Morning Coffee: JPMorgan executive says homeworkers risk poor appraisals. Goldman Sachs' recruiter's salary negotiation tip
JPMorgan is not keen on its people working from home. Chief executive Jamie Dimon has a long history of articulating his thoughts on the matter, including (from 2021), his original observations that: remote work is only good for defined tasks among people who know each other already; it's no good for an apprenticeship profession; it slows decision-making; and remote work eliminates all the invaluable side conversations at the coffee machine.
It should be no surprise, therefore, that in the domain of Dimon, others share these thoughts. This applies equally in Australia, miles away from the mother ship, where people could probably get away with homeworking and Dimon might not notice.
Speaking at a 'workforce summit' run by the Australian Financial Review, Robert Bedwell, the head of JPMorgan's Australian office, demonstrated his alignment with Jamie. Working in the office four days a week is hard when financial markets are open five days, said Bedwell. There is operational risk that can't be managed when working from home, he added. JPMorgan has an unashamedly "office-based culture", he reflected.
Most significantly, Bedwell suggested that if you work from home, your performance may be appraised as poor. This is because if you're not in the office, you won't be collaborating, and collaboration is one of JPMorgan's performance criteria. “So if someone’s not coming into the office, how do they measure against all of those performance criteria? It probably shows up,” he declared. However, he added that working from home isn't a reason to fire someone in itself. Good news.
Separately, if you're in a job interview, and you have an idea of the salary bandings, Chanelle Howell, a former diversity recruiter for Goldman Sachs' New York markets team, has advice on negotiating a salary at the upper end of the range.
Ask your interviewer, “Can you tell me what skills and experiences separate the $100,000 candidate from the $150,000 candidate?”
PWC told nearly 100 graduate trainees that they're not being promoted as expected and will remain on the graduate programme until January 2025 on the same pay. It's due to headcount and cost pressures. Trainees aren't happy. “Partners will purport to care about your development as a graduate but in reality that’s far from the truth. They only care until it affects their pockets." (Financial Times)
NatWest is paying £350m bonuses. It usually pays between £300m and £400m, so it's not so bad. (Sky)
Nick O’Kane, the head of Macquarie's commodities division, who earned more than Jamie Dimon, is retiring. Macquarie's share price fell 2% on the news. (Financial Times)
After pass through fees which allow hedge funds to pass on the cost of bonuses, research, entertainment and other expenses to clients, clients are only receiving $0.41 of every $1 multistrategy hedge funds make. (Bloomberg)
Shares in Blackstone, KKR, Apollo Global, Ares Management and TPG have neared or eclipsed record highs due to better-than-feared financial results. Senior staff have made $40bn since the start of 2023 as a result of this. (Financial Times)
Abrdn is trialling alternatives to the Bloomberg terminals as it tries to slash about £150m in costs. (Financial Times)
Apple's face computer is intended for work. It is sort of like how some Wall Street traders work in front of a half-dozen monitors, only the Vision Pro lets you put yourself inside a sphere of screens. (WSJ)
Bill Ackman thinks your name might define your life. "I’ve met people named Hamburger that own McDonald’s franchises... My name is Ackman — it’s like Activist Man.” (NYMag)
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