Rich Handler, the CEO of Jeffries, has weighed in the remote working debate, saying “if you want a career, engage with the rest of us in the office .”
The boss of the banking giant said staff can work remotely, but may have to be aware of the potential outcomes of their decision.
He said: “If you want a job, stay remote all the time and be efficient in a very limited way,” said Handler yesterday. “If you want a career, engage with the rest of us in the office and use WFH only when smart.”
“Whether you desire a job or a career is up to you.
“Don’t be shocked or disappointed by some results, but don’t pass judgment on which you choose.”
Handler’s comments follow Morgan Stanley James Gorman saying in March that people who want to work from home are in “Jobland” while people who come into the office are in “Careerland”.
He claimed employees who work remotely are harder to train and less well-placed to build career skills.
The two bosses seem to agree with each other.
Handler also told Jefferies’ employees in May that coming to the workplace is important for mental health.
He added his top executives needed to return to the bank’s offices to teach “mid-level and younger colleagues” who were “justifiably feeling abandoned.”
His strategy follows that of other financial CEOs who have advocated office returns, such as David Solomon at Goldman and Ken Griffin at Citadel.
However, Credit Suisse’s Thomas Gottstein said in Davos last month that it was difficult to draw clients back into the company’s offices.
Speaking off the record, one senior banker tells us that junior staff is particularly keen to get back into the office “for their own good.” However, he says a hardcore 10 percent of people appear to have espoused remote working forever.
Bank of America has also revealed it is struggling to get its staff back into its offices.