Deutsche Bank has told its roughly 1,500 US investment bank employees that they must be back in the office by early September as it became the latest Wall Street lender to spell out its return-to-work policy.
In an internal memo, Drew Goldman, Deutsche’s head of investment banking coverage and advisory, and James Davies, the head of US investment banking, told staff that all of the bank’s American teams should aim to resume working in the office no later than the Labor Day holiday on September 6.
“If you are currently working remotely, please begin to plan accordingly with your team and manager to re-establish a presence in the office before or by that date,” Goldman and Davies wrote in the memo seen by the Financial Times.
Deutsche’s timetable hews closer to the gradual approach favoured by European banks rather the more aggressive return-to-office attitude adopted by US-headquartered peers.
JPMorgan Chase and Goldman Sachs have called all US staff back to their offices as soon as this month, while the likes of HSBC and Société Générale are returning to the office more gingerly.
A faster pace of vaccinations in the US has enabled New York to emerge more quickly from lockdown restrictions than some European financial centres.
In a memo to the German lender’s global investment banking staff on Tuesday, Deutsche laid out its approach for what type of employees will be required to be in the office five days a week versus those who will have a greater degree of flexibility through a hybrid model.
So-called risk takers that invest the bank’s capital will probably return to Deutsche’s offices full-time, whereas “client-facing” staff will be permitted to work remotely about one day a week. Support staff will also be allowed to work remotely sometimes.
Deutsche is relocating staff in New York to a 1m sq ft building at Columbus Circle, near Central Park, from its existing offices at 60 Wall Street.