The Swiss government's lifting of COVID-19 restrictions quickly prompts the finance hub to drop face masks, research by finews.com shows.
It has been almost two years since finews.com reported exclusively on the harsh pandemic measures at Credit Suisse. Then, Switzerland's second-largest bank split operations. Teams that were critical to the bank were divided, a step they hoped would minimize the risk of COVID-19 significantly impairing bank business.
It never came to that, for the bank or the sector's employees. Now, with Wednesday's lifting of all pandemic restrictions, many feel spring is in the air. Even at Credit Suisse. Sources from the bank indicate that the requirement to wear face masks was dropped immediately following the government decision - although employees still have to keep a minimum distance from each other.
And from 7 March, Credit Suisse will officially ask all employees to return to the office.
Permanent Change
That date will also be when the new «The Way We Work» model is introduced, a spokesperson confirmed. That means that employees can choose how and where they want to work. The approach has to be agreed to by the team and superiors while being in line with legal requirements and federal government remote working recommendations.
In theory, it should make it possible for Credit Suisse employees to never show their faces at the office again.
St. Gallen-based headquarters of the Raiffeisen chain is nearing a model of total flexibility. While each branch can institute their own working measures, the umbrella organization plans to shift to normal operations on 1 March under its «Flexwork» model that was introduced in August 2020.
That means that employees can work up to 80 percent of the time in another location, provided that this has been agreed to by their superiors and their activities allow for it.
Other significant institutions in Swiss finance are beginning to show similar trends.
Julius Baer Asks Staff Back
At the Zurich Cantonal Bank, which continued to require employees to remain at the office after the pandemic started, things also seem to be changing. In the future, those working more than half-time can spend a maximum of 40 percent of working hours remotely, spokespeople indicated. Other hygienic measures will remain in place. Wearing masks is voluntary.
The private bankers at Julius Baer can spend up to 40 percent of their time working remotely or from home but only for those that are fully employed. The new hybrid working model comes into force on 1 March, which is officially the date that all employees are being called back to the office.
«It will be compulsory for them to return to the office for at least a portion of the time», a spokesperson responded when queried.
Competitor Lombard Odier has also indicated it will allow two days a week of remote work, the information provided by them shows. They are, however, allowing more time for employees to adjust to the new working model. They intend to have a transition phase lasting from early to late March.
Pictet's 3 Plus 1 Plus 1
The largest private bank on the Rhone has a Covid task force that decides on future developments. Currently, about two-thirds of employees are working at the office. In the future, they plan to launch, the «3 plus 1 plus 1» model, according to a spokesperson.
«Employees should be in the office for three days and then can work from home on one day and if their superior allows it, a second day.» That is, however, only valid for employees who have remote working capabilities.
In contrast, the leading Swiss life insurers seem to be almost charging back towards a pre-pandemic reality. Swiss Life will return to normal on 21 February and employees can return to the office then, the company said. When it comes to remote working, they are refraining from strict quotas. The team heads will establish the modality between mobile work and office arrangements although client needs have to remain a central focus.
«We are assuming that the predominant amount of work will still be in the office», they maintained.
Zurich: Established Flexibility
Switzerland's largest insurer, Zurich, says employees can already return to the office on a voluntary basis. They are not setting any official dates as the domestic business introduced a flexible working model in 2015.
«A modern, contemporary working environment is already part of Zurich Switzerland's strategy», a spokesperson reports.
Each branch can accede to employee wishes. Internal surveys show that employees want to have two to three days of remote work and two to three days in an office or visiting clients.
UBS has also surveyed its employees about remote work. The largest Swiss bank now acknowledges that most want a hybrid working model. Given that, it will allow for a mix of office and remote work, depending on function, job and location. The bank learned its lesson early when it comes to office usage and it now strives to have about a third of its employees working remotely at any one time.
Vontobel – Stability First
Zurich investment house and private bank, Vontobel, is taking its time with everything.
«In order to avoid employees getting sick at the same time and ensure stable operations, the line managers have asked that teams continue to work remotely, or from home», a spokesperson said.
Vontobel plans to introduce a regular remote working model on 1 April, the same date that the government intends to remove all COVID-19 regulations. Hopefully neither is a practical joke.
