The consequences of the Covid19 pandemic have caused an avalanche of changes in the business operations around the world. Those consequences left a large number of offices vacant.

A large number of employees received the news about online work with disbelief, however, after a long time, productivity began to decline. Several factors have highlighted the advantages and disadvantages of working online.

One of the reasons why banks and funds are bringing their employees back to the office is the belief that more heads at one place mean more ideas. Interaction is the essential key to finding adequate solutions in an organizational structure. People of various professions are at the fingertips of the management. Brainstorming and direct communication with clients and colleagues at work has its advantages.

While working in isolation may reduce stress for employees, we have to look at some situations from the employer’s perspective.

This year, slowly but surely, banks and funds like JPMorgan and Goldman Sachs have partially put an end to their remote work.

In January, JPMorgan made a decision for 300,000 employees to return to their offices.

In February, Goldman Sachs made the same decision to return its employees to their offices. CEO David Solomon emphasized, “Remote work is not an ideal solution”.

Now we are seeing Deutsche Bank who follows the example of JPMorgan and Goldman. Deutsche Bank has changed its business policy, which states that employees can no longer work remotely on Fridays and Mondays.

UBS told staff they would have to work from the office at least three days a week. In addition, the bank told its 115,000 employees that they would no longer be able to work from home.

These examples will be followed by many, despite the fact that an increasing number of banks are closing their branches worldwide due to the increase in digitalization in banking sector.