Goldman Sachs isn't waiting around for other firms to return to the office. As companies across the country begin to reassess their work-from-home policies, Goldman Sachs is leading the charge. The bank announced this week that it plans to reopen its US offices by June 14, and its UK offices by June 21, in a widely reported memo. Goldman CEO David Solomon has expressed his support for in-office work since the beginning of the pandemic.
Goldman offices in other regions, such as India and Latin America, don’t have a reopening plan due to the recent unpredictability of COVID cases. New York City, where Goldman has its headquarters, poses a much smaller threat as vaccines are becoming widespread — as of May 6, 33.4% of NYC residents are fully vaccinated.
The move follows a trend of finance companies reopening early. Like Solomon, JP Morgan CEO Jamie Dimon has been one of the most vocal supporters of in-office work, and plans to bring his employees back in rotations starting in July. Deutsche Bank is also planning a July return. Vanguard, meanwhile, is planning a hybrid model for its 17,300 employees.
According to our data, Goldman has been on a hiring spree this year. Total job listings, which currently sit at 2,810, are higher than they were before the pandemic, and have been climbing steadily since April 2020. The current number of openings show a 69.8% increase quarter-over-quarter.
While the company’s headquarters are located in New York City, Goldman has been hiring more in Texas post-COVID, perhaps because of Texas’ lax restrictions regarding in-office work. There are currently 469 job openings for its Dallas, Texas office, compared to 351 in New York. The company has also been ramping up hiring in places like California and Virginia, with a 100% increase in job listings since last quarter for Virginia. California, meanwhile, has seen a 48% uptick in listings during the same period.
Still, Goldman’s (NYSE:GS) hiring falls behind competitors like HSBC (NYSE:HSBC), which has 3,250 openings compared to Goldman’s 2,820. The current leaders of the pack include Citigroup (NYSE:C) with 9,490 job listings, JPMorgan (NYSE:JPM) with 7,720, and Bank of America (NYSE:BAC) with 6,270 listings.
While Goldman’s return to the office is likely spurred on by JPMorgan’s plans to return in July, one thing is clear: Wall Street is slowly opening back up again.
About the Data:
Thinknum tracks companies using the information they post online, jobs, social and web traffic, product sales, and app ratings, and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
