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#1 15-07-2021 08:46:05

upamfva
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JPMorgan upsets all the people doing just fine at home

JPMorgan upsets all the people doing just fine at home



For someone who is generally considered to be a gifted communicator, Jamie Dimon might have struck a jarring tone in his latest letter to JP Morgan staff commanding them back to the office on a rotational basis from early July.  “We know that may of you are excited to come back, but we also know that for some, the idea of coming back on a regular basis is a change you’ll need to manage”. To get more latest news on jpmorgan, you can visit shine news official website.

On a charitable reading, this might just be a reference to the need to sort out childcare arrangements and get someone to feed the lockdown chickens.  But it might also be taken as a bit patronizing.  The lockdown has been hard on many bankers, and has lasted longer than might initially have been expected, but no one's forgotten how to commute or become institutionalized.

With plenty of people very happy working from home and in no rush to return - particularly when there are still unanswered questions about new strains of the virus, it's worth wondering why banks are so keen to get people back. - And why some in particular are making big announcements about the return to the office, despite the fact that their actual policies are often indistinguishable and the pace of return is largely going to be driven by legal requirements anyway.  The JP Morgan back-to-office memo also makes it clear that at present, their New York offices are subject to a 50% occupancy cap, and although they have aspirations toward this being lifted by July, the decision is going to be out of their hands.

It's also worth remembering that the last JPMorgan shareholders’ letter was talking about how, “For every 100 employees, we may need seats for only 60 on average”.  Mathematically, that means the average JP banker will be working from home at least two days a week, and probably somewhat more since hot-desking systems always needs a bit of slack. 

When people attribute feelings to others, they’re usually telling you something about their own emotional state. While many bankers and traders have been perfectly happy at home and have no real desire to rush back, it’s no secret that, like many gregarious bosses, Mr Dimon has hated not being surrounded by his people in close physical proximity.  At various points during the last eighteen months, he’s fretted about “alienation”, a lack of “creative combustion” and the disappearance of the “apprenticeship model”.  Despite the stubborn refusal of all these productivity destroyers to show up anywhere in the numbers, it seems these are Dimon's deeply held beliefs.

Fundamentally, the return to the office seems to be emotionally driven. The real worry of senior management might not be that people are slacking off, passing illicit information when unsupervised, or sneaking out to interviews. It could simply be that it’s lonely at the top.

Elsewhere, if you’re a junior banker, then the few hours of sleep that you grab between PowerPoints and Zoom calls are probably troubled by nightmares.  Don’t worry, this is normal for the industry.  They tend to clear up by the time you reach VP rank, to be replaced by crippling impostor syndrome and status envy.  But are your night terrors getting a bit … prosaic? Pitchbooks suddenly turning blank, realizing that you’re the only one naked in the mindfulness session, calling the Managing Director “Mom”?

Why not, instead, imagine yourself part of a team spending forty days in a cave so dark that you need special sunglasses when you come out of it, as part of an experiment in what happens to human beings deprived of sensory information?  Or a homesick Russian contestant on a Chinese boyband gameshow who couldn’t afford to break the contract and spent ten weeks begging viewers to vote him off?  If you look hard enough, the world is full of scenarios which are simultaneously absolutely horrific, and curiously relatable for someone in the early stages of a banking career.  Sweet dreams.

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#3 27-05-2022 09:19:47

vaporum
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Re : JPMorgan upsets all the people doing just fine at home

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