The rapid adoption of remote work and hybrid work is not going down in the banking world. It is possible that technology leaders in big banks might be more open to virtual work than those who have come up through core banking divisions. However, Cathy Bessant is not going to be that person.
Bank of America was evacuated during the pandemic, and this was their No. Employees are the number one priority. Safety of our people, equipping people to work remotely which was not an easy feat, and then hardcore focus on performance for clients and customers every day," Bessant said Wednesday at the CNBC @Work Summit. "We all were in uncharted territory."
It worked because Bank of America received more patents during the first half of 2020 than any other time in its history. Bank of America will revert to a traditional work structure as the world moves slowly back towards normal.
She stated that "We are definitely an office culture company." "The reason is that the informal collaboration you're referring to we believe results in a better, more sustainable outcome."
This view is shared by many of the big bank peers, including the Bank of America executive.
Jamie Dimon, JP Morgan CEO, made this point in his annual letter to shareholders in early 2012. He stated that there are certain aspects of in-office and in-person work that Zoom cannot duplicate. JP Morgan may be adopting some elements of a hybrid approach to its business, Dimon stated in his letter that "remote working virtually eliminates spontaneous learning and creativity because clients don't meet you at the coffee machine or you have to travel to meet employees and customers for feedback about your products and services."
As 2021's remote working experiment was extended, bank CEOs aren't always adamant about their work views.
David Solomon, CEO of Goldman Sachs, called working from home "an aberration" earlier in the year.
Dimon said, "I'm about cancel all my Zoom meetings." It's over.
He said that people who worry about their commutes again should be aware that "yes, the commute is possible, but people don't enjoy commuting."
