JPMorgan's Jamie Dimon is quietly telling senior managers he wants workers back in the office five days a week: Banking giant is building $3B, 70-story office tower on Park Ave - and doesn't want it to be empty

Daily Mail (U.K.) ^ | August 26, 2022 | Claudia Aoraha

[Cecily]

JP Morgan's CEO Jamie Dimon has been telling senior managers that he wants rank and file bankers back in the office five days a week in a dramatic shift from their hybrid working model.

The finance giant is currently building a $3billion 70-story office tower on New York's prime Park Avenue - and Dimon is said to be worried that it'll sit empty if staff continue to work from home multiple days a week.

The investment bank's titan has emphasized the company's apprenticeship model - where staff work collaboratively and learn from one another in the office environment.

[devere]

It seems that Jaime Dimon made a $3 billion mistake, and will be writing his memoirs soon.

Maybe short JPM?

[kosciusko51]

A mix of both. The more recent hires less than 5 years out of college.

[cgbg]

Stupid bosses who can’t figure out how to make remote work successful will be easy targets for layoffs.

[Chode]

but they have some experience...

right out of college needs supervision

[kosciusko51]

Nearly all had advanced degrees.

[Alberta's Child]

Beyond all that, the arrogance of an employee telling their employer they don’t have to do what the employer says would absolutely put them first on the “To go” list when the economy changes.

So if your employer tells you to work for $8/hour, it’s outrageous for you to say “Hell no!”?

The damage done to surrounding and support businesses is incalculable.

This is probably the biggest reason why these major investment banks are pushing employees to come back into the office. They don’t give a damn if the employees are less productive in the office. What they REALLY want is their employees to patronize business establishments around the office building. Companies like JP Morgan and Goldman Sachs have underwritten billions of dollars worth of commercial mortgages in New York City, and they can’t have the landlords defaulting on those loans as their retail and office tenants go out of business.

[kosciusko51]

Well, a lot of engineers we hired had been co-ops or worked summer jobs.

[Chode]

degree >< experience

if it works for you great, but who is there for the fresh meat still wet behind the ears?

who is there to set the example??

who can SEE them when they are making a mistake and catching it early when they are at home???

somebody has to hire these kids to give them experience, and if it’s all WFH, i give it ten years before it all falls down...

[McGavin999]

If an employer wants me to work for $8 I don’t take the job. It’s his right to set the terms, it’s my right to reject those terms. If you don’t like your employers terms go work for someone else. If you have them over the barrel now you won’t in the future.

[Alberta's Child]

That’s exactly right. And here’s what has changed in the last 2-3 years … The employee’s place of work and work arrangements are now among the many terms to be negotiated with the employer.

[mo]

So 20th century Jaimie...that shoulda been a 7 story building...mebbe

[kosciusko51]

Either my senior engineers or I had daily meetings with the young hires, and made ourselves available for virtual meetings when they had questions.

My former company required peer reviews before presenting results to the customer. Also, project managers were responsible for the results, so it was in their best interest to stay on top of the progress.

The process was developed as the company is small with regional offices. Even when I was working in the office, most of my team was in other offices. This setup has worked for nearly two decades, and is still going after my departure.

[McGavin999]

No, the terms of employment were established when the employee took the job. Now if they were hired to work from home, then they have a right to negotiate. If not, and they refuse to come back either revoke their computer access or put them on the “first to go” lost and pass them over for raises and promotions. A company doesn’t need people who are not team players.

[JerryBlackwell]

The terms of employment did not include forced work from home due to a scamdemic. Pandora is out of the box and not going back in.

[Chode]

kudos

[MinuteGal]

JPMorgan Chase has always turned a premier return for stockholders.....one of the best stocks to hold in the U.S. of A.

Under Jamie Dimon's leadership, however, the stocks have tumbled to the point where they are miniscule, close to becoming almost worthless.........and JPMC's everyday-folks-shareholders are left holding the bag while Dimon is now building a $3 billion office monument to himself..........and while he himself shamelessly draws down a $31.5 million dollar annual salary.

More proof that under the Biden/Demoncrat regime, the elite are (and will continue to be) enjoying the cream....while the increasingly-battered, middle-class every-day-folks can only dream.

Soon there will be no middle-class, only the very wealthy and the government-supported poor will remain.

Marxism at its finest...on the march !

Leni

[rxh4n1]

There is no way that big office towers will be around (except as historical oddities) in fifty years.

Dumb managers will have to figure out how to deal with it.

All the new people coming across the border will need places to live. NYC can buy or lease the buildings and stack ‘em up like cordwood.