UBS Offers Hybrid Work Model For Majority Of Returning Employees

UBS (UBS) is implementing a permanent hybrid work structure for up to two-thirds of its employees - a departure from other Wall Street banks’ decision to bring workers back to the office full-time.

A spokesperson for UBS told CNBC it was “committed to offering our employees the flexibility for hybrid working where role, tasks and location allow. Hybrid work options will be introduced on a country-by-country basis, with timing dependent on the local pandemic situation.”

Through the hybrid work model, UBS is betting on attracting new talent as it offers more flexibility as an employer in the banking industry, Bloomberg reported.

Workers can start to apply for a hybrid work position as soon as local pandemic rules allow for the safe return to the office full-time at their location, Bloomberg said. Staff in Australia, China, Hong Kong, New Zealand, and Taiwan have begun the application process, a source told the news outlet.

While UBS has not set a firm date for its 72,000 global employees to return to work, the bank told CNBC that only employees who are required to be in the office, such as those in supervisory roles or those in trading or branch positions, will have less flexibility in their roles.

Other Wall Street banks have taken a different approach with their employees.

Goldman Sachs required workers to return to the office this month, Financial Times reported.

JPMorgan Chase also plans to have employees back in the office by July 6, according to Bloomberg.

And at Morgan Stanley, which has one of the strictest office policies, CEO James Gorman said at a June company investment event, “If you can go into a restaurant in New York City, you can come into the office, and we want you in the office.”

Shares of UBS were trading at $15.51 as of 11:21 a.m. EDT on Monday, down 17 cents, or 1.08%.