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Weird News free beer for traders - banks are looking for ways out of the home office

09:25  05 august  2020
09:25  05 august  2020 Source:   de.reuters.com

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Stepping out of Bank Underground station in the heart of London’s financial district this summer, commuters “We are looking at a structural change in the market for smaller offices [and] the way WeWork offers an all-inclusive version of the serviced office model, which it styles as a community of

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Frankfurt / London (Reuters) - Money houses in London lure their employees back to their offices with free sandwiches and free beer after work.

Special dealers should return to the city as soon as possible, also because internal inspectors can supervise them better this way. Since mid-March, bankers all over the world have been working from the kitchen table because of the corona pandemic. But the fear of a second wave is growing and no bank wants to relax working conditions too quickly. Institutes in Germany are still reluctant to have specific return plans.

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Traders at some of Europe’s biggest securities firms — including Barclays Plc, Deutsche Bank AG and Credit Suisse Group AG — have done pretty well too. The big American investment banks have been able to make the most of the deeper U.S. capital markets and the fact they have become the

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"This crisis is far from over," warned Deutsche Börse boss Theodor Weimer recently when presenting the quarterly figures. "We are on the way back to normal, but the return to the office remains voluntary. It will only be gradual." Very few employees are working in offices again in London, not a single one in New York. In Frankfurt, Deutsche Börse has brought back around a third of the 2,500 employees. At Deutsche Bank, too, around 800 of the 2,500 employees are on site at the corporate headquarters in Frankfurt. Most of the 88,000 employees of the largest German credit institute still work from home. Across the Group, almost half of the 49,000 employees work at Commerzbank. The Frankfurters want to make a decision on how to proceed after the vacation period.

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Martin Wheatley, who is lead the review into the inter- bank lending rate Libor back in 2012, says its future is "untenable" and needs to be reformed.

Banks were stunned by losses and facing the wrath of lawmakers. They were being as tightfisted with home They went looking for an investor to pair with, someone with deeper pockets than the doctors and dentists In Chicago, Gray wanted to see for himself what sorts of foreclosures were out there.

WARNINGS ABOUT FAT FINGER TRADES

But banks are gradually increasing the pressure on securities dealers. "Building contacts and knowledge is especially important for new employees and that is only possible in the office," said Ram Nayak, who is responsible for bond and currency trading at Deutsche Bank. "The trading rooms are filling up slowly." In London, according to an internal memo, more Deutsche Bank dealers will go back to their desks in September. At the cooperative DZ Bank, too, it is primarily the dealers who are expected to return. "The exchange of information often suffers from working in the home office," explained a spokeswoman. "Especially when you have to react quickly, it is helpful to be aware of what is happening around you. The dealers are not sitting in the open-plan office without a reason."

Several insiders point out that compliance departments are increasingly concerned about losing track of traders' financial statements. Managers also find it difficult to evaluate the individual workload, which is an important yardstick for bonus payments. The British regulatory authority FICC warned against inadvertently incorrectly posted securities orders, known in technical jargon as "fat finger trades", and the dangers of domestic violence and higher drug consumption.

"TAKE THE GASSI"

According to insiders, the US bank Goldman Sachs is offering its people free food in its London office to make work in the office palatable again. The Swiss UBS tries to strengthen the cohesion in the dealer teams with Friday night drinks. In order to reduce commuting with public transport and the risk of infection, many banks cooperate with bicycle or scooter providers. More parking spaces for cars are being built in London's Canary Warf financial district.

But many bankers have come to enjoy working at home. "The majority are happy about the home office," said Nils Wilm, head of the personnel consultancy Bankenwelt. "They often describe their work as more productive and they enjoy shopping in between or being able to take the dog for a walk."

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