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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

#51

Post by lefstathiou »

danpalmer wrote: post #39
lefstathiou wrote: post #31

Earlier quoted context omitted.

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

At my university, JPMorgan were well known for sweeping up the bottom ~10% of each cohort. I'd never work there based on the people I know who went there, they were the students that just didn't get it. My interactions with their recruiting at conferences solidified this somewhat, as it seemed to be a graduate sweat shop with no skills development beyond what was necessary to ship the next bit of code that was legacy…

It absolutely does matter when you are building systems that are “sub scale”. JPM solutions can directly impact the cost of borrowing for entire nations, which drives the quality of life for millions of people. Innovation at this scale is measured in single digit % improvement over quarters or years. Not for everyone (including me). I’m not doing their It organization justice but you can’t bring a “move fast and break stuff” standard to this operation.

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

#52

Post by lefstathiou »

dcrazy wrote: post #47
lefstathiou wrote: post #31

Earlier quoted context omitted.

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

> the GDP of the nation of Tasmania When did the state of Tasmania secede from Australia?

I’m ignorant.

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

#53

Post by gaws »

lefstathiou wrote: post #31
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

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

That's great, but where does requiring your entire workforce to return to the office five days a week in the years since a global pandemic fundamentally changed the way white-collar work is done fit into that?

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

#54

Post by dcrazy »

gaws wrote: post #53
lefstathiou wrote: post #31

Earlier quoted context omitted.

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

That's great, but where does requiring your entire workforce to return to the office five days a week in the years since a global pandemic fundamentally changed the way white-collar work is done fit into that?

In my experience, very little changed about how my work is done. I spend most of my time interacting with source control and a debugger. I just started doing that from home instead of in an office, and traded 2h of daily commuting for a lot more loneliness.

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

#55

Post by dcrazy »

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

A lot of the people who make money for the bank were already doing much of their job over email long before the pandemic. (Which directly led to proving the LIBOR scandal.) The longer I’ve been working under my own part-time return to office requirement, the less I think it’s about the day-to-day work.

I personally benefit from having a dedicated place where work “lives” that is separate from my home. This helps me shift into a work “mode”. I know some people claim their routines are equally successful, but mine simply aren’t. In the office, I am surrounded by people who are also actively spending time in the same problem space. I’m not constantly pulled back into the domestic world by walking into the kitchen.

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

#56

Post by dcrazy »

tootie wrote: post #27
chuckwolfe wrote: post #19

Earlier quoted context omitted.

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.

A teammate here in the Bay Area is currently collaborating with someone in Israel. It is possibly the worst time zone difference I’ve seen. Worse than Japan/California has been for me.

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

#57

Post by michaelhoney »

svnt wrote: post #41
lefstathiou wrote: post #31

Earlier quoted context omitted.

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

Took a hard left at Tasmania there. Is their GDP a common measure in the banking world?

Reply was to me and I live in Tasmania. I definitely would not recommend Tasmania as an exemplar of financial innovation :)

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

#58

Post by michaelhoney »

lefstathiou wrote: post #31
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

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

My point is that JPM has been a net negative in the world. I have no doubt that they have innovated in financial markets. They have also innovated in their adherence to the law: https://en.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_le...

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

#59

Post by lefstathiou »

gaws wrote: post #53
lefstathiou wrote: post #31

Earlier quoted context omitted.

I believe JPM earns a ~40-50% higher return on equity than almost every other retail bank, which is extraordinary given the scale of their lending. Among banking CEOs, Jamie is regarded as one of the greatest of all time. If anyone else could achieve these results, they would. The Swiss certainly can’t. The systems, processes, culture and technology necessary to achieve that is breathtaking at their scale. They spend…

That's great, but where does requiring your entire workforce to return to the office five days a week in the years since a global pandemic fundamentally changed the way white-collar work is done fit into that?

I believe this decision suggests that the worlds top banker of the worlds top bank, whose assets under management are greater than the wealth of most nations on earth, seems to believe that the fundamental change in the way white collar work is done post pandemic, is either not conducive to achieving a culture he desires or to garnering the level of performance he is targeting for his company. My first reaction is not to belittle someone so demonstrably competent, even if I disagreed with the decision, but to try to understand it.

I personally don’t have the answer. I’m curious what were the core criteria that drove this decision and how many, if any, are unique to a banks culture of risk mitigation.

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

#60

Post by mingus88 »

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.…

Amazon is full RTO in my city and there are now lines down the block for the food trucks this week at lunchtime.

I’m sure every business owner is conspiring together to get those captive office workers back in city centers where their wages can be siphoned.

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