While some banks are looking to establish remote working conditions as a new permanent standard, others are less convinced about its long-term effects. finews.asia reviews the measures and views from global banks in the region.

With the pandemic staying persistent and new waves of infections emerging again, banks are once again implementing alternative working arrangements to cope.

In response to a media inquiry by finews.asia, a spokesperson for UBS said that over 80 percent of its staff worldwide were working from home during the pandemic and it is supportive of the option in the Asia Pacific region where appropriate. 

Rival Swiss lender Credit Suisse told this publication that it was «fully committed to enabling our staff to work remotely and where applicable, support them with the necessary infrastructure». According to the bank, 90 percent of staff are currently equipped to work from home with digital solutions for secure access to systems even for those that lack laptops issued by the bank. 

New Norm?

Elsewhere, banks are even doubling down on remote working by making it a staple of banking in the future. HSBC, for example, said last week that employees could work from home for up to four days per week in a move that is expected to contribute to the broader overhaul involving the reduction of $4.5 billion of cost and 35,000 jobs.

At Standard Chartered, 75,000 employees will be permanently offered flexible work options by 2023, or around 90 percent of its total workforce.

«While we have been thinking through the issues around the future workplace for some time, it's inevitable that recent events provided a catalyst,» said Standard Chartered’s human resources head Tanuj Kapilashrami in an internal memo.

Back to Basics

Although all banks have adapted to the current situation, not all are convinced about adopting for the long-term citing negative effects on the global workforce and the bottom line.

Despite its flexible options now, preceding UBS chief executive Sergio Ermotti said in September that cohesiveness and culture were difficult to maintain and that having 85 percent of employees working remotely was «not sustainable», instead suggesting a 20-30 percent rate at any given time.

In the same month, J.P. Morgan CEO Jamie Dimon echoed support to return to offices, underlining risks such as alienation of younger employees or broader societal damage.

Productivity Down

Dimon also pointed out that remote working drove productivity lower, citing an internal analyst note that highlighted younger workers as relatively more affected. 

«[O]verall productivity and ‘creative combustion’ has taken a hit,» the note said, according to a «Bloomberg» report, with Monday and Friday being the worst days of the week. 

Asian Advantage

While Ermotti and Dimon were speaking at a global level, Asia is considered by some as an outlier when it comes to reacting to changes and new modes of working could pay off if they prove to be a cultural fit without significant trade-offs to business. Rental costs could be slashed, for example, with Asia-focused lenders HSBC and Standard Chartered occupying nearly half a million square feet of office space in Hong Kong alone.

«Asia has a different approach to crises than other regions as people are experienced in dealing with such events,» said Credit Suisse’s Singapore CEO and South Asia head of private banking, Benjamin Cavalli, who added that workers in the region reacted «very calmly» to the changes. 

«Many remember earlier situations, such as the SARS epidemic in 2003 – and 'every crisis also contains opportunities' is a credo that prevails here.»