Wall Street banks are outpacing their European rivals back to the office, writes aimeedonnellan
are being laxer. Sidewalk-pounding bankers working at Wall Street firms might win more facetime with clients, and an even greater share of deals.
One possible explanation is that the region’s lowly valued, high-cost banks spy a chance to cut costs by embracing more remote work. HSBC CEO Noel Quinn reckons the bank can slash 40% of its physical office space over time. Barclays’ Jes Staley said last year that “putting 7,000 people in the building may be a thing of the past”, though he has more recently talked up the benefits of office working for collaboration and corporate culture.
The difference may be slight, but JPMorgan and Goldman already have the momentum. Their joint share of global M&A fees rose to 19% from 18% over the last five years, using Citigroup’s data, compared with a slump to 5% from 7% for Barclays, Deutsche and HSBC. A little extra hustle from the Americans could result in an even bigger gap.
- Chief Executive Jamie Dimon on May 4 said that working from home isn’t always suitable for everyone, especially those who want “to hustle”.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EXCLUSIVE Some on Wall Street try options trade to bet against AMCSome Wall Street traders are betting against another massive rally in AMC Entertainment Holdings Inc (AMC.N) and other 'meme' stocks this week through a type of wager in the options market that would limit their losses should retail investors behind the run-up prove them wrong.
Read more »
The Great Green Wall: China's farmers push back the desert one tree at a timeAfter a hard morning planting fresh shoots in the dunes on the edge of the Gobi Desert, 78-year-old farmer Wang Tianchang retrieves a three-stringed lute from his shed, sits down beneath the fiery midday sun, and starts to play.
Read more »
Opinion: Here’s a retirement strategy: Bet against Wall Street honchos, get richOPINION: 'If you’d invested equally in the seven most hated assets at the start of the year, including cash and bonds, you’d have made just under 10% so far in 2021.'
Read more »
Is Apple In Trouble With Its Hybrid Work Model?Mondays, Tuesdays and Thursdays will become the “in-office” workdays at Apple but some employees are pushing back.
Read more »
Is Apple In Trouble With Its Hybrid Work Model?Mondays, Tuesdays and Thursdays will become the “in-office” workdays at Apple but some employees are pushing back.
Read more »
The Great Green Wall: China's farmers push back the desert one tree at a timeAfter a hard morning planting fresh shoots in the dunes on the edge of the Gobi Desert, 78-year-old farmer Wang Tianchang retrieves a three-stringed lute from his shed, sits down beneath the fiery midday sun, and starts to play.
Read more »