Working remote is not allowed due to certain regulations. That's why it's so hard to hire good data scientists!
And you're in top-20 I-banking? So most likely in a huge city, with a huge swath of data science talent. The issue isn't folks not being able to work remotely.
The thing is that data scientists are wanted by so many companies that besides salary you have to compete with perks and other things. IBs can't provide some of the perks, like remote work and makes it less attractive to potential candidates. This is my opinion, not my employer.
A very recent M.S. from a top 10 school in ML/DL here. Can chime in remotely as well. Need a new Lamborghini; Murcielago is getting old you know ;-)