{"id":33,"date":"2023-04-29T14:38:34","date_gmt":"2023-04-29T14:38:34","guid":{"rendered":"https:\/\/ledgerbazar.com\/?p=33"},"modified":"2023-04-29T14:38:34","modified_gmt":"2023-04-29T14:38:34","slug":"fdic-approaches-big-banks-about-buying-first-republic","status":"publish","type":"post","link":"https:\/\/ledgerbazar.com\/index.php\/2023\/04\/fdic-approaches-big-banks-about-buying-first-republic\/29\/","title":{"rendered":"FDIC approaches big banks about buying First Republic"},"content":{"rendered":"

Three years into the return to office battle, an exasperated JPMorgan Chase<\/a> CEO Jamie Dimon is not mincing words.<\/p>\n

More from Fortune: <\/strong> 5 side hustles where you may earn over $20,000 per year\u2014all while working from home<\/a> Looking to make extra cash? This CD has a 5.15% APY right now<\/a> Buying a house? Here’s how much to save<\/a> This is how much money you need to earn annually to comfortably buy a $600,000 home <\/a><\/p>\n

Earlier this month, JPMorgan senior leaders asked hybrid workers to continue coming in three days a week at minimum and managing directors to start coming in full-time<\/a>. Workers would still have flexibility to work from home for things like family issues or doctor\u2019s appointments, but it seemed there was an \u201cor else\u201d implied for those who wouldn\u2019t comply.<\/p>\n

The memo, which Fortune <\/em>reviewed, said that failure to come into headquarters when required would result in \u201cappropriate performance management steps, which could include corrective action.\u201d<\/p>\n

Many JPMorgan workers up and down the totem pole, including managers, didn\u2019t take fondly to it. They pushed back on what they called a \u201ctone deaf\u201d and \u201cdivisive\u201d order on the company\u2019s messaging platform, Reuters reported in an exclusive<\/a> published Thursday.<\/p>\n

They vented about being stuck in a \u201cZoom<\/a> culture,\u201d in which in-person staffers are yanked into virtual meetings and conference calls. They also, per Reuters, expounded upon the logistical difficulties of balancing commuting with other responsibilities<\/a>.<\/p>\n

\u201cMost people on my team (and even other teams around me) live pretty far from the office,\u201d one commenter wrote. \u201cBeing stuck in traffic more often and paying even more for gas (prices are rising) is not good for myself and many others.\u201d<\/p>\n

Less than a day after the committee shared the memo and scores of workers reacted, comments were reportedly turned off. JPMorgan declined to comment to Fortune,<\/em> but Dimon said in an earnings call this month he understands his workers\u2019 concerns\u2014but stands by his stance. He sent the memo, titled \u201cThe importance of being together,\u201d because, \u201csome people weren\u2019t following the rules.\u201d<\/p>\n

\u201cWe don\u2019t want to punish everybody because of that, but people agreed to do three days a week; we expect three days a week,\u201d Dimon said, adding that he gets why people don\u2019t want to do it. But in his mind, those people \u201ccan not do it elsewhere.\u201d<\/p>\n

Dimon\u2019s words bear striking similarity to those of fellow pro-office stalwart Elon Musk. In a leaked memo to his staff at Tesla<\/a> last spring, the bombastic billionaire said, \u201cRemote work is no longer acceptable.\u201d Sowing doubt over remote workers\u2019 commitment and productivity, he then tweeted that remote workers \u201cshould pretend to work somewhere else.\u201d<\/p>\n

What Dimon says, goes<\/strong><\/h2>\n

Despite pushback from his workers, Dimon is often the rock that redirects the course of the river on Wall Street.<\/p>\n

As the chief executive of the nation\u2019s largest lender, his word tends to create a ripple effect among his peers\u2014and detractors. That holds true on financial matters as well as cultural ones. You can\u2019t miss Dimon. His annual shareholder letter<\/a> is an industry event, and he was the one to rush to First Republic\u2019s rescue<\/a> after it stumbled during the implosion of Silicon Valley Bank<\/a>.<\/p>\n

Because Dimon, who has helmed JPMorgan for nearly two decades, cuts such an influential figure in Wall Street culture, his beliefs and mandates about the future of work will likely set the tone for New York\u2019s entire banking landscape; he has shepherded JPMorgan from triumph<\/a> to triumph<\/a> while many of his peers have struggled\u2014or been wiped out<\/a>.<\/p>\n

Among the major U.S. employers, leaders in the banking industry have been bullish on their pro-office stance. Dimon, alongside Goldman Sachs<\/a> CEO David Solomon<\/a> and Morgan Stanley<\/a> CEO James Gorman<\/a>, has been outspoken about the value of in-office collaboration\u2014and the drawbacks of working from home. (For his part, Solomon called remote work an \u201caberration\u201d<\/a>; Gorman thinks the discussion should not<\/a> include workers at all.)<\/p>\n

Back-to-work mandates might be futile<\/strong><\/h2>\n

This isn\u2019t JPMorgan\u2019s first go-around.\u00a0Dimon initially called workers back to their desks about two years ago, but backed down when scores of staff failed to show up<\/a>. Not for lack of trying. \u201cI\u2019m about to cancel all my Zoom meetings,\u201d Dimon said<\/a> in May 2021. \u201cI\u2019m done with it.\u201d He added that remote work, on the whole, doesn\u2019t work for people who want to hustle.<\/p>\n

He said at the time that he expected a return to workplace normalcy in the fall of 2021. \u201cAnd everyone is going to be happy with it,\u201d he added. \u201cAnd yes\u2026people don\u2019t like commuting, but so what.\u201d<\/p>\n

The office is vital for fostering \u201cspontaneous\u201d discussions, Dimon insisted earlier this month. This has been his party line for some time; at Davos in January<\/a>, he said remote work doesn\u2019t work for young kids (meaning new employees), or spontaneity, or management.<\/p>\n

Workers on the inside fear Dimon\u2019s turn of phrase for managing directors is just the tip of the iceberg, and soon workers at all levels will be folded into the five-days-per-week edict.<\/p>\n

\u201cThere is a growing concern that\u2026they may informally start asking the juniors to be in there as well,\u201d one employee told Reuters. That might be enough for them to leave the high-paying company altogether; for most American workers, flexibility in a role is more important than pay<\/a>.<\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\n

More from Fortune: <\/strong>
\n5 side hustles where you may earn over $20,000 per year\u2014all while working from home<\/a>
\nLooking to make extra cash? This CD has a 5.15% APY right now<\/a>
\nBuying a house? Here’s how much to save<\/a>
\nThis is how much money you need to earn annually to comfortably buy a $600,000 home <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Three years into the return to office battle, an exasperated JPMorgan Chase CEO Jamie Dimon is not mincing words. 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