The benefits to banks of having their staff work from home will "erode over time", Citigroup's investment banking boss Paco Ybarra warned as he made the case for offices hollowed out by the coronavirus pandemic...
"At some point, you would see depreciation of that capital and then you would start seeing problems," he added, pointing to the potential for difficulties with on-the-job learning and people's ability to relate to each other. "Some of the feeling that we have about how well this thing works, I think will erode with time."
's head of IB is keen on having his teams back in the office for some good old fashion facetime ASAP.
I think professional services jobs are going to be the most culturally resistant to incorporating more WFH flexibility into schedules. Question to me is, if we fail to produce a vaccine within the next 12 months, at what point do senior bankers say "fuck it, you guys have to start coming back in."