Goldman Sachs calls time on working from home

Goldman Sachs plans to have UK and US staff return to its offices next month, in an unsurprising development after chief executive David Solomon in February called home working "an aberration".

UK employees should be ready on June 21 and US staff by June 14, according to an internal memo reported by Bloomberg.

The move follows an announcement last week from JPMorgan Chase that its workforce would be reincorporated into its offices on rotation from July.

Other finance companies are also starting to set policies for an eventual return.

Vanguard Group said it was planning a hybrid model for most of its 17,300 employees, and Ken Griffin’s Citadel expects to have most US staff back in its offices by June 1.

At Deutsche Bank, New York City workers will be allowed to work from home until July at least.

David Solomon joins JP Morgan chief Jamie Dimon in counting on an expanding vaccination drive to hasten the revival of pre-pandemic routines in an industry where many have spent 14 months working online.

The two have been at the forefront in planning the most pressing timelines for returns to offices, which are likely to put pressure on other firms.

“We are focused on progressing on our journey to gradually bring our people back together again, where it is safe to do so,” Mr Solomon said in the memo.

An Accenture survey of 400 North American financial-services executives found that almost 80 per cent preferred workers to spend four to five days in the office when the pandemic is over.

Such plans could face resistance from staff, many of whom want to keep flexible schedules after proving they could stay productive while working from home, Accenture said.

In New York, home to the two banking giants, plans are under way to reopen fully in two weeks, marked by the return of arenas, gyms, stores, restaurants and hair salons, New York Governor Andrew Cuomo said on Monday.

Most capacity restrictions will also be lifted across New Jersey and Connecticut, while all-day subway service will resume in the city this month.

Goldman’s management is unlikely to follow a similar schedule in other countries as the virus charts an uneven course across the globe.

That is especially true for the firm’s large operations in Covid-ravaged India.

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All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen