Goldman Sachs is to open a new office in Birmingham this year, in testament to its view that home working does not suit the organisation’s culture.
The investment bank’s new premises will initially be a technology hub when it opens in the summer, but other divisions are expected to relocate to the city later.
Returning to the office
Goldman Sachs said an office in Birmingham will give it access to a “strong and deep” new talent pool, particularly in STEM skills.
It will be staffed via a mix of new hires and employee transfers. Eventually, “several hundred” staff are expected to be based at the site when other divisions move over the coming years.
Goldman Sachs is adamant that there will continue to be a role for the office when lockdown restrictions are lifted. Earlier this year, CEO David Solomon described remote working as an “aberration” and said it was not “ideal” for the organisation’s culture.
Richard Gnodde, chief executive officer for Goldman Sachs International, said: “Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area. We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients.”
The finance sector appears torn over whether there is a future for the office. JP Morgan is considering whether to cut office space by up to a third, while HSBC expects to cut its office space by nearly 40%.
Working practices at Goldman Sachs came under fire earlier this year after it emerged junior bankers had been working 95 hour weeks and had experienced workplace abuse, excessive monitoring and micromanagement, shouting and swearing.
This week, Barclays unveiled a policy to help avoid burnout among junior staff.