While bank CEOs in the U.S. and government ministers in the U.K. have been trying to coax or even order staff back to the office, the tone at most financial institutions in Switzerland is markedly different.

There appears to be no great rush on the part of most financial institutions in Switzerland to bring staff back to the office, partly due to government social-distancing rules being still in place and partly due to some seeing benefits in flexible working, a survey by finews.com shows.

As a result, none of them said they had specific measures in place to entice people back onto company premises. It would be illegal to insist on vaccination in Switzerland but many of the companies surveyed said they were encouraging their employees to get vaccinated. Many also offered free, voluntary coronavirus tests.

Govt Guidelines

UBS, Switzerland’s largest bank, declined to respond officially to the finews.com survey. However, sources familiar with the bank's thinking say it is still recommending working from home in line with government policy.

At its U.S. operations, the bank has not been pressing for a return to the office in contrast to some of its Wall Street peers. UBS' North American wealth arm said that its sales force of around 6,000 U.S. brokers could continue with flexible work-from-home arrangements.

Very Vocal

J.P. Morgan CEO Jamie Dimon has been very vocal about his desire for employees to return to the office, particularly in the U.S.

A spokesman for J.P. Morgan’s Swiss operations cited government regulations as a factor determining the extent to which staff would be working in the office: «Our U.K. offices and those across the U.S. and Europe, including in Switzerland, started to see some people return again recently where it makes sense for businesses and individuals. Our return to the office adheres to local government guidelines.»

The country’s second-largest bank, Credit Suisse, also said the Swiss government’s recommendation to work from home was the basis for its policy. It said that around 75 percent of its employees in Switzerland continued to work from home and that building capacity remained significantly limited due to the protective measures still in place.

Flexible Arrangements

Zurich-based private bank Julius Baer said it was allowing 50 percent of staff back into the office and encouraging flexible work arrangements, with three days in the office and two days working from home.

Its fellow private bank Vontobel said the requirement for staff to be in the office depending on whether their job required contact with clients at the latter’s request or activities that could not be carried out remotely.

Free Canteen

A bank spokesman said Vontobel was waiting at least until the end of the vaccination campaign in Switzerland, i.e. until all citizens who were willing and able to be vaccinated were fully vaccinated before considering any change in policy.

The spokesman added that there were no coronavirus-specific incentives in place. However, bankers working on-site in Zurich enjoy access to Vontobel's free canteen.

Contrasts in Geneva

A spokesman for Geneva-based Banque Pictet said it was amazing how well remote working had functioned.

The Zurich-based spokesman said 60 percent of staff are currently working in the office. This was a higher percentage than during the first and second waves when mainly trading, IT or other teams who needed the equipment came into the office. The 60 percent also applied to compliance staff.

Variety of Factors

He added that there were a variety of factors involved in the extent to which employees wanted to work from home or in the office, adding that the bank wanted them to be as happy as possible depending on their personal situations.

Another Geneva-based private bank, Union Bancaire Privée, on the other hand, said it was encouraging staff to return to the office without incentives and was following all government health and safety guidelines on coronavirus.

Not Encouraging a Return to the Office

Switzerland’s largest insurer, Swiss Re, said that it was not encouraging a return to the office because of the government’s recommendation to work from home.

«Working from home is still recommended and returning to the office is a personal decision and remains optional. The maximum occupancy rate for our offices is 40 percent,» a spokesman said, adding that employees needed to book a workspace with an app.

Hybrid Working Model

A spokesman for Zurich said the insurer had adopted a hybrid working model in Switzerland. At group headquarters, the guideline was for three days a week in the office and two days working from home to balance opportunities for collaboration and more focused working.

«Based on feedback from employees, we know that a certain degree of flexibility between home office and office is preferred,» the spokesman said.

Shift in Govt Policy

On Wednesday, Swiss health minister Alain Berset announced that from October 1 the government would no longer pay for the non-symptomatic to be tested in a move widely seen as an attempt to persuade more people to have vaccinations. Switzerland has the lowest rate of vaccine uptake in Western Europe.

A government press release specifically stated that «the priority for the Federal Council [government] is now to safeguard hospital capacity rather than protect the unvaccinated.»

Increase in Infections

The press release also said the government would retain existing measures until at least the beginning of September but it added: «Given that everyone living in Switzerland will at some point come into contact with Covid-19, the Federal Council believes that an increase in infections, hospitalizations and deaths is inevitable.»