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JPMorgan reportedly ending remote work for more than 300k employees

forbes.com

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Re: JPMorgan reportedly ending remote work for more than 300k employees

#21

Post by t-writescode »

monero-xmr wrote: post #16

Remote work is the absolute easiest way to hire the best people for cheap. I love when more companies go RTO, the startups can get more talent.

We need to get more startups, then. So many software devs have been forced RTO or laid off and I haven’t heard of many new companies that aren’t crypto scams or dubiously and maybe-legal gambling sites.

Admittedly, I’m trying to start my own company and can’t afford employees (and refuse to take VC money); but I figured we’d see plenty more companies with all the layoffs.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#22

Post by realusername »

KumaBear wrote: post #10
realusername wrote: post #9

Let's not sugarcoat it, it's just a way to fire a large number of employees, it's never been a debate about remote work. The issue for them is that usually it's the best employees leaving when done this way and the company is then stagnating.

That’s what I keep hearing but the remote job market is getting very competitive. With all these RTO mandates it’s going to be a tough market for many to find work.

Sure, that's the market at play. The companies still opened for remote working have an even more unfair advantage than before. And that'll continue until those policies are reverted.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#23

Post by threatofrain »

bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

IMO remote work should be evaluated on a role-by-role basis because remote team coordination really is that much harder. The prima facie incentives actually lean hard in the direction of employers because you access the global market of developers, driving down cost big time and real estate is expensive.

Thus remote coordination is so hard... that employers would rather pay for expensive real estate and expensive talent, including the burn on time for employees driving around.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#24

Post by itake »

bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

Why do the landlords have control over tech ceos?

Re: JPMorgan reportedly ending remote work for more than 300k employees

#25

Post by tootie »

bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

That really doesn't seem plausible. Why would JPM bother propping up commercial real estate? I think the answer is much simpler. Jamie Dimon is very opinionated and conservative and wants people back in the office because thinks they're slacking off at home.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#26

Post by kcb »

itake wrote: post #24
bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

Why do the landlords have control over tech ceos?

JPMorgan are the landlords. They just finished building one of the biggest skyscrapers in NYC for their use https://en.m.wikipedia.org/wiki/270_Park_Avenue_(2021%E2%80%...

Someone needs to at least be able to portray a return on that investment.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#27

Post by tootie »

chuckwolfe wrote: post #19
michaelhoney wrote: post #3

"JPMorgan’s leader believes that when employees are inside the office working together (instead of remotely or for a few in-person days here and there) the company and its employees experience greater levels of innovation, creativity and teamwork." tell me about the innovations you've pioneered, Jamie

At Chase you go into work, find a desk or reserve it online, and then you’re in zoom with London, Ohio and India all day I see zero point in coming into the office

The same geniuses who said putting back offices in Asia and working async across massive time differences would be a boon now say you have to sit next to somebody to be productive.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#28

Post by bdndndndbve »

tootie wrote: post #25
bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

That really doesn't seem plausible. Why would JPM bother propping up commercial real estate? I think the answer is much simpler. Jamie Dimon is very opinionated and conservative and wants people back in the office because thinks they're slacking off at home.

I'm not saying they're single-handedly propping up real estate, but they benefit from "number goes up" in the economy. If WFH becomes a durable trend and a bunch of commercial properties get written down it's going to have a big impact on a lot of investors. Many large companies either have real estate investments, or their owners are diversified into real estate. It makes sense for companies collectively to push in this direction not out of nostalgia but to avoid a massive correction.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#29

Post by t-writescode »

tootie wrote: post #25
bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

That really doesn't seem plausible. Why would JPM bother propping up commercial real estate? I think the answer is much simpler. Jamie Dimon is very opinionated and conservative and wants people back in the office because thinks they're slacking off at home.

Our entire banking system is built on trusting that companies and individuals will keep paying their loans.

If enough people don’t want commercial real estate, then those empty buildings will, at least for businesses, eventually start to default because they have no money.

At least that’s my “off the top of my head” theory.

It doesn’t change the fact that the US’s car-centric, NIMBY, segregated behavior has resulted in a world where in-office work is about as unpleasant as can be and greatly desired against.

Re: JPMorgan reportedly ending remote work for more than 300k employees

#30

Post by 8note »

threatofrain wrote: post #23
bdndndndbve wrote: post #18

People have theorized that RTO mandates are shadow layoffs, but I think they might actually be commercial real estate investors trying to prop up the office market. If large companies are able to force RTO those working conditions will trickle down to smaller employers, which will stop the bleeding of tenants for small and midsized buildings. Those commercial office buildings are owned by REITs and investment banks.…

IMO remote work should be evaluated on a role-by-role basis because remote team coordination really is that much harder. The prima facie incentives actually lean hard in the direction of employers because you access the global market of developers, driving down cost big time and real estate is expensive. Thus remote coordination is so hard... that employers would rather pay for expensive real estate and expensive tal…

at least where im working, team coordination was already dying to dead before covid lockdowns started because all the realted teams were moving to far off locations. the coordination improved with dedicated remote compared to conference room to conference room remote meetings
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