Jamie Dimon - “We want people back to work, and my view is that sometime in September, October it will look just like it did before”
https://www.cnbc.com/2021/05/04/jamie-dimon-fed-u…
Moyniham - "“The basic concept is from now to Labor Day or mid-September, you’re kind of in that transition mode. The idea is the vaccinated teammates should be back to work after Labor Day.”"
https://www.cnbc.com/2021/06/14/bank-of-america-c…
Solomon - "“in the US, we ask those who have not yet done so to make plans to be in a position to return to the office by Monday, June 14.”
https://www.cnbc.com/2021/05/04/goldman-sachs-ceo…
Gorman - "By Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation,"
https://www.cnn.com/2021/06/16/investing/morgan-s…
I'm at one of these firms, so it looks like the dream of continuing to work from home and make more money than I've ever made without putting on dress shoes is over. since PWM is revenue generating, it's possible we'll have some flexibility, but the message is still clear - office or else.
my $0.02 - it's incredibly difficult to make global policies be nuanced so there's no way to make people 100% happy, and I understand that if you're an analyst in a cramped apartment, working in a nice office is likely preferable to being stuck at home, but the harshness of these comments is a bit striking. everyone had record profitability during a 100% WFH environment, tech companies have LONG had flexibility and made it work (even in bizdev, you WFH then travel to see clients), and I've personally never been more productive, healthier, had a stronger marriage, better sleep, the list goes on. WFH may have been one of the best things to ever happen to me, so I'll be fighting tooth and nail for flexibility and spending the absolute bear minimum in the office unless there's a client or team meeting.
what does everyone think about this? am I being too much of a snowflake diva? are these CEOs being too curmudgeonly? am I one of the few who actually LOVED working remote? tell me WSO!
I would say it's a bit different for you maybe since you are in a revenue generating role but overall you are a snowflake diva if you are complaining about having to go into the office. You are an employee. You don't make the rules bub. Get back in line son, this kind of questioning of management's decisions makes me question your loyalty to the firm.
My level of snarkiness will be directly correlated with the source of this ruling. If finra said "nah fam, same rules on wfh as before" which is very onerous on broker dealer firms, then ok I get it, but if it's something else, that'd be shitty
My only loyalty is to wso, don't worry lil fella
I think the issue is the lack of management’s ability to accept the world has changed. These firms preach “we only survive due to our ability to adapt and modernize”. Denying flexibility and reverting to pre-pandemic culture is in pure contrast to their statements.
I fucking love WFH. I can fap on demand, watch youtube, do whatever I want whenever. As long as I'm still delivering quality stuff on time, that's all that matters. It's really a shame we're going back to the office after Labor Day.
PE employees should unionize for WFH :p
i've saved a tonne of time on commuting and lots of cash on rent.
I hardly even left my bed yesterday (work from laptop).
think its the harsh truth though. there is something missing while working from home. something about human interaction. and if I can WFH there no reason my job cant be offshored.
They've already offshored everything that would save them short-term or long-term $/cents. Anything left (IB, AM, etc.) are functions that require time zone congruency, relationship management, attention to detail, etc.
If any of our bosses could save $10 by shopping our jobs off to India/SEA, they would have done this already
we are headed towards a future where companies will offshore every job in America to boost their profits - and that future is beautiful.
>They've already offshored everything that would save them short-term or long-term $/cents. Anything left (IB, AM, etc.) are functions that require time zone congruency, relationship management, attention to detail, etc.
Talk you your friends outside banking... this simply isn't true. More and more complex jobs like engineering and software are being offshored, 10 years ago this was unthinkable.
I love WFH, never ever want to go back to the office. But I think it’s foolish to think BBs and other large financial institutions would let people work from home permanently. These firms make bank (pun intended) collecting fees and providing financing for mega real estate developers, owners, and management cos. If these institutions suddenly minimized their footprint in NYC and other major cities (which would also lead other firms to follow their lead), thus precipitously dropping occupancy aka demand and rent, their clients would NOT be happy. Plus the BBs definitely have large interests in these same buildings and developments
Are you aware this has been happening for decades? Big banks have been offshoring roles since the 90s (HR, IT, Accounting, Finance, etc). Every year these roles get more and more complex, and everyday more and more "White Collar" jobs are being off-shored. This trend will not slow down.
Work from home means work from India.
Hearing many biglaw firms going to 2/3/2 home/work/home that’s pretty telling
War on talent will continue.
I just want a shorter "in-office" work week. I think Tuesday, Wednesday, and Thursday mandatory in the office with Monday / Friday being optional and Saturday / Sunday being work from home is a great compromise. I just personally think that it's super important for all employees to be in the office a few days a week so that people still get those "organic" learning opportunities from asking questions or shooting the shit with senior bankers and the rest of the bullpen.
If I have to wear a mask to walk in the hallways, elevator, etc then no. What's the point? The banks should just buy less office space, save cash, and let their employees work a hybrid schedule... because if they don't their employees will walk to firms that do.... so compete now, or later. This is the way.
In a pandemic environment I think that WFH was always going to work, because it had to. Everyone was working from home so there was no longer that competitive advantage of seeing clients, pitching in person etc.
The reality is that we are exiting the Pandemic and you will soon start to see a disparity in results from the firms that WFH and those that do not. Also please stop comparing Tech to Banking, not even remotely similar. If you are in a FO role in high finance and are analyst you should want to be in the office to receive mentorship and build camaraderie. People to need to fuck off with complaining about coming in during the week. All your bosses did it before you.
As you become more senior, I think that is where you could argue it doesn't make as much sense for Director or MD in IB to come in everyday. Also because they weren't doing that before the pandemic.
Many companies especially in tech will begin to pay employees less if they decide to WFH, which whether you like it or not makes sense.
Point is, there is definitely some validity in arguing that there is no longer any reason to come in on Saturday or Sunday unless its absolutely necessary, But if it is during the week, just come into the office.
Keep licking those boots, intern. Most places will go hybrid, senior analysts and up don't want to be glued to the chair after experiencing relative freedom for over a year.
Not an intern, just never changed it. I don't disagree with your point that it will go hybrid, I just think that is so hard to monitor. I think that either the hybrid model will be implemented, or things will eventually go back to the way they were in 2-5 years. So in reality it doesn't affect any of us on here except future analysts.
I personally think there is a lot of value to be gained in being in the office. WFH absolutely has its benefits. But I think many of your Type A analysts will be going in every day of the week. I know I would. Whether you sleep under your desk or work in the office on the weekends thats something I think that will be common much less common.
senior analysts and up are expendable.
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