For employees at Centerview Partners in New York, you are once again working at the company headquarters at West 52nd Street.
Centerview has been “fully back in business” for nearly three weeks since reopening its offices on June 14, Blair Efron co-founder and associate told Insider. The boutique investment bank embraces a “primarily office experience” that is essential for educating younger bankers and developing relationships and collaboration across the company, Effron said.
“Like everyone else, we have become very good at being remote. But I have heard the words ‘efficient’ and ‘productive’ dropped very often, to the point where it sounds like you are talking about a factory and not a people-oriented business.” “It’s not just that – it ‘s about the quality of the experience.”
While working remotely, Efron said, it was difficult to understand who worked what hours and what projects. Being together is the best way for everyone to watch, he said.
The company is far from making people come back. The leaders of JPMorgan and Goldman Sachs, who reopened their offices in May and June, have voiced their concerns about the disadvantages of remote work and their desire to return to office as soon as possible.
In New York, Centerview junior bankers were “very enthusiastic” about returning, Effron said, adding that regular office entry was beneficial because it separated the working environment of employees from their non-working lives.
However, Centerview has stopped implementing a hybrid model that requires employees to come on specific days or commit to a specific schedule. Instead, keep the door open for flexibility. Efron said he encourages employees to relocate home when work arrives at night and adjust their schedule accordingly.
“We want to see you in the office, but that does not mean I want to puncture the clock,” he said. “We do not want to impose rules because we believe our citizens have enough incentive to regulate where they spend their time effectively.”
Across Wall Street, banks, private equity firms and hedge funds play a big role – if any – in remote work in a post-pandemic world. Morgan Stanley is also preparing for a full return to office in September. “If you can go to a restaurant in New York, you can go into the office,” CEO James Gorman told staff last month. “We want you in the office.”
Blackstone, a private equity firm, told employees to report back to the office on June 7.
Citigroup, on the other hand, embraces more of a hybrid business model indefinitely. Several boutiques, such as Lazard and Perella Weinberg, have also committed to flexibility in returning to the office, according to Bloomberg.
Jefferies, which this spring gave working bankers Peloton bicycles and other benefits, aims to give employees as much flexibility as possible with remote work. In an email sent to employees last week and seen by Insider, CEO Richard Handler said the company would cut some business travel and remodel some of its offices to accommodate a hybrid work model.
“We do not need to give ultimatums to people who have gone through the most difficult period we have experienced in our careers,” Handler wrote. “Our offices will be our meeting places and our homes will continue as additional offices.”