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We are told that banking culture needs to change. That something must be done about workplace toxicity, relentless driving to meet unrealistic targets, wild risk-taking and brutal hours. That if nothing is, banks not only risk ever-increasing fines and ever-tightening regulatory leashes, but also losing the best and the brightest to less miserable lines of work.

And, Jim Gorman standing astride history yelling “stop” notwithstanding, it is indeed changing. It’s just doing so very, very slowly.

At a time when many are still working from home, Wall Street dealmakers are not only back at their offices, they are traveling a lot again, to woo clients and to negotiate mergers and sales…. "Even during the pandemic, if your clients were in Texas, if you didn't go down and see them, they knew you were a wimp," says Jonathan Knee, a senior adviser at the investment firm Evercore. "And they didn't want wimps working for them."

We’re sure that was exactly the word they used, too. Anyway, in further developments not likely to make Gorman & co. happy, but which may encourage a few changes of major in business school:

PwC announced today it will allow all U.S. employees who can telework the ability to work virtually from anywhere in the continental U.S. moving forward.

The new policy will impact nearly 40,000 employees who work in client services, including consultants, auditors and tax professionals. The company says it is the first professional services firm to offer workers a permanent work-from-anywhere option.

Only 'wimps' phone it in: Why Wall Street bankers are hitting the road again [NPR]
PwC announces nearly 40,000 U.S. employees can work remote from anywhere in the country [CNBC]


(Getty Images for Yahoo Finance)

Jes Staley Doubles Down On Diversification

He loves Barclays investment bank, and he really loves the idea of investment bankers working in back rooms of strip malls in Swindon.

By United States Treasury ( [Public domain], via Wikimedia Commons

Bill Dudley: Mistakes Were Made, All Around

The New York Fed president engages in some serious self-criticism before unloading on Tim Sloan.

Goldman Sachs Dress Code

The Part Of Goldman Sachs David Solomon Is Getting Rid Of Posts Record Quarter

You won’t need to worry about profits doubling once Marcus is in charge.

Deutsche Bank boom

Deutsche Bank Lie About Progress In A Key Area? Impossible!

The Germans are alleged to not be taking ESG terribly seriously.

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Infected JPMorgan Employees Haven’t Spread COVID To Bank’s Bottom Line

Citigroup, on the other hand, is still feeling under the weather.


Goldman Acknowledges Extremely Virulent Disease Spreading Across The Globe, Is Pretty Sure It’ll All Be Over In Two Weeks

Which is when you will be back at your desks, goddamnit, epidemiology notwithstanding.