Does any big bank is still supporting remote working..If not I really want to know why? I personally feel I save my time..I completely understand my manager not understanding it as it threats his job(micro management) but why not organization level it's not understood? I meant what is missing? Are they not having enough tools to measure productivity?
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@dr Did you not read my post? You can't sell real estate that's worth less than the loan to value. That's the whole issue with corporate real estate. It went empty during covid and rendered it worth less than the loans against them. Add to that, interest rates are higher than the original notes which makes refinancing impossible. Many corporate real estate holders were threatening to default which would have caused a financial collapse. So the big push from the Fed, to local governments on companies holding corporate real estate is to fill them up. To sweeten the deal, governments give LOTS of monetary incentives to do so. So, yes, it makes perfect sense if you understand the economics and politics of it. We are pawns. They don't care who fills it, they just want warm bodies in a seat. Case in point; Charlotte - Citi was offered a grant to fill a NC site. Over the course of the 10-year term of this grant, the project is estimated to grow the state’s economy by more than $2.7 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to Citi of up to $8,938,500. So, you go back to the office, the state of NC and Citi need to collect money. Charlotte makes $2.7B and Citi makes $9 Million. That's just one example. It happens everywhere they are trying to fill seats and by any company open to such an offer. It has nothing to do with performance and everything to do with money. Citi won't tell you that because admitting that the company you work for pi-ps you out for their profit isn't a good motivator and makes for bad press. So instead it's "we all work better together".
Managers are trying to push it ma the back burning task and micro management
Why won't they sell it? Or rent it? Not all jobs are remote. For this pushing for RTO How does this is logical?
It's about money and real estate holdings. Banks hold notes on corporate real estate. That real estate is worthless if it's empty. Likewise banks also own some corporate real estate themselves. The risk of loan defaults and continued expenses on properties that can't be sold due to LTV is a recipe for financial collapse. But most importantly local and federal governments offer companies large sums of money to fill corporate real estate. Adding jobs to a particular geography opens the taps to the tax coffers and local economy and that creates votes. Can't be mayor of a ghost town. It has nothing to do with the ability to work from home. That concept was proven during Covid when the whole world worked remote and Citi touted how successful it was . Doesn't matter, RTO is about money.
Most of the banks are following hybrid model except First Citizens Bank
Is there anything different in any other big banks?
You must work at Citi.