Banks from the US and Canada are calling their employees to return to offices at a faster pace than their European competitors, expanding division into one of the most striking debates about the future of financial sector work.
Five years after Covid-19 took most of the employees to temporary remote work, only seven of Europe’s 15 most valuable banks have requested that part or all of their employees pass four or more days a week in the office, Bloomberg’s analysis. This number rises to 11 among a group of 15 of the most valuable banks in North America.
Although general numbers do not capture nuances, such as trading teams that need to meet regulatory requirements for full office presence in certain countries, the difference in the approach is clear.
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These 15 benches from Canada and the US require, on average, 4.2 days a week as the most rigid demand for part or the whole team. In Europe, the average is 3.4 days, and no large European bank has summoned all its employees for five days in the office.
The opposite views of former colleagues Bill Winters and Jamie Dimon illustrate how much the industry leaders on both sides of the Atlantic are far from a consensus on the future of work.
“We work with adults,” Winters, CEO of Standard Chartered, told in London, to Bloomberg TV on July 31, defending the remote work. “Adults can have an adult conversation with other adults and decide how they will better manage their teams.”
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Jamie Dimon of JPMorgan Chase & Co. has little patience for employees who disagree with the five -day office requirement, saying in February not to “waste time” with petitions against the rule.
“I totally support your right to not want to go to the office every day. But you won’t tell JPMorgan what to do,” he said in an interview with Bloomberg TV after recognizing that he regretted the tone used in his viral moment.
European banks have long complained about the competitive disadvantage, reflected in the lower performance of their actions compared to US competitors and the accounting value. Some analysts see the division of remote work as an extension of this phenomenon, with the most prosperous banks of Wall Street in a better position to impose their conditions.
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“It’s their way or nothing,” said Mike Mayo, Wells Fargo’s veteran bank analyst, referring to Wall Street banks. He argues that firm commitment to work in the office is “a sign of an intense and hungry culture, a team that wants to win” and that companies with more employees on site benefit from synergies and efficiencies.
Still, Mayo quoted Citigroup as an example against the idea of a unique answer to the remote work.
In the midst of a painful restructuring of several years, CITI maintains the requirement of three days a week, except for positions with compulsory full presence by regulators. In August, it granted employees a two -week remote work bonus within their jurisdiction.
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“If Citi offers more flexibility to attract better talents at a time when it has fallen, it can make sense to them,” said Mayo. “They can get exceptional talents that value this flexibility.” Citi preferred not to comment on his approach.
Among the Asian banks, there are varied policies. While many Japanese banks adopted the hybrid model, some Australians began to bring more employees back, linking performance ratings to frequency. Chinese banks resumed complete weeks in the office shortly after the end of the lockdowns in 2023.
European approach
In Europe, even the most profitable banks use hybrid work as a tool for talent retention.
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Among them is the Spaniard BBVA, often one of Europe’s most profitable banks, which keeps firmly the two -day remote working model per week, which his chief of talent and culture, Paul Tobin, says “help attract and retain great talents.”
Italian Intea Sanpaolo, who exceeded expectations in the second quarter, requires employees to spend 50% of the time in the office.
“European bank returns are at the highest levels in a generation and suspect they do not see urgency to change it,” said Andrew Stimss, KBW European bank research. “If something, they may feel they can be less competitive in salaries if they are more competitive in flexible work.”
This coincides with research from the University of Pittsburgh, which published a study in January 2024 on office return mandates (RTO) in S&P 500 Index companies. The team analyzed policies, employee satisfaction, profitability and stock price.
Mark Ma, professor at Pittsburgh and one of the study’s authors, said that “companies tend to impose RTO mandates after bad performance on the stock market.” He stated that the current impetus to RTO in the US reflects a cooler job market with power transfer to management.
The potential benefits of this strategy are uncertain, at least academically. The MA study found that “financial performance does not change after RTO’s mandates” and that there are “significant falls in employee satisfaction” when policies are hardened.
One factor that complicates these measures in Europe is the need for broad consultation with workers, which can prolong the process.
Société Générale is adopting a maximum of one day a week of remote work to standardize regional policies, but the changes will only be valid in France from September 2026, a spokesman said. At Bank of Ireland, a union guided workers not to meet the eight -day requirement at the office per month, which starts on September 1st. Deutsche Bank faced resistance a year ago by demanding three days weekly in the office.
“It wouldn’t be surprised if this gap persists in the future,” said Bonnie Dowling, a partner at McKinsey & Co., about the transatlantic division, highlighting initiatives in London to promote residential commercial space conversions.
Still, for Davide Serra, bank investor and founder of Algebris Asset Management, the direction is clear.
Given Dimon’s history, “following his advice is smarter than not for a very large organization with thousands of people, for sure,” said Serra.
© 2025 Bloomberg L.P.
