Insider Finance - Business - Wall Street: WFH is RIP

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Almost Friday! Dan DeFrancesco in NYC, and I'd like to give a warm welcome to the city's first-ever director of rodent mitigation, Kathleen Corradi. As a former elementary school teacher, Corradi is already well-versed in dealing with small pests.

Today, we've got stories on a frequent-flyer-like program for hourly workers, PE firms can't get enough of their own debt, and luxury hotels that won't break your bank

But first, I'm gonna need you to go ahead and come in tomorrow. M'kay?


If this was forwarded to you, sign up here. Download Insider's app here.


bgc partners broker trader banker sad crying frustrated distress

1. The WFH party is over.

"Just when I thought I was out, they pull me back in."

Well, it was fun while it lasted.

JPMorgan told its employees Wednesday that its managing directors are required in the office five days a week, which might explain the screams you've been hearing throughout the tri-state area. 

Insider's Carter Johnson has got the full story, along with the internal memo announcing the news.

The decision comes roughly six weeks before Memorial Day. That's just in time to destroy plans bankers had for extended weekends in the Hamptons over the summer. (Don't worry, the Long Island Expressway tends to really open up on Fridays after work during the summer.)

The announcement also marks the end of the work-from-home era on Wall Street. It's true JPMorgan's policy applies only to MDs. But do you think execs will be OK with their subordinates working remote while they are stuck in the office? 

"Honestly, Greg, get a headstart on your weekend plans. I enjoy coming into midtown on a Friday in August!"

It's easy to see how other banks will follow in JPMorgan's footsteps. Jamie Dimon, JPMorgan's CEO, has been vocal about his distaste for remote work, but he's certainly not alone. Plenty of others, most notably Goldman Sachs' David Solomon, have touted the importance of being in the office (blah blah mentorship model blah blah). Now JPMorgan just laid the blueprint for everyone else to force their own employees back in.

I'd like to think that at least one big bank might view this as opportunity break from the herd (and maybe scoop up talent). Maintaining a hybrid model might serve as a recruiting tool for pissed-off bankers fed up with the in-office policy.

But as a colleague pointed out to me, Wall Street is famous for its groupthink. And when the largest bank in the US pulls everyone back into the office, you can bet the rest will probably follow. 

So keep the banker in your life in your Ts and Ps... and enjoy an easier commute to your beach house on Thursday night. 

Here are more details, including the internal memo, on JPMorgan forcing MDs back into the office.


In other news:

pb and cheese

2. A loyalty program for hourly workers. Salt Labs wants to help low- and medium-income workers build wealth via an app that operates like a frequent-flyer program. Here's the pitch deck it used to raise its $10 million pre-seed round. And check out our library of more than 50 pitch decks.

3. PE firms love credit so much they're buying up their own debt. The industry that perfected the leverage buyout has started purchasing debt of its portfolio companies, Bloomberg reports. For more on the wonky strategy, click here.

4. Fintech goes Hollywood. FilmHedge lends to movies and TV shows in need, another example of the rise of private-credit strategies in the industry.  Here's how the fintech is pitching itself to investors.    

5. Goldman's new-look trading desk. The bank has shuffled leadership following the recent departure of Joe Montesano, Goldman's former head of equity trading for the Americas, the Financial Times reports. Here are some of the top people in charge now.

6. NY Gov. Hochul is rockin' the suburbs. People in wealthy New York suburbs are freaking out about Hochul's plan to build more housing in their exclusive towns. More on how the rich are "losing their minds."

7. The fight for AI talent is going back to school. Tech companies are bombarding undergrads and Ph.D. students at top college campuses with whopping salaries. Here's how companies are trying to recruit college talent in the buzzy field.

8. 3D-printed homes! The soon-to-be largest neighborhood of printed homes in the world will begin selling houses this June. The homes, which start in the mid-$400,000s range, have eight different floor plans. Take a peek inside the Texas community.

9. Hotels for those with Champagne taste, but beer money. If you're looking to ball out on a budget, check out these luxury hotels that start under $150 a night. From Bali mansions to Italian villas, here are eight hotels to check out for your next holiday.

10. A grilled cheese unlike any other. It's not just cheese and bread. Here are 20 ways to spice up a classic.


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

Older messages

Moving scams are on the rise

Wednesday, April 19, 2023

Plus: The weight-loss revolution, and Amazon Union clashes. View in browser Subscribe April 13, 2023 Hello, Insiders! This is Joe Ciolli, a deputy executive editor in Insider's business division.

Wall Street: Bank earnings for dummies

Wednesday, April 19, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET It's Friday! Dan DeFrancesco in NYC, which I'm grateful for after reading this horrifying account from

Welcome to the ‘metroburbs’

Wednesday, April 19, 2023

Plus: Record rain in Florida, and Ukraine's “meat grinder.” View in browser Subscribe April 14, 2023 Hello, Insiders. This is Lisa Ryan, an executive editor at Insider. If you watched “Severance”

Inside the Pentagon leak

Wednesday, April 19, 2023

Plus: Men getting plastic surgery, and a popular budgeting trick. View in browser Subscribe April 15, 2023 Hello, Insiders. I sent a memo to the Insider newsroom this week about artificial intelligence

Google founder’s flying-car crash

Wednesday, April 19, 2023

Plus: JPMorgan's return-to-office memo, and weight-loss drug battle. View in browser Subscribe April 16, 2023 Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to

You Might Also Like

🇺🇸 US inflation rose

Wednesday, November 27, 2024

US inflation sped up, German consumer confidence fell, and Champagne and turkey | Finimize Hi Reader, here's what you need to know for November 28th in 3:14 minutes. The US central bank's

Don’t think you can afford life insurance?

Wednesday, November 27, 2024

Term coverage is less expensive than you think ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

What are you hiding Elon?? (Tesla’s secret 69% dividend)

Wednesday, November 27, 2024

It doesn't stop with Tesla... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Giving thanks for inflation, Paul Mescal and more

Wednesday, November 27, 2024

plus un-useless inventions + a weasel ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

💚 Holding space for career pivots

Wednesday, November 27, 2024

Including Ellevest financial planner Veronica Taylor's incredible story. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌

Harry's Take 11-27-24 Michael Saylor Has Seen an Impressive Learning Curve Playing Bitcoin at MicroStrategy!

Wednesday, November 27, 2024

Harry's Take November 27, 2024 Michael Saylor Has Seen an Impressive Learning Curve Playing Bitcoin at MicroStrategy! My wife Jeanne and I have seen Michael Saylor speak a number of times at Tony

The heterogenous effects of carbon pricing: macro and micro evidence

Wednesday, November 27, 2024

Ambrogio Cesa-Bianchi, Alex Haberis, Federico Di Pace and Brendan Berthold To achieve the Paris Agreement objectives, governments around the world are introducing a range of climate change mitigation

💉 A slimming proposal

Tuesday, November 26, 2024

Obesity drugs could be covered for millions more Americans, the president-elect proposes new tariffs, and meat-eaters versus veggies | Finimize TOGETHER WITH Hi Reader, here's what you need to know

Earn higher APY with a short-term CD

Tuesday, November 26, 2024

Rates as high as 4.50% for 12 months ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Do You Expect to Rely on Social Security?

Tuesday, November 26, 2024

The number of Americans anticipating to is on the rise ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌