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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

#71

Post by blackeyeblitzar »

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.

JPM is also building a new 3 billion dollar tower in NYC, right? I believe it just finished all exterior construction work recently and interior is finishing up soon this could also just be a way to prop up the value of real estate. They directly own a lot of real estate, have many client assets parked in real estate, and the collateral for a lot of their lending is also real estate. The RTO trend helps them not face massive losses, effectively by stealing from all the employees worldwide that have to endure lengthy commutes and live in a few concentrated (and therefore expensive) locations.

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

#72

Post by ryandrake »

zxcvbn4038 wrote: post #40

Jamie Dimon's "office" is a 2,500 sq. ft. apartment on Park Avenue in New York. It's paid for by the company, and he lives there with his wife during the week. It's so hypocritical that the guy pushing hardest for a return to work is himself working from home every day.

It's funny/sad how many of these "we must return to the office" speeches are given by CEOs, over Zoom, sitting in their third home in Aspen or Monaco.

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

#73

Post by seanmcdirmid »

blackeyeblitzar wrote: post #66
mingus88 wrote: post #60

Earlier quoted context omitted.

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.

This is definitely the case in Seattle, where every news story about Amazon RTO seems to feature a restaurant owner or business association praising Amazon and ignoring that they’re really just stealing from the employees who lose 1-2 hours to commuting each day.

Amazon employees are universally complaining about it, while Amazon is the only FAANG that is actively hiring right now (they must have higher turnover).

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

#74

Post by sincerecook »

Makes sense, they can wring more of your soul out of you in the office. It's harder to intimidate people over slack. COVID was a swing towards egalitarianism and respect for employees and now we're swinging back to good old tyranny. You're not really a boss if you can't stare down a random pleb and make him feel small once in while.

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

#75

Post by seanmcdirmid »

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

Maybe if they aren’t on video conferences all day. I don’t see the point of RTO unless the team is very centralized.

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

#76

Post by ksec »

bdndndndbve wrote: post #61
ksec wrote: post #48

Earlier quoted context omitted.

>Commercial real estate bottomed already I think you are under estimating the problem with Commercial real estate, along with rental around the city that has on adjacent Commercial real estate pricing. Which also has a knock on effect on other financial instruments. The situation wont change or pops the Commercial real estate value to where it was. But it should hopefully buy some time for the market to solve itself.…

There's a good Money Stuff episode about this btw. They talked to someone whose job is to assess commercial properties on behalf of investment funds. There's a lot of obvious tricks that places use to make their occupancy seem better, but the guest's take was that only S-tier malls and office buildings are worth the asking price. My local B-tier regional mall for instance has about 50% occupancy, and a lot of that is…

>There's 2-3 other similar malls within a 30 minute drive. All of these malls are still being held by REITs or retirement funds at inflated valuations waiting for a recovery that isn't coming.

And this could cause a melt down that could be worst than 2008 housing bubble. May be it is inevitable. But there is still some time to fix it.

There is also the problem with asset valuation as you said that goes to loan and those loan goes to other places, as I said the whole knock on effect on many other areas. And I would not be surprised if Jamie Dimon can smell something is coming.

Basically everyone on HN wants Remote work, and remote work is the future of all work. ( I have on numerous occasion read this on HN and see very little challenges to the claim but up vote only ). If I were to ask between a market crash and Remote work which one would they choose, I am not so sure if everyone is still on Remote work.

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

#77

Post by blackeyeblitzar »

seanmcdirmid wrote: post #73
blackeyeblitzar wrote: post #66

Earlier quoted context omitted.

This is definitely the case in Seattle, where every news story about Amazon RTO seems to feature a restaurant owner or business association praising Amazon and ignoring that they’re really just stealing from the employees who lose 1-2 hours to commuting each day.

Amazon employees are universally complaining about it, while Amazon is the only FAANG that is actively hiring right now (they must have higher turnover).

Weird to hear that they’re complaining. On LinkedIn, I often see Amazon employees talking about how RTO has been great or that there’s a positive side to it. Maybe they’re just managers? Or maybe the silent majority is too afraid to speak against it publicly? I feel like Amazon looks very bizarre to an outsider, almost cultish in accepting this new reality of RTO, all just to shill almost universally Chinese made low quality products.

Either way if this didn’t spur them into unionization I don’t know what will. Not that I’m pro union either - I have concerns about how many of them run. But I feel like losing 1-2 hours daily is such a big cost that it’s worth dealing with that.

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

#78

Post by seanmcdirmid »

blackeyeblitzar wrote: post #77
seanmcdirmid wrote: post #73

Earlier quoted context omitted.

Amazon employees are universally complaining about it, while Amazon is the only FAANG that is actively hiring right now (they must have higher turnover).

Weird to hear that they’re complaining. On LinkedIn, I often see Amazon employees talking about how RTO has been great or that there’s a positive side to it. Maybe they’re just managers? Or maybe the silent majority is too afraid to speak against it publicly? I feel like Amazon looks very bizarre to an outsider, almost cultish in accepting this new reality of RTO, all just to shill almost universally Chinese made low…

No one is going to trash talk their company on LinkedIn, that’s just a quick way to being unemployable. I’m just talking about techies anyways, and the grumbling I hear in social conversations.

It is difficult to get tech workers making > $200k/year to unionize. At that point, it’s more grumbling about first world problems than about oppressive working conditions (yes, working from home is better, but no, RTO isn’t some sort of unreasonable request for the compensation involved, but people will still complain of course).

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

#79

Post by bigfatkitten »

nulbyte wrote: post #20
NomDePlum wrote: post #11

The odd thing about working in an office for global companies like JPMorgan is that so many daily interactions happen with colleagues who are in a different location and/or timezone. Remote communication is part and parcel of the setup so much more than many/most other companies. The associated benefits of being in a company owned location are almost negligible, at least in the areas I've experienced. Having worked i…

> many daily interactions happen with colleagues who are in a different location and/or timezone I don't work for JPMorgan, but I experience this every day. My boss is in another state. Fellow team members are in other states. Folks in departments we work closely with are in other states or even countries. The top brass loves to talk about the supposed benefits of talking shop with colleagues in line at the coffee sh…

> But they tend to forget a few things: a) I'm not interested in talking shop standing in line for coffee, b) I'm not paid enough to live near or commute to HQ, and c) normies like me make up the majority of the company.

And d) the security awareness e-learning they make you do every year says not to talk shop while you're in line for coffee.

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

#80

Post by blackeyeblitzar »

seanmcdirmid wrote: post #78
blackeyeblitzar wrote: post #77

Earlier quoted context omitted.

Weird to hear that they’re complaining. On LinkedIn, I often see Amazon employees talking about how RTO has been great or that there’s a positive side to it. Maybe they’re just managers? Or maybe the silent majority is too afraid to speak against it publicly? I feel like Amazon looks very bizarre to an outsider, almost cultish in accepting this new reality of RTO, all just to shill almost universally Chinese made low…

No one is going to trash talk their company on LinkedIn, that’s just a quick way to being unemployable. I’m just talking about techies anyways, and the grumbling I hear in social conversations. It is difficult to get tech workers making > $200k/year to unionize. At that point, it’s more grumbling about first world problems than about oppressive working conditions (yes, working from home is better, but no, RTO isn’t s…

Personally I think RTO is unreasonable regardless of compensation, since it isn’t required for the job and improves nothing. It probably hurts the company more. To me taking away 1-2 hours of time everyday from people is a huge change in working condition.
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