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June 28, 2021

UBS may allow majority of workforce to embrace hybrid work model

By Verdict Staff

UBS is reportedly mulling to let two-thirds of its employees to mix working from home and the office permanently as it looks to beef up its workforce.

The move is expected to give the banking giant a competitive edge in recruiting over other Wallstreet banks, which are not offering as much flexibility to their employees.

UBS chief executive Ralph Hamers and his senior managers have devised the new hybrid model, Bloomberg reported citing a person with knowledge of the development.

The bank will provide hybrid work model depending on roles and location of the employees, the source told the news agency.

An internal analysis by UBS showed that two-thirds of its workers were in roles suitable for hybrid working.

Employees whose roles requires their presence in the office due to their supervisory rules or for implementing certain tasks, such as traders and branch staff, will have no or little flexibility.

UBS has not decided a return to office date for its employees yet, the source told the publication.

An official at UBS declined to comment on the news, which was first reported by The Financial Times.

Previously, UBS chairman Axel Weber and former CEO Sergio Ermotti signalled that the bank is considering a flexible working model and that at least a third of its employees may work permanently from home in the post-Covid world.

UBS’ decision to adopt hybrid work model is in contrast to the working arrangement made by many of its regional rivals.

Goldman Sachs recently urged most of its employees to report to their desks while JPMorgan Chase & Co has required its US workforce to join back office from next month.

Last year, Schroders ditched the usual nine-to-five working arrangement, becoming the first major financial services firm in London to make remote working permanent after the Covid-19 crisis.

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