Good morning, Term Sheet readers.
MEDITATING ON WALL STREET: I honestly can’t get enough of this story. Last year, UBS decided that its wealth management office overlooking the Hudson River needed a face lift. So the bank hired WeWork for some fresh ideas. WeWork presented a very WeWork-esque vision: “You need a juice bar, meditation room and a lot more greenery.” Don’t we all?
From the story:
Dave Fano, WeWork’s chief growth officer, said more financial institutions are starting to embrace a different aesthetic—with details like trailing curtains of plants and low-slung lounge chairs—instead of traditional marble lobbies. “I don’t want to stereotype too much, but I think stones and dark wood and things like that, some of that is going away,” Fano said. “There aren’t that many plants in the current UBS.”
Wall Street is looking for ways to shed its ivory tower image and lure talent away from other industries. Naratil said younger employees at UBS expect a more communal atmosphere. “I don’t want to say it’s a generational thing, but I do think that as we’re getting a higher and higher percentage of our workforce that is millennial, they’re asking a few more questions,” he said.
WeWork, which could be valued at up to $35 billion or $40 billion, established a design and office management service called Powered By We last year. It appears that the idea is to help the company reduce its reliance on expensive and long-term leases by re-designing space that…