Why Wall Street is in such a rush to get workers back to the office

Morgan Stanley CEO James Gorman warned this week he'll be"very disappointed" if workers aren't back by Labor Day. And if they're not?"Then we'll have a different kind of conversation," he said.

At its core, banking is a face-to-face business — and no one on hyper-competitive Wall Street wants to lose a deal because of a slow WiFi connection. Of course, not all of Wall Street is rushing back to the office. European banks with a presence in New York are taking a more deliberate approach. For example, a person familiar with the matter said Credit Suisse employees are beginning to return to the office voluntarily, though most are expected to be back at work after Labor Day.

Susan Gross Sholinsky, a lawyer at Epstein Becker Green who has advised financial services firms on back-to-work decisions, said regulatory concerns are a major factor behind the desire for Wall Street to get back to the office. "A lot of analysts and junior employees are in no rush to return to the office. People who live outside the city have zero desire to come back," he said.

Berry added that while many employees want the flexibility to work from home, they are also eager to collaborate, have a sense of community and want a better work-life balance.

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