UBS Group AG will allow some of its U.S. employees to work remotely full-time, offering flexibility to staff as it seeks to lure and retain talent.
The Swiss bank expects about 10% of its workers in the U.S. to go remote as the program is implemented in phases, starting at the wealth unit, Tom Naratil, president of UBS Americas, said in an interview. About 10% to 15% will be in the office full time, while more than 70% will be in hybrid roles. Of the firm’s more-than 20,500 U.S. employees, about 800 currently work remotely.
UBS is adapting as U.S. workers across industries have quit jobs at near-record rates and Wall Street faces what Naratil describes as a talent drought. Even as wages rise, financial firms face demands for more flexibility from workers expected to put in long hours. Naratil said the industry risks losing talent if it’s not able to adapt.
“If only 10 to 15% of roles are five-day-a-week roles, that shows you how significant this is,” he said. “Someone may find at a particular point in their life — maybe because of a family situation — that they may want to be 100% remote.”
UBS is responding to its workers’ own requests. Globally, about 86% of its employees said they seek more flexibility, including remote work.
Improving the commute is another product of the plan, Naratil said. He expects more staff to work from home on Fridays, and said most employees would be in the office from Tuesday to Thursday during summertime to reduce travel during busy periods.
Naratil said investment bankers and other professionals are able to work from nontraditional locations. The firm, with about 300 U.S. offices, is embracing the idea that more employees want to work away from a major city.
The program is also intended to support UBS’ diversity and inclusion efforts. Flexibility also can help the likes of working mothers, single parents and veterans and their families, Naratil said.
“For the industry, we’re all going to end up in the same place eventually, because the talent is going to move,” Naratil said.
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