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Started By
Message
re: JPMorgan Chase orders staff back to the office 5 days a week, ends WFH
Posted on 1/26/25 at 6:11 am to John Barron
Posted on 1/26/25 at 6:11 am to John Barron
Yet many on here say that FedGov employees need to work in an office even if their job can be done remotely.
1
Posted on 1/26/25 at 6:15 am to NC_Tigah
quote:
He argues that with WFH, problem-solving is less innovative. Work product quality is diminished. He draws comparison with habitual gym workouts vs solo workouts. In the group setting, competition drives performance. There is both a natural self-realization and a respondent tendency to keep up with, or surpass what contemporaries are doing. JPM has not seen that with either WFH or hybrid models
This makes sense. My question about why anyone would care was directed at the posters who were celebrating JPM employees having to RTO.
quote:
As far as why anyone else should be concerned, assuming Dimon is correct ... the answer is we all have skin in the game.
I am not impacted in any meaningful way by where JPM employees work. I doubt many posters here are.
quote:
Our government is bloated, inefficient, heavily in debt, while continuing WFH, and we all are paying for it. Pretty simple, really.
I doubt a FEMA rep answering phone calls is more innovative at the office than from home. We don’t need the vast majority of government employees to be innovative. Honestly, the less anyone involved with our federal government does, the better. I wish we could get Congress to wfh.
Posted on 1/26/25 at 6:51 am to IMSA_Fan
quote:
whose bank holding company is also exposed to $49 trillion in derivatives as of December 31, 2023 according to the Office of the Comptroller of the Currency.
Where did you get this info?
I ask, because it is a very misleading write-up, and I suspect you've fallen victim. The $49 trillion noted was in notional derivatives exposure. Notional derivatives exposure refers to the total nominal or face value of the underlying assets in derivatives contracts held, not their associated collective risk.
For example, if JPMorgan has a derivative contract where it owes $100 million, and another where it is owed $100 million, the notional derivatives exposure is recorded as $100M + $100M = $200 million total. But juxtaposed with the $200 million NDE, the net risk exposure would approach zero.
Regarding CRE, I think JPM's exposure is well under $200B.
Regarding WFH, market competition will determine its future.
Regardless, massive amounts of extremely valuable Federal DC office space sitting idle is OBVIOUSLY a major problem. I should either be sold and/or repurposed, or reoccupied through WFH termination.
This post was edited on 1/26/25 at 6:53 am
Posted on 1/26/25 at 7:02 am to LSURussian
quote:
but in November you were planning to “cut down to part time” in 3 years
I had that thread opened up last night looking but went to bed before I could find it. I knew I remembered him saying he was currently working.
Thank you
Posted on 1/26/25 at 7:04 am to IMSA_Fan
quote:
American Banker released a report showing that five banks in the U.S. hold a combined half trillion dollars in commercial real estate (CRE) loans. It came as a big surprise to a lot of folks that the bank holding the largest amount of CRE loans is JPMorgan Chase
See my initial substantive post in this thread
This post was edited on 1/26/25 at 7:05 am
Posted on 1/26/25 at 7:05 am to The Cow Goes Moo Moo
quote:The operative verb in that instance is "can."
FedGov employees need to work in an office even if their job can be done remotely.
Can/could Sam Bankman-Fried run an above board crypto exchange?Absolutely. But there is a distinct difference between "can" and "will".
Instances of employees holding multiple full-time WFH jobs, at FT pay, while putting in 40hr workweeks are self-explanatory problems.
Posted on 1/26/25 at 7:23 am to 4cubbies
quote:Perhaps.
I am not impacted in any meaningful way by where JPM employees work. I doubt many posters here are.
However if JPM were to drown in a tsunami of $49T CRE exposure as a previous poster implied, you would be impacted in a meaningful way, as would every poster on this board.
I think though, the response you're seeing has some to do with the questionably rational nature of the protests as well.
Posted on 1/26/25 at 7:27 am to SlowFlowPro
quote:
See my initial substantive post
j/k Posted on 1/26/25 at 10:54 am to IMSA_Fan
quote:Someone doesn't understand how derivatives are used to lower balance sheet risk and that derivative contracts are shown at notional value not risk exposure amount.
is also exposed to $49 trillion in derivatives
quote:Chase Bank has over 4 TRILLION dollars in assets. Frankly, I'm surprised it only has $173 billion in commercial real estate assets. That's less than 5% of total assets.
CRE totals for the five banks: JPMorgan Chase, $173 billion;
Most small community banks have much higher levels of CRE loans as a percent of assets often over 20% of assets.
PS-I just looked it up. "Small" banks, however that is defined, had average CRE loans of 28% of their total assets as of 9/30/24.
Posted on 1/26/25 at 11:05 am to LSURussian
What would it realistically look like if 30% of CRE-Office & CRE-Retail defaulted on their loans over the next 10 years? I don’t think it is unrealistic that companies reduce their corp office space by that much during that time period.
This post was edited on 1/26/25 at 11:10 am
Posted on 1/26/25 at 11:28 am to IMSA_Fan
quote:Over 10 years? Not much would be noticed. Banks might see their profits decline due to the required regulatory write downs of those loans. Some regional banks might have losses for a quarter or two.
What would it realistically look like if 30% of CRE-Office & CRE-Retail defaulted on their loans over the next 10 years?
In case you don't know, those write downs are only on the anticipated losses from the defaulted loans. All commercial real estate loans are secured by the real estate. So it never happens that banks write down 100% of the loan value, only the anticipated loss on the loan AFTER the real estate collateral is sold.
Plus, real estate borrowers are almost always required to have some of their own money invested in the collateral. That offsets some of the bank's exposure.
So if 30% of the CRE loans are defaulted on, as in your example, the bank's write downs might only be 5%-10% of the loan amounts spread out over 10 years.
This post was edited on 1/26/25 at 11:34 am
Posted on 1/26/25 at 11:37 am to SlowFlowPro
quote:
I knew I remembered him saying he was currently working.
Thank you
As the Russians would say, "Ne za schto." ("Not at all.")
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