(Bloomberg) — UBS Group AG Chief Executive Officer Sergio Ermotti added his voice to a chorus of finance executives concerned about having so many employees working remotely.
It’s especially difficult for banks to create and sustain cohesiveness and a culture when employees stay at home, he said at a Bank of America conference on Tuesday. A rate of 85% of people working remotely is “not sustainable” for banks and a normal level for UBS should be about 20% to 30% at any time.
Photographer: Simon Dawson/Bloomberg
JPMorgan Chase & Co. CEO Jamie Dimon said last week that he sees prolonged remote work inflicting serious social and economic damage, while BlackRock Inc. Chief Executive Officer Larry Fink said he worries that working remotely results in a lack of productivity and collaboration.
While some big Wall Street
BEIJING–Home sales in China kept growing in August, as the property market recovered faster than expected from the coronavirus pandemic, propelling overall economic momentum.
Home sales by volume in January-August rose 4.1% from a year earlier, following a 0.4% increase in the January-July period, according to data released Tuesday by the National Bureau of Statistics.
Property investment, including in commercial and residential real estate, rose 4.6% in the first eight months of the year, extending the 3.4% increase in the January-July period.
Construction starts fell 3.6% in the eight-month period, narrowing from a 4.5% decrease in the first seven months of the year.
China is mulling stricter controls over the debt ratios of developers amid worries over a possible property crash. Previously, authorities mainly curbed home buying and property prices, but it is now starting to regulate developers with debt risk in order to avoid an overheating market