Working from home ‘has not worked’, Wall Street bosses tell Davos summit – as Citigroup chief says slackers should be hauled back into the office until their productivity improves

DAILY MAIL ^ | 17 January 2023 | JOHN-PAUL FORD ROJAS

[dennisw]

Jane Fraser said that it was important for employees to collaborate Other Wall Street bosses have expressed frustration at staff working from home Ms Fraser is more open to idea of flexible working than other banking bosses

But, at the World Economic Forum in Davos, she said a line had to be drawn Larry Fink, of BlackRock, simply said that ‘remote working has not worked'

The British boss of Wall Street banking giant Citigroup yesterday warned that slackers working from home will be hauled back to the office for coaching.

Jane Fraser said that it was important for employees to collaborate together and learn from ‘eccentrics’ in the workplace as she did.

Other Wall Street bosses have expressed frustration at staff continuing to stay away since the pandemic, with one saying the practice ‘has not worked’.

Ms Fraser has been more open to the idea of flexible working than other New York banking bosses, but she made clear that a line had to be drawn.

Larry Fink, chief executive of BlackRock, the world’s biggest asset manager, was more forthright when he spoke at the same event, hosted by Bloomberg.

He said: ‘Remote working has not worked.’

Citi is based in New York but has offices across the world including a large presence in London where it employs more than 6,000 people.

Morgan Stanley chairman James Gorman told staff in 2021 that if they wanted to earn New York wages they must work in the city.

Ms Fraser has tended to take a less hardline approach and last month the bank said most employees could work from anywhere for the final two weeks of the year.

[dpetty121263]

I have worked from home now 7 years.

[Fellow Traveler]

Couple of observations
Black Rock is one of the largest holders of commercial real estate in the country, they have a vested interest in people going back into the office.
As far as IT most of the best of the best will only work remotely now. If companies insist on being in the office they will be drawing their workforce from whatever is left.

[metmom]

Most of the prescriptions I am on.

Either they are not covered, or they are classified as Tier 4 or 5 and HIDEOUSLY expensive.

Also, some healthcare plans have dental coverage, which we have had to get separately, and and optical package. Forget that as well.

Medicare Advantage can deal with much of that, but it’s a one way trip. If we cancel our supplemental healthcare as part of the retiree package and go with Medicare Advantage, we can never go back.

And they benefits are so complicated, there is simply no ay to compare them, which, I’m sure is the idea.

Now do I want the same government which can’t even handle running the post office or DMV involved in any way, shape, or form with my healthcare.

[Secret Agent Man]

I love how big businesses shut down parts of their businesses, demanded work from home, demanded vax shots, and now blames work at home folks for their decisions

[rxh4n1]

If it can be done from home, it can be done from India.

[Vigilanteman]

Yep, I was seriously considering something crazy like that to make ends meet when I lost my job in the closing days of the ObaMao regime. I had even lined up a school to get my CDL as there were only six months of unemployment in those days.

But by January 2017, I was getting interviews in my field; even had one the day President Trump was sworn in. A month later, I had a temp assignment which grew into my present job. After one year as an employee, I got a bigger raise than I had gotten in eight with the previous $#*+hole outfit.

[Sapwolf]

So what.

FOAD Wall Street.

Going to work will get you killed in NYC.

[Sapwolf]

If they were slackers at the office, they will be slackers at home.

[TChad]

Not my kind of guy. At all.

[Myrddin]

My son has a physics degree and business administration degree. He is also a real estate broker in 5 states and has lender credentials in two or three. He started dating a woman with a CDL. He rapidly got a CDL as well and went off to Texas for training driving flatbeds. His income was 50% of what it could be because the training company provided the truck and was extracting repayment of his training. He assessed the situation. He was on the road full time except for the mandated breaks. Lots of time sleeping in the truck. Income was 50% of what he earns doing broker price opinions from his home office. It wasn't a good trade off.

Temp assignments are a great way to introduce your skills to a prospective employer. That 5 year engagement in San Diego was supposed to be a 3 week assignment to assist meeting a deadline. Instead, it became a complete revamp of the hardware from desktop SPARC/Solaris to Linux on VMs under VMware, then adding on a web interface to a system designed as X/Motif for the UI.

[Vigilanteman]

Glad it worked out for you. It certainly worked out for me as well, without the need to relocate to a $#*+hole city even temporarily.