Barclays Requiring Investment Bankers To Return To Office “At Least” Four Days A Week

Barclays has been the latest investment bank falling in line with the others and requiring its investment bankers, who have been working from home since the pandemic, to return to the office for “at least” four days a week.

The bank has been telling its employees that “worsening market conditions mean a greater need for in-person collaboration,” Bloomberg reported this week. 

The company is implementing the new policy effective October 3. It’ll expect that its principle dealmakers are in the office from Monday through Thursday, according to a memo sent to staff and reviewed by Bloomberg.

The memo, written by the Investment Banking Management Team, says: “This approach will provide for all of us a more optimal environment in which we can collaborate on compelling client pitches and execution of live deals.”

The memo stresses that the move is crucial in “tougher market environments like the current part of the cycle where proactive engagement and thought-provoking content is most important for our clients.”

The bank hasn’t completely given up on its hybrid model, however. It has said that such a model can still be a “natural part” of how teams operate. 

Recall, we wrote earlier this month that Goldman and Morgan Stanley were leading the push for a return to the office after the Labor Day holiday. Morgan Stanley ended all Covid testing and other monitoring/mitigation requirements on September 5. 

A company-wide memo recommended that “all employees return to the office, barring certain individual health situations.” Goldman Sachs “told workers it will no longer require vaccines, COVID testing or masks,” the Post wrote.

A bank memo to employees about a month ago read: “There is significantly less risk of severe illness. In line with [the CDC’s] updated protocols, if you have not been coming in to the office, please speak with your manager to ensure that you understand and adhere to your division’s current return to office expectations.”

Wells Fargo bank analyst Mike Mayo told The Post: “This is another way of Goldman Sachs saying, ‘School’s in session and we want you in person’ after Labor Day. Goldman is the ultimate customer-facing firm and it’s tough to face customers remotely.”

“We continue to make steady progress bringing our people together in the office, which is core to Goldman Sachs apprenticeship culture and client-centric business,” a Goldman spokesperson said, echoing the comments out of Barclays.