Small Banks Demand Full-Time Office Work More Than Bigger Peers
- Large banks lure a growing share of talent from small banks
- Flex-work ‘allows us to attract people’: Blue Foundry CEO
Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been leading the charge to get employees into the office more often, but it’s their smaller industry peers who are more likely to demand full-time on-site work.
While just 4% of banks with 5,000 or more employees require full-time office attendance, nearly a third of the smallest banks in the cohort demand it, according to a survey of 137 US banks employing 4.4 million people from Scoop Technologies Inc., which advises firms on flex-work policy. The policy differences could be influencing where bankers want to work: The share of larger banks’ new employees that are coming from smaller banks has increased to 26.8% this year, up from 22.6% in 2021, according to job-market data tracker Revelio Labs.