hoping to leave remote work in the past. There’s just one problem: Many employees want to maintain flexibility after proving they can stay productive from home, Accenture executives say.

The lender’s top decision-making body, led by CEO Jamie Dimon, said in a memo to staff Tuesday that it “would fully expect that by early July, all U.S.-based employees will be in the office on a consistent rotational schedule.”

Hood Qaim-Maqami, divisional CIO at the Bank of New York Mellon, has ideas about how technology can be used to make people feel connected.

As the pandemic continues to weigh on us all, BlueVine shares how it is putting employees first.

The industry quickly pivoted to remote work once the pandemic hit, but panelists who spoke during CUNA's online Governmental Affairs Conference predicted many institutions will utilize a mix of working from home and in the office once things return to normal.

David Solomon has been one of the more vocal business leaders pushing government officials to move faster in making changes needed to bring employees back to work.

Allowing employees to work from home until the holiday will give Amex the chance to monitor the speed with which vaccines are distributed, CEO Stephen Squeri said in a memo to workers.

Bankers including Mary Erdoes of JPMorgan Chase and Barclays CEO Jes Staley say working from home is at risk of not working anymore.

The San Francisco-based bank will keep most employees working from home for at least a month longer than last announced.

Millions of workers are still displaced from offices, pushing financial services designed for the trend, such as Barclaycard Payments' Precisionpay Go app for businesses to issue virtual cards for corporate expenses.

Deutsche Bank is considering moving some of its 4,600 Manhattan staff to other hub cities across the U.S., but there are no concrete plans as yet.

Citigroup’s Michael Corbat said he’s worried about potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home.

With COVID-19 cases soaring, a growing number of banks, including JPMorgan Chase, U.S. Bancorp and Capital One, have pushed back target dates for bringing employees back to offices. Some are even allowing them to work from home indefinitely.

Some workers have thrived while working remotely, but others miss the social interaction of an office, and the recent surge in coronavirus diagnoses means employers will be facing these challenges well into next year.