Wall Street Chiefs Clash on Remote Work and Bitcoin at Davos
Wall Street chiefs have been vocal about their views on remote work and employee compensation at recent forums. JPMorgan Chase's Jamie Dimon and Morgan Stanley's James Gorman shared their stances at the World Economic Forum in Davos, while UniCredit's Andrea Orcel announced salary increases for young employees.
Dimon and Gorman both expressed their disapproval of remote work for younger employees. Dimon, known for his 'squeaky wheel' remark about remote workers, believes it hinders spontaneous idea generation and office culture. Gorman, who initially expected employees back in the office by Labor Day 2021, now wants staff present at least three or four days a week, acknowledging his earlier misjudgment.
Meanwhile, banks are considering compensation increases to attract talent. Orcel announced up to 15% salary hikes for young UniCredit employees. Citi is also exploring a similar move for its junior investment bankers. Dimon, however, sees Microsoft Teams as a 'hyped-up fraud', comparing it to a 'pet rock' due to its limitations for young people and spontaneous idea generation.
Despite the preference for in-office work among younger employees, banks are considering compensation increases to attract and retain talent. Meanwhile, Dimon's strong stance against Microsoft Teams has sparked debate in the financial sector.
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