This is why you see the big banks as some of the biggest cheerleaders for forcing employees back to the office. Who do you think holds all these commercial real estate loans and what happens when the property used as collateral for these loans is suddenly worth much, much less than these banks valued it at when they made the loans?
“... what happens when the property used as collateral for these loans is suddenly worth much, much less than these banks valued it at when they made the loans ...”
A bit off-topic but this scenario is going to part of the Ds attack on PDJT’s tax situation, that his properties are overvalued so his tax bill deductions are over-stated. Hence he is cheating the tax man.
I work for the big banks. Even they are having to accept hybrid schedules for their employees and for experienced ones....100% remote.
I had one (HSBC) I was playing footsie with about 6 months ago. The project I was going to work on got cancelled and I moved on and got a project with another bank. Then HSBC had another project that was similar they wanted done and started contacting me again (more experienced folks in the areas I do are not plentiful). I mentioned I took a contract with another bank 100% remote. They were stunned....”and they accept that???” (me living several states away from where the other bank is located). I said “Sure! They have no problem with it. Nor does (another big bank I was negotiating with).”
Most of them have figured out by now they’re just going to have to accept remote work if they want people with some of the experience and skills they are looking for. Otherwise they simply won’t be able to compete in the market for those people.