A broker reacts at BGC Partners at Canary Wharf financial district in London, August 5, 2011. REUTERS/Luke MacGregor
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.
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.
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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.
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.
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.
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.
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