Yesterday, we heard that Deutsche Bank was setting the “norm” for future remote working at between two and three days a week, and that detailed arrangements would be sent out to each division in due course. In America, those memos have already gone out, and it seems that in the New York front office two or three days at home might be a rarity.
The memos came from Drew Goldman and James Davies of the investment banking division and from Mark Fedorcik and Ram Nayak for sales and trading. It appears that the Deutsche schedule for return is somewhat later than other Wall Street banks – they are advising everyone to make plans to “re-establish a presence in the office” by Labor Day in September. But, the expectation is that “risk takers” will be in the office full-time, that “client facing staff” will be allowed to work remotely “about one day a week” and support staff will have “a level of remote working” which remains undefined.
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At the end of a strong year, Deutsche Bank told investors that its investment bank had not simply benefitted from a rising tide lifting all boats, but that it would be able to carry on generating much of the extra revenue it created in 2020. It also boasted of working on a number of European sovereign debt deals.