People who can find work from home or hybrid jobs they like will continue to do so, so good luck filling all that expensive new office space Lumberg, I mean, Jamie.
Wonder what the current vacancy rate is for office buildings in Manhattan?
It will take a while, but imo, most people will be back in the office at some point - it’ll start with the big prestigious companies that pay higher-than-average salaries so have leverage, but will trickle down to a lot of the less prestigious and mid-sized companies as well.
Many people are capable of working without supervision - most people are not, and myself, as part of a team of people made up of some who have always been remote, and those who became remote during covid - its pretty obvious who can handle it and who can’t.
I agree with you - Dimon has a white elephant. Lots of commercial space being converted to residential condos. The employees have figured they can work at home, don’t have to spend time commuting, don’t have to spend money commuting or on clothes, don’t have to work with annoying colleagues, and don’t have to deal with the drudge of urban life. It will be tough to convince them to do otherwise.
JP Morgan is one bank I won’t be doing projects for then.
The beauty is....I don’t need them. Other banks are quite happy to employ me on a 100% remote basis - the only basis I will agree to.
I’ve spent about 50% of my career in a private office, 45% work at home, and 5% working from a cubicle.
I was at my least productive in the cube, as I was distracted by my coworkers. I’ve been the most productive at home. I’d never work in a cube farm on a regular basis again, but wouldn’t be opposed to a private office.
You mean, the SAME finance giant who's been telling us we're due for an epic crash is builing a $3B, 70 story office building???
That guy?
What does this tell us? Hmmm. 🤔
Any company that makes staffing and operations decisions based on the cost of an overpriced building that never should have been built in the first place ought to be run out of business.
Remodel as apartments - done!
new/juniors learn nothing at home...
how do you get real mentorship/get mentored online???
corporate memory will slowly trickle out the door with the oldhands, and the wheel, will perpetually try to be invented by those that had never seen one
Then they need to cut off internet access. Anyone not reporting to the office needs to be dismissed for abandoning their job. This is ridiculous, employees telling their bosses what they will and will not do.
People are afraid of crime. Don’t want to pay gas prices.
I think he’s right. I don’t believe that the work-from-homes are as productive as they say...
The proof in the pudding is the bottom line and the time is soon coming that excuses of Covid-economy can’t hide low bottom line numbers. Somebody has to make the first move and call a spade a spade...
You want a job sitting at your computer then get a job at CNN or something.
When they start building towers it’s time to short the stock.
You’re right. People are afraid to commute into NYC. It’s dangerous.
“People who can find work from home or hybrid jobs they like will continue to do so, so good luck filling all that expensive new office space Lumberg,...
“Yeah. If you all could come to the office, that would be great.”
One of the reasons 'drones can work from home' is because collaborative workers came up with well defined team member jobs. Five years from now if 'the drones' are still working from home productivity will have dropped. Jamie Dimon's right on this...
Good luck not getting assaulted on the walk to the bank.
“... where staff work collaboratively ...”
A principle practiced by not only Morgan but other financial giants like Goldman-Sucks: When operating a conspiracy keep your co-conspirators close together and totally dependent upon each other.
People don’t want to be office drones anymore. A lot of resignations are in Jamie’s future.
Work from home will continue for the time being, but I expect the next recession will shake that out and force most employees back to the office. It’s all about supply and demand, and right now the demand for workers exceeds the supply.