Once summer is over, it's back to the office
Morgan Stanley CEO James Gorman has joined a growing chorus of voices on Wall Street directing staff to return to New York City offices soon. The leader said he wants employees back by Labor Day and hinted at possible consequences if people, who can work on site, delay their return or refuse to report to the office altogether.
“If you can go to a restaurant in New York City, you can come into the office, and we want you in the office,” Gorman said during an investing conference. The event was held online, but the CEO broadcast his message from his own executive office in Times Square, suggesting to viewers that things are gradually shifting back to normal in New York City.
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Once summer is over, Morgan Stanley employees on Wall Street will have to be back in the trenches. “By Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation,” he said, raising the possibility of a pay cut if they work outside their designated location. “If you want to get paid New York rates, you work in New York. None of this, ‘I’m in Colorado ... and getting paid like I'm sitting in New York City.’ Sorry. That doesn't work.”
Gorman however clarified that the company will be flexible towards certain workers and regions, such as India, where it does business. As such, there will be hybrid work arrangements for employees with family or child care obligations or who are facing a tougher situation than most people because of the pandemic. The CEO said the hybrid work policy won’t be “dictatorial” and that the management will review requests to work remotely on a case-by-case basis.
“I don't think making a blanket statement to all employees is helpful,” he said. “I don’t think speaking to employees who work at 1585 Broadway in Times Square is the same as speaking to a small office in Topeka.”