Moelis & Co. Joins The RTO Stampede, Forcing Staff Back To Desks As Wall Street Wobbles

The days of flexible working at Moelis & Co. appear to be officially over. In a striking return to pre-pandemic norms, the boutique investment bank has announced that employees must return to the office five days a week starting in May. The policy reversal, revealed in a recent internal memo, will impact more than 1,300 staff members. It follows similar mandates from firms like JPMorgan Chase and Lloyds Banking Group, who have also reinstated full-time office requirements in a bid to boost productivity amid economic headwinds.

Moelis' Pandemic-Era Flexibility Now a Thing of the Past

During the pandemic, Moelis & Co. embraced remote working. CEO Ken Moelis had even expressed enthusiasm about hiring top talent regardless of geography, saying in 2020 that the firm would support remote employees, even those based in Florida. But now, with mergers and acquisitions activity slowing and economic instability rattling Wall Street, times have changed.

Despite growing employee resistance—particularly from tech teams who rarely meet clients face-to-face—firms remain determined to stick with full-time office mandates. Tensions are rising, and the divide between leadership and workers continues to widen.

JP Morgan Fires, Then Reinstates, Employee Who Questioned RTO

Last month, a notable incident at JPMorgan Chase cast a spotlight on the growing friction around RTO policies. During a meeting with CEO Jamie Dimon, employee Nicolas Welch, a tech operations analyst, questioned the company's firm return-to-office policy. Dimon was unapologetic, stating that the full-time office setup is 'the best way to run the company' and dismissing remote work as open to 'abuse'.

Welch was subsequently terminated by his supervisor, who accused him of embarrassing the company. He was later reinstated, but the situation underscored how volatile the conversation around flexible work has become.

In an effort to make the transition more palatable, JPMorgan has unveiled a lavish new headquarters at 270 Park Avenue in Manhattan. The £2.4 billion ($3 billion) skyscraper boasts 19 restaurants, yoga rooms, and cycling studios—designed to make office life more appealing.

Lloyds Links Bonuses to Office Attendance

In the UK, Lloyds Banking Group has adopted a more hardline approach. The bank has invested in a major renovation of its Old Broad Street headquarters, transforming the space to accommodate over 5,000 staff.

However, what has truly caught attention is Lloyds' decision to tie senior staff bonuses to office attendance. Under the new policy, executives must attend the office at least twice per week or risk seeing their bonuses cut. Although the mandate applies only to around 20% of Lloyds' workforce, critics say it disproportionately affects working parents, carers, and women.

Economic Instability Fuelling Office Mandates

The clampdown on remote work comes as Wall Street faces mounting pressure from declining deal activity. According to the London Stock Exchange Group, US mergers and acquisitions activity has fallen by 24% compared to this time last year, totalling just £210 billion ($271 billion) in 2025 so far.

This downturn has prompted banks like Moelis to urge employees to diversify their roles and seek opportunities in other revenue-generating areas such as capital markets and lending.

Beyond investment banking, the broader financial and tech sectors are also reeling. Tech stocks, once darlings of the market, are floundering—Nvidia is enduring its worst quarter since 2022, dropping 12.5%, while Tesla has seen a 40% dip in value amid growing scepticism over Elon Musk's leadership and rising competition from Chinese EV giant BYD.

Finding Balance Between Flexibility and Accountability

The current wave of RTO mandates reflects the urgent need for stability and accountability in a rapidly shifting economic landscape. But as firms double down on traditional office structures, they risk alienating employees who have come to value flexibility and autonomy.

The workplace of 2025 is clearly at a crossroads. While businesses like Moelis, JPMorgan and Lloyds push for physical presence, they must also grapple with retaining talent, safeguarding morale, and adapting to a workforce whose expectations have fundamentally changed. The return to the office may be in full swing, but whether it is sustainable—or wise—remains to be seen.