Two-thirds of executives at US financial services firms would quit if they had to return to the office 5 days a week, survey finds

• Executives at US financial firms say they would quit if they had to return to the office full-time.
• They want to work remotely but are worried that it will impact their careers negatively.
• Others believe their in-office peers are paid more, promoted more often, and more likely to become CEO.

Executives at major financial institutions are so keen on remote work that they'd quit if they were forced to return to the office five days a week, a new report by Deloitte found.

Deloitte and Workplace Intelligence conducted a survey of 700 full-time executives at US financial services organizations in April 2023 to explore their attitudes around work arrangements including remote and hybrid work.

It found that 66% of executives who worked remotely at least part of the week said they would quit if they were mandated to come back to the office full-time. Over half of executives say they're feeling pressured to go into the office more often.

Around 62% of executives say they'd prefer to work remotely more often but are worried that it will hurt their careers, and just over half think they may be missing out on opportunities to socialize and network when working remotely.

Respondents felt that in-office workers did experience more career progression. Over half felt in-office workers are paid more; 63% said they're promoted more often; 55% felt they hold more decision-making power; and 65% said they're more likely to become a CEO.

Financial institutions across the US are clamping down on their flexible working policies put in place during the pandemic and are now mandating workers come to the office. This includes major Wall Street banks like JPMorgan, Citigroup, and Goldman Sachs.

Senior employees can prefer remote work more than interns and junior staff because they may have comfortable work-from-home setups and greater confidence in their abilities to get the job done, Slack's co-founder and chief technology officer Cal Henderson previously told Insider.

A recent McKinsey survey found that workers making over $150,000 a year prefer working from home and would be willing to take a 20% pay cut to continue doing so.