Goldman Sachs wants employees back in the office 5 days a week

David Solomon, CEO of Goldman Sachs, has ended the popular “Summer Fridays” policy, amidst dissatisfaction from employees regarding the firm’s insistence on a full five-day workweek at the office. The company recently reiterated its existing policy, stating that employees are expected to be at their desks from Monday to Friday.

Jacqueline Arthur, the head of Human Resources, clarified in a statement, “While we do offer flexibility when necessary, we continue to encourage our staff to be in the office all five days.”

This renewed focus on in-office work comes at a time when the firm’s Wall Street headquarters are notably less busy on Fridays. With interns having concluded their stints and numerous employees opting for remote work to jump-start their weekends, the office atmosphere has been described as “lifeless,” according to insiders.

Solomon, whose leadership has been criticized amid declining profits this year, takes pride in the return-to-office policy. Nonetheless, the timing—just before Labor Day—has not been well-received by many employees.

One staff member told reporters, “If David thinks this five-day office mandate will win him any popularity, he’s mistaken.”

Others questioned why strict in-office attendance is a focus when employee morale is already low. The firm’s high attendance rate hasn’t noticeably improved its performance, especially in comparison to competitors like Citi and JPMorgan.

Goldman Sachs, which recently reported a 58% drop in quarterly earnings, is currently under scrutiny for various issues, including its ill-advised consulting for Silicon Valley Bank prior to its collapse, a significant write-down on its Greensky acquisition, and a potential sale of its investment advisory division.

Some insiders argue that the push for full office attendance seems redundant, as most employees were planning to return post-Labor Day anyway.
This article first appeared in Newsweek