Isn't it Ironic

[Anonymous]

Anonymous wrote:JP Morgan revealed the results of internal Employee Satisfaction survey.

Number one complain they want more internal work mobility meaning promotions and transfers to new jobs.

Then complaints number two and three is they want to work from home more and have more flexible work hours.

If I am Jamie Dimon I would be confused. My staff wants promotions and increased responsibilities but don't want to come to the office or work regular hours. How do I implement this.

Fire everyone who said that and hire people who actually want to work.

[Anonymous]

Anonymous wrote:Jamie Dimon is a choad and so are you. What the staff is clearly saying is that his beliefs are telework are going to be consigned to the dustbin of history.

+1000

I was able to walk my dog, go to gym, do my groceries, meet up with friends for lunch, go to the library, walk in the mall and play with my kids when I was working from home. Going to office means I cannot do any of this during work hours.

[Anonymous]

I think 3-4 days is the sweet spot if you want to push in office. And have everyone come in the same days. At least Fridays remote really helps morale. Anecdotally, I'm interviewing at two Fortune 500 companies right now and both have a three day in-office requirement. So I think Chase is stricter than a lot of places.

[Anonymous]

Anonymous wrote:The heaviest hitters work when markets are open. Thats “bank hours”. I think there are good reasons for trading to be limited to certain hours and give buyers and sellers breaks, to avoid more volatility.

It's all automated.

[Anonymous]

This is the most boomer take, OP. You can perfectly have a worker that wants a promotion that also wants work flexibility. CEOs take calls on private jets or from conference rooms every day: it’s no different.

[Anonymous]

You can work from home and have more responsibility. What don't you understand about that.

You don't nee to be in an office to manage people. You also don't need to be on camera (Zoom, Teams) to manage people.

Outside of ownership, I am top of the totem pole at a company with 35 people in a production facility, 6 remote "corporate staff", 22 sales people and 4 person technical team spread around the country. I see some of them in person once or twice a year, a majority of them I never see. No meeting with cameras on unless they are client facing.

Why do you feel these things can only be accomplished in person?

[Anonymous]

Anonymous wrote:You can work from home and have more responsibility. What don't you understand about that.

You don't nee to be in an office to manage people. You also don't need to be on camera (Zoom, Teams) to manage people.

Outside of ownership, I am top of the totem pole at a company with 35 people in a production facility, 6 remote "corporate staff", 22 sales people and 4 person technical team spread around the country. I see some of them in person once or twice a year, a majority of them I never see. No meeting with cameras on unless they are client facing.

Why do you feel these things can only be accomplished in person?

Jamie Dimon is an angry dinosaur. He's an incredibly rich and powerful man who whines that when he is working he can't find anybody to respond to him/people slacking and not available to him, etc. Many complaints and quotes to that effect.

I work somewhere corporate that allows fully remote jobs at times and 3 days a week RTO. Any of our ordinary directors ($200K-ish employees) would receive better service than Jamie Dimon.

My conclusion is that Dimon is either lying, bullshitting to communicate his unhappiness, or he is such a 24/7 PITA that his ecosystem of reports avoids him/deliberately does not reply to him as a containment/control strategy.

My basic low-level peon take is that he's probably an a$$ to his direct reports, they use containment strategies, and he doesn't replace them because they are either good or he can't do better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:JP Morgan revealed the results of internal Employee Satisfaction survey.

Number one complain they want more internal work mobility meaning promotions and transfers to new jobs.

Then complaints number two and three is they want to work from home more and have more flexible work hours.

If I am Jamie Dimon I would be confused. My staff wants promotions and increased responsibilities but don't want to come to the office or work regular hours. How do I implement this.

Full disclosure I worked at Chase way back when Jaimie started as CEO. Very very political and internal transfers occur by networking, working with other areas, going to meeting other areas so when an opportunity comes up they know who you are. In remote you just focus on your work at hand in a silo. I dont know how it works to move up quickly and get transfers without going to work. And everyone fear full of talking in emails or on camera. Over coffee or in hallway only time you get real deal there.

Jamie Dimon needs to figure out how to reconcile all three complaints, because no one is going back to the old ways. If he’s too stupid to figure out how to do that, he’s welcome to lose people to his competitors who do figure it out.

Citigroup is only big bank in NY that is partially WFH at two days a week. The stock is under performing and they had a few major losses as a direct result of remote work in pandemic. The underperforming stock is an issue as employees get a lot of stock RSUs that vest over time.

It you got 100K of JPM stock 5 years ago today you have $268,000. If you got 100K of Citigroup stock five years ago you would have $149,000. As you can see that two days a week WFH is expensive. But banks give stock every year so over time a massive difference in wealth if you work at a poorer performing bank .Goldman if you got $100k of stock five year you would have $306,000 today.

GS and JPM is 5 day in office. Citi is not. My brief time at JPM I have $750,000 in stock today as it just keeps going up. I dont work there but they work like dogs there and stock keeps going up.

Almost zero GS seniors are in the office on Friday, especially Friday afternoon. This is part of the problem. “Everyone needs to be in” but the executive dining room is empty on Friday. A huge portion of them don’t even live full-time in the NYC area anymore.

Seat fillers is the obvious answer. Just do what the Oscar ceremony does & everything will appear to be fine.

[Anonymous]

Anonymous wrote:You can work from home and have more responsibility. What don't you understand about that.

You don't nee to be in an office to manage people. You also don't need to be on camera (Zoom, Teams) to manage people.

Outside of ownership, I am top of the totem pole at a company with 35 people in a production facility, 6 remote "corporate staff", 22 sales people and 4 person technical team spread around the country. I see some of them in person once or twice a year, a majority of them I never see. No meeting with cameras on unless they are client facing.

Why do you feel these things can only be accomplished in person?

I am pro hybrid, but off-camera is ridiculous. I worked as a fed contractor in a team that never turned their cameras on during covid and people were not engaged.When I switched to a team that is 80-90% on camera, it was clear people were more engaged.

[Anonymous]

Why is it surprising that in any company survey the responses are I want to make more money and work as little as possible and when I do work I want the work environment to suit me.

It’s why these surveys are stupid. Nobody believes this will happen, but it’s the dream.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Jamie Dimon is a choad and so are you. What the staff is clearly saying is that his beliefs are telework are going to be consigned to the dustbin of history.

+1000

I was able to walk my dog, go to gym, do my groceries, meet up with friends for lunch, go to the library, walk in the mall and play with my kids when I was working from home. Going to office means I cannot do any of this during work hours.

Which is fine. But these people want promotion. The staff at Chase does not see the sausage making behind the scenes of managing large amounts of people on tight deadlines with people like you walking dog and goofing off. It is stressful. Now imagine you had 200 people working for you doing what you do and you are on an extremely tight schedule and managing them. That is the promotion they want. Makes no sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can work from home and have more responsibility. What don't you understand about that.

You don't nee to be in an office to manage people. You also don't need to be on camera (Zoom, Teams) to manage people.

Outside of ownership, I am top of the totem pole at a company with 35 people in a production facility, 6 remote "corporate staff", 22 sales people and 4 person technical team spread around the country. I see some of them in person once or twice a year, a majority of them I never see. No meeting with cameras on unless they are client facing.

Why do you feel these things can only be accomplished in person?

Jamie Dimon is an angry dinosaur. He's an incredibly rich and powerful man who whines that when he is working he can't find anybody to respond to him/people slacking and not available to him, etc. Many complaints and quotes to that effect.

I work somewhere corporate that allows fully remote jobs at times and 3 days a week RTO. Any of our ordinary directors ($200K-ish employees) would receive better service than Jamie Dimon.

My conclusion is that Dimon is either lying, bullshitting to communicate his unhappiness, or he is such a 24/7 PITA that his ecosystem of reports avoids him/deliberately does not reply to him as a containment/control strategy.

My basic low-level peon take is that he's probably an a$$ to his direct reports, they use containment strategies, and he doesn't replace them because they are either good or he can't do better.

200K has not been a good salary on Wall Street or Chase since the early 1990s. Just look at Chases or Goldmans quarterly financials. today. The cut off for SS withdrawals is $176,000. If you look closely only the first quarter financials show a large amount of social security payments at Chase or Goldman. Meaning tons of tons of employees have already earned $176,000 by end of March.

People in DC dont really understand pay in NYC in financial services.

So survey says people want to make 500k a year, never come to office, have flex and want promotions. Thanks I will get right on that.

[Anonymous]

Anonymous wrote:This is the most boomer take, OP. You can perfectly have a worker that wants a promotion that also wants work flexibility. CEOs take calls on private jets or from conference rooms every day: it’s no different.

Boomers were the ones taking 3 hour lunches and boozing it up regularly, all on the company dime. This myth that they were all working all of the time is hilarious.

[Anonymous]

If Dimon doesn’t want to give flexibility, fine. The best ones won’t work for him. I’m sure he’ll be fine with that.

[Anonymous]

Anonymous wrote:JP Morgan revealed the results of internal Employee Satisfaction survey.

Number one complain they want more internal work mobility meaning promotions and transfers to new jobs.

Then complaints number two and three is they want to work from home more and have more flexible work hours.

If I am Jamie Dimon I would be confused. My staff wants promotions and increased responsibilities but don't want to come to the office or work regular hours. How do I implement this.

Full disclosure I worked at Chase way back when Jaimie started as CEO. Very very political and internal transfers occur by networking, working with other areas, going to meeting other areas so when an opportunity comes up they know who you are. In remote you just focus on your work at hand in a silo. I dont know how it works to move up quickly and get transfers without going to work. And everyone fear full of talking in emails or on camera. Over coffee or in hallway only time you get real deal there.

I don’t see the irony. To see irony you have to accept that butts in seats is correlated with performance. But that isn’t true.

What I see is a very consistent narrative that Dimon better listen to if he wants to be competitive in the war for talent.

Don’t make the mistake of thinking employers have the leverage here. They don’t. And haven’t for a number of years.