The most capricious generation Wall Street has ever seen is about to learn what it really means to go to work.
That’s the word from the C suites of the Big Banks – Morgan Stanley, JP Morgan and Goldman Sachs. The CEOs of these firms made their bones at a time when the price paid for a lucrative career on Wall Street was long hours, getting yelled at by your boss.
Now they are I want to turn back the clock — even if it means getting on the wrong side of the tide of pampered millennials and Gen-Zs they need to hire during a long bull market. They won’t say it openly, but they are secretive welcomes the coming economy and as a way to slow down the deal with Wall Street regain control over the awakened masses.
The stock market and deal boom has extended incredible leverage to a class of Wall Streeters who have been brainwashed by woke college professors and executives into believing that any and all of their feelings matter and exist, including a reluctance to work hard.
Wall Street, despite its Darwinist representation, withstood the pressure, has turned itself into a college safe haven and faces competition for talent from Big Tech as it needs entry- and mid-level authorities to process deals and trades. That meant more perks for business grunts (things like free Pelotons on top of higher pay), flexible hours, and demands to work from home well after the worst of the COVID pandemic passed.
It also meant adopting the customs of the new generation, even if it meant lower productivity. Wall Street executives used to brag about sleeping under their desks in the office when big deals came up. Now newcomers “accept something calledleave quietly” doing the bare minimum is the norm.
How’s that for a roaring business on Wall Street?
Associates bird cry
For my money, a bunch of young people when this pampered weirdness reached its peak absurdity In Manhattan, Goldman’s left-wing colleagues collapsed because someone had the audacity to order Chick-fil-A while working late on deals.
No, it wasn’t a fight over the health benefits of the famous chicken sandwich. Apparently, the company’s CEO at the time was angry because he believed in Jesus and opposed same-sex marriage. Goldman management stepped in to make sure those with hurt feelings could survive the trauma. (Thank God Goldman didn’t ban Chick-fil-A.)
But it seems times are changing again. Boomers Who Run Big Banks – Jamie Dimon at JP Morgan, James Gorman at Morgan Stanley and David Solomon at Goldman – is said to be sufficientI was told that I would take advantage of the deal slowdown and the recession to show the youth who’s boss.
With power shifting to management, Solomon last week began forcing all employees back into the office five days a week after Labor Day, the Post’s Lydia Moynihan first reported. While a company memo noted that “the risk of severe illness is significantly lower,” a spokesperson noted the firm’s need to protect its “customer-centric business” with corporate “recruiting your backends because you’re less productive on Zoom.”
As I first reported, Morgan Stanley’s head of HR issued a similar memo at the same time, saying the firm was scrapping its COVID protocols (i.e. testing and contact tracing) and asking employees to stop working from home because of productivity issues.
JP Morgan’s Dimon is far from making office work mandatory, no matter how much the woke masses complain.
Unfortunately, woke tech CEOs like Meta’s Mark Zuckerberg and Google’s Sundar Pichai are the first to put a stop to youthful excitement. They were forced to demand better productivity measures because the economic slowdown hit their wallets first.
Now that Wall Street is bracing for dwindling deal flow and likely layoffs at the end of the year, Solomon, Dimon and Gorman are flexing their management muscles, and will likely continue to do so to the chagrin of the pampered masses with less and less bargaining power. to complain and force management to cave.
And who knows? Sleeping under your desk can be cool again.
tell the truth’
There has been a lot of drama surrounding Truth Social, former President Trump’s new social media platform designed to compete with Twitter, including questions about its business model, content and the core of the platform as used by Donald before he banned Twitter.
Another drama that could play out in the next 24 hours is Digital World Acquisition Corp., a special purpose acquisition corporation that plans to merge with the platform and create a public stock. involves a planned merger with Digital World has an important shareholder vote. 6 deadline, extending the merger completion period to 12 months.
Patrick Orlando, head of Digital World, says the extension will allow the company to sort out what’s going on and hopefully return some value to shareholders. Digital World’s shares have fallen 75% from $97 in March.
