UK finance workers weigh quitting over back-to-office mandates
Financial services workers are weighing quitting their roles if their companies mandate office attendance amid a deepening feud between managers and employees.
Nearly six in ten employees in the finance sector said requirements around their office presence is making them more likely to leave their role, according to new research from City recruiter Morgan McKinley.
The research – which polled 471 workers across the sector – revealed 67 per cent of workers said office attendance was increasing their stress or burnout. Around 70 per cent said they needed help to cover commuting costs when heading into their workplace.
Seb O’Connell, chief executive of Org Group, said: “The return to office debate in the UK financial services sector has moved beyond simple attendance level but about whether workplace policies are supporting firms to attract and retain talent, or actively working against that goal.”
He added employers faced an increasing “challenge” around “balance” as expectations continue to shift.
Financial giants at odds with workers on office mandates
Top financial giants have faced employee mutinies in the last year. Days after JP Morgan ordered its workforce to come into the office five a days a week, a petition emerged calling for the Wall Street juggernaut to reverse the plans.
A leaked recording last year revealed Jamie Dimon, JP Morgan’s top boss, warning employees “not to waste time” on the petition.
“I don’t care how many people sign that f**king petition,” Dimon said. “Don’t give me the sh*t that ‘work from home Friday’ works.”
Lloyds Bank has also helped lead the charge back in September 2023 calling for staff to work in the office at least two days a week. Meanwhile, Barclays introduced a minimum office attendance requirement of three days a week earlier this year.
Even the City watchdog has attempted to orchestrate a back-to-office push, telling thousands of employees to return at the beginning of this year. Staff are expected commute in to Financial Conduct Authority’s multiple locations in London, Leeds, Edinburgh, Belfast and Cardiff for at least half the time from later this year.
It followed a failed attempt last year, where union representatives for the financial watchdog threatened FCA with industrial action if staff are made to come into the office more than two days a week.