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JPMorgan's Jamie Dimon is quietly telling senior managers he wants workers back in the office five days a week: Banking giant is building $3B, 70-story office tower on Park Ave - and doesn't want it to be empty
Daily Mail (U.K.) ^ | August 26, 2022 | Claudia Aoraha

Posted on 08/26/2022 10:38:34 AM PDT by Cecily

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To: Cecily

It seems that Jaime Dimon made a $3 billion mistake, and will be writing his memoirs soon.

Maybe short JPM?


61 posted on 08/26/2022 2:37:55 PM PDT by devere
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To: Chode

A mix of both. The more recent hires less than 5 years out of college.


62 posted on 08/26/2022 2:38:36 PM PDT by kosciusko51
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To: McGavin999

Stupid bosses who can’t figure out how to make remote work successful will be easy targets for layoffs.


63 posted on 08/26/2022 2:39:48 PM PDT by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: kosciusko51

but they have some experience...

right out of college needs supervision


64 posted on 08/26/2022 2:40:15 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Chode

Nearly all had advanced degrees.


65 posted on 08/26/2022 2:40:27 PM PDT by kosciusko51
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To: McGavin999
Beyond all that, the arrogance of an employee telling their employer they don’t have to do what the employer says would absolutely put them first on the “To go” list when the economy changes.

So if your employer tells you to work for $8/hour, it’s outrageous for you to say “Hell no!”?

The damage done to surrounding and support businesses is incalculable.

This is probably the biggest reason why these major investment banks are pushing employees to come back into the office. They don’t give a damn if the employees are less productive in the office. What they REALLY want is their employees to patronize business establishments around the office building. Companies like JP Morgan and Goldman Sachs have underwritten billions of dollars worth of commercial mortgages in New York City, and they can’t have the landlords defaulting on those loans as their retail and office tenants go out of business.

66 posted on 08/26/2022 2:40:57 PM PDT by Alberta's Child ("It's midnight in Manhattan. This is no time to get cute; it's a mad dog's promenade.")
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To: Chode

Well, a lot of engineers we hired had been co-ops or worked summer jobs.


67 posted on 08/26/2022 2:41:38 PM PDT by kosciusko51
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To: kosciusko51

degree >< experience

if it works for you great, but who is there for the fresh meat still wet behind the ears?

who is there to set the example??

who can SEE them when they are making a mistake and catching it early when they are at home???

somebody has to hire these kids to give them experience, and if it’s all WFH, i give it ten years before it all falls down...


68 posted on 08/26/2022 2:47:18 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Alberta's Child

If an employer wants me to work for $8 I don’t take the job. It’s his right to set the terms, it’s my right to reject those terms. If you don’t like your employers terms go work for someone else. If you have them over the barrel now you won’t in the future.


69 posted on 08/26/2022 2:53:35 PM PDT by McGavin999
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To: McGavin999

That’s exactly right. And here’s what has changed in the last 2-3 years … The employee’s place of work and work arrangements are now among the many terms to be negotiated with the employer.


70 posted on 08/26/2022 3:01:31 PM PDT by Alberta's Child ("It's midnight in Manhattan. This is no time to get cute; it's a mad dog's promenade.")
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To: Cecily

So 20th century Jaimie...that shoulda been a 7 story building...mebbe


71 posted on 08/26/2022 3:01:46 PM PDT by mo ("If you understand, no explanation is needed; if you don't understand, no explanation is possible)
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To: Chode

Either my senior engineers or I had daily meetings with the young hires, and made ourselves available for virtual meetings when they had questions.

My former company required peer reviews before presenting results to the customer. Also, project managers were responsible for the results, so it was in their best interest to stay on top of the progress.

The process was developed as the company is small with regional offices. Even when I was working in the office, most of my team was in other offices. This setup has worked for nearly two decades, and is still going after my departure.


72 posted on 08/26/2022 3:05:26 PM PDT by kosciusko51
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To: Alberta's Child

No, the terms of employment were established when the employee took the job. Now if they were hired to work from home, then they have a right to negotiate. If not, and they refuse to come back either revoke their computer access or put them on the “first to go” lost and pass them over for raises and promotions. A company doesn’t need people who are not team players.


73 posted on 08/26/2022 3:15:08 PM PDT by McGavin999
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To: McGavin999

The terms of employment did not include forced work from home due to a scamdemic. Pandora is out of the box and not going back in.


74 posted on 08/26/2022 3:32:41 PM PDT by JerryBlackwell (some animals are more equal than others)
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To: kosciusko51

kudos


75 posted on 08/26/2022 3:44:30 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Cecily; All; flaglady47; M Kehoe; entropy12; seenenuf; Maine Mariner; Liz; LS; Guenevere; ...
JPMorgan Chase has always turned a premier return for stockholders.....one of the best stocks to hold in the U.S. of A.

Under Jamie Dimon's leadership, however, the stocks have tumbled to the point where they are miniscule, close to becoming almost worthless.........and JPMC's everyday-folks-shareholders are left holding the bag while Dimon is now building a $3 billion office monument to himself..........and while he himself shamelessly draws down a $31.5 million dollar annual salary.

More proof that under the Biden/Demoncrat regime, the elite are (and will continue to be) enjoying the cream....while the increasingly-battered, middle-class every-day-folks can only dream.

Soon there will be no middle-class, only the very wealthy and the government-supported poor will remain.

Marxism at its finest...on the march !

Leni

76 posted on 08/26/2022 3:51:43 PM PDT by MinuteGal (Twenty Three Years a FReeper....and Lovin' Every Minute of It ! MAGA !)
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To: cgbg

There is no way that big office towers will be around (except as historical oddities) in fifty years.

Dumb managers will have to figure out how to deal with it.

All the new people coming across the border will need places to live. NYC can buy or lease the buildings and stack ‘em up like cordwood.


77 posted on 08/26/2022 10:14:46 PM PDT by rxh4n1
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