I've worked at a multi-national bank with HQ in London, Operational HQ in Singapore, Shared Services in Malaysia, India and China, Data centres in Hong Kong, Dubai and back in England. Every day was basically remote working with teams across the globe. No video; email, IP phones and audio-only meetings on MS Office Communicator. When the bank downsized office space so that 1/3 of shared services had to work from home, wasn't an issue at all because we were so used to working remotely.

This biggest issue is that new and middle managers are only trained to manage, not to lead. They feel that they must be able to reach out and touch someone to manage, hence RTO.