Vanguard Moves to Hybrid Work Setup for Most of Its Employees

Vanguard Moves to Hybrid Work Setup for Most of Its Employees

Vanguard Group is adopting a hybrid work model for the majority of its staff, making it the latest company to rethink the primacy of offices in the aftermath of the pandemic.

The world’s second-biggest asset manager plans to allow many employees to work remotely on Mondays and Fridays. With a staff of 17,300, Vanguard’s move represents a middle ground that other financial firms are seeking.

“The pandemic has affected so many aspects of our lives, and how we work is one of them,” the company said in an emailed statement. “Vanguard will pursue a working model that will blend increased flexibility with the known benefits of in-person collaboration.”

As Covid-19 vaccines become more readily available and cities reopen, U.S. companies are grappling with whether to bring employees back to offices full-time or embrace remote arrangements for the long haul.

Vanguard, based in Valley Forge, Pennsylvania, joins money managers Two Sigma Investments and Bridgewater Associates in planning to allow employees to continue to work remotely at least part-time.

Some Wall Street firms have been increasingly outspoken about the urgency of bringing workers back to their desks. Goldman Sachs Group Inc. has devised a plan to bring U.S. staff back to the office by mid-June, Bloomberg reported earlier Tuesday. JPMorgan Chase & Co. said last week that employees are expected to come in on a rotating basis by early July.

Investment manager T. Rowe Price Group Inc. will bring U.S. workers back to offices on Sept. 13, with “a commitment to additional workplace flexibility,” Chief Executive Officer Bill Stromberg said in an interview Thursday.

©2021 Bloomberg L.P.