Charles Gasparino

Pampered Wall Street man begins rude awakening after returning to office

The most pampered generation Wall Street has ever encountered is about to discover what it means to actually go to work.

That’s a statement from the top management of the big banks – Morgan Stanley, JPMorgan and Goldman Sachs. The CEOs of these companies early on on Wall Street paid the price for a lucrative career by working long hours while being yelled at by your boss.

Now they want to turn the clock back — even if it means the spoiled millennials and Gen Z they need to hire during a long bull market swarming the wrong side. Of course, they won’t say it publicly, but they implicitly welcome the looming economic and Wall Street trading slowdown as a way to reassert control over the sobering masses.

The stock market and trading boom has given incredible leverage to a group of Wall Street employees who have been brainwashed by sober college professors and administrators into believing that any and all of their feelings are important and existential, including not wanting to work so hard .

Wall Street, despite its Darwinian representation, succumbed to pressure to transform itself into something resembling a university safe space, as it needed entry- and associate-level institutions to handle deals and deals, and faced competition for talent from big tech companies. That means complaining about businesses with more benefits (think things like free Peloton, in addition to higher pay), flexible hours and a requirement to work from home after the worst of the COVID-19 pandemic subsides.

Jamie Dimon at JPMorgan Chase has outlawed remote work.
Jamie Dimon and his peers are reportedly tired of a new generation of Wall Street.
AFP via Getty Images

It also means embracing the customs of a new generation, even if it means less productivity. Wall Street executives used to brag that they slept in their offices under their desks when big deals happened. Now, rising stars have embraced something called “quiet quitting,” where doing the least is the norm.

How is the Wall Street grunt’s job?

coworker’s rooster

For my money, this indulgent eccentricity reaches its most absurd level when a bunch of young Goldman lefties crumble in Manhattan, because someone has taken the liberty of ordering Chick-fil-A while they’re making a deal.

No, this isn’t a fight for the health benefits of the popular chicken sandwich. It turned out that the company’s then-CEO believed in Jesus and opposed same-sex marriage, angering employees. Goldman Sachs management intervened to ensure those who were harmed survived the trauma. (Goldman Sachs didn’t ban Chick-fil-A in the end, thank God.)

But times seem to have changed again. I’ve been told that the baby boomers who run the big banks – Jamie Dimon of JPMorgan, James Gorman of Morgan Stanley and David Solomon of Goldman Sachs – are said to have had enough and will take advantage of Looming deal slowdown and recession to show who the Young’uns are the bosses.

Last week Solomon began forcing all employees to return to the office five days a week after Labor Day as power shifted to management, the Post’s Lydia Moynihan first reported. A company-wide memo said “the risk of serious illness is significantly reduced,” while a spokeswoman said the company’s “customer-centric business” needs to be preserved, which is “to keep your backend working because you’re on Zoom.” less efficient work.”

Young employees complain of poor working conditions and hours.
Many Goldman Sachs employees have already quit because of working conditions.
SOPA Image/LightRocket via Gett

As I first reported, Morgan Stanley’s head of human resources released a similar memo around the same time that the company was canceling its COVID protocols (i.e. testing and contact tracing) and asking employees to Productivity issues and stop working from home.

No matter how much the waking crowd complains, JPMorgan’s Dimon isn’t far from mandatory office work.

Ironically, sober tech CEOs like Meta’s Mark Zuckerberg and Google’s Sundar Pichai were the first to start suppressing young people’s anxiety. They are forced to demand better productivity measures as the economic slowdown hits their wallets first.

Now that Wall Street is bracing for a drop in trading volumes and possible layoffs later this year, Solomon, Dimon and Gorman are flexing their managerial prowess and will likely continue to do so, which will annoy their pampered masses with their bargaining power Will be weaker and weaker to complain and force management to give in.

Who knows? Sleeping under the table may be cool again.

They are reportedly seeking a new cultural shift.
Wall Street chiefs are reportedly looking forward to layoffs.
Getty Images

tell the “truth”

There’s a lot of drama surrounding former President Trump’s new social media platform, Truth Social, designed to rival Twitter, including questions about its business model, content and Donald’s nukes on it, which are similar to the ones he used before Twitter banned him. Much the same way.

Another drama that could play out over the next 24 hours or so involves its planned merger with Digital World Acquisition Corp., a special-purpose acquisition company that plans to merge with the platform and create a publicly traded stock. Digital World’s key shareholder vote deadline is Sept. 6, extending the time to complete the merger by 12 months.

Digital World CEO Patrick Orlando said the extension will allow the company to sort out everything that’s going on and hopefully deliver some value to shareholders. Shares of Digital World have fallen nearly 75% from a high of $97 in March.

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