(Bloomberg) — UBS Group AG will allow some of its U.S. employees to work remotely full-time, providing employees with flexibility as it strives to woo and retain talent.
Tom Nartil, president of UBS Americas, said in an interview that the Swiss bank expects about 10% of its employees in the US to move away as the program is implemented in phases, starting with the funding unit. About 10% to 15% will be in the office full-time, while over 70% will be in hybrid roles. Of the firm’s more than 20,500 US employees, about 800 currently work remotely.
UBS is adapting as U.S. workers across industries leave jobs at near-record rates and Wall Street faces a talent drought in what Naratil said. Even as wages rise, financial firms face demands for greater flexibility from longer-term workers. Nartil said the industry risks losing talent if it is not able to adapt.
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“If only 10 to 15% of roles are five days a week, it shows you how important it is,” he said. “Someone may find at a particular point in their life—perhaps because of a family situation—that they want to be 100% distant.”
UBS is responding to its employees’ own requests. Overall, about 86% of its employees said they look for more flexibility, including remote work.
Improvements to the Switch are another product of the plan, Nartil said. He expects more employees to work from home on Friday, and he said most workers will be in the office Tuesday through Thursday to reduce travel during busy periods.
Nartil said investment bankers and other professionals are able to work from non-traditional locations. The firm, with nearly 300 US offices, is embracing the idea that more employees may want to work away from a major city.
The program also aims to support UBS’s diversity and inclusion efforts. Nartil said resilience can also help working moms, single parents, and veterans and their families.
“For the industry, we’re all going to end up in the same place eventually, because the talent is going to move forward,” Nartill said.