Switzerland's largest bank allows two thirds of employees to adopt hybrid work model permanently

Some supervisory roles, traders and branch staff will have to work on-site

UBS seeks to gain an edge over Wall Street rivals in recruitment by offering a permanent hybrid work model to its employees. Reuters

UBS, Switzerland's largest bank, plans to permanently allow up to two thirds of employees to adopt a hybrid model of working from home and the office, according to the Financial Times.

"We are committed to offering you the flexibility for hybrid working where role, tasks and location allow," the newspaper reported, quoting an internal bank message sent to staff last week.

By doing so, the lender is seeking to gain an edge over its Wall Street counterparts in recruitment, the FT said.

This approach contrasts with that of many big banks in the US that are ramping up pressure on employees to return to the office as the pace of vaccinations picks up in the world's biggest economy.

Goldman Sachs requires almost all US employees to report to their desks, JP Morgan Chase wants US staff back in the office from July 6 while Morgan Stanley chief executive James Gorman told employees: "If you can go to a restaurant in New York City, you can come into the office and we want you in the office."

Citigroup is one of the few large US banks to introduce a hybrid working model.

The UBS move is being led by chief executive Ralph Hamers, according to the FT.

Two thirds of the Zurich-headquartered bank's 72,000-strong global workforce were in positions suitable for hybrid working. However, some supervisory roles, traders and branch staff will have to work from site, according to the newspaper report.

The bank has not set a date for when staff will be required to return to the office. Employees offered hybrid working will still be required to attend the office for certain activities, as agreed with their manager.