The bottom line: Companies looking for a reason to bring workers back to the office may find it in this piece.
https://www.axios.com/2023/03/17/svb-employees-blame-remote-work-for-bank-failure
24 replies (most recent on top)
@4ymz, if you're searching for Neanderthals I suggest you check somewhere besides the USA. You can google the average IQ by country and the number of slaves by country if you need a little pointer.
Fantastic, and my team is the same. I read all of these highly racist mostly anti-India comments and it warms my heart to know that they’re likely only a small minority of Neanderthals in the Bank.
@3zmc
Management isn’t going to give you a bigger raise/bonus for licking their boots, they enjoy having eager lackeys around who have learned to think against their own interest enough not to require extra compensation.
Sad thing is, the powers that be still probably have you on the short list for the next separation.
Banks managed to botch their risk management long before WFH, and they will continue to as long as we allow the moral hazard to exist
It’s obvious that remote work was a substantial factor in these bank failures. We need to get butts back in the seats here ASAP. Failure to RTO should be displacement for cause, I.e. termination for cause with no SUB package.
You can watch Netflix on your phone at work a**munch
It will keep you from binge watching Netflix.
Can any of the former Lehmann employees who now run BNYM confirm how much remote work led to the 2008 crisis? The emails went out last night complaining about swipe counts anyway. Good to see the EC have their eyes on the ball as the share price falls 15% in a month.
Well it might lead you stop posting about binging NetFlix every day.
@kqx, we're blaming the white guys who spend all their time on racist, counter productive DEI initiatives. Usually it's because of their white guilt or fear of the Al Sharpton shake downs.
Just hire the most qualified candidate. As a shareholder, isn’t that going to maximize the return.
These large institutional investors that own the company, why wouldn’t they demand hiring the most qualified candidate. What is their agenda?
Loving those who blame “DEI hires.” As if white guys haven’t been screwing up this bank (and other banks) for generations!
Add to your list bad bets on bonds, which had to be sold at firesale prices.
- E.I. Is all fun and games until someone (like a few banks and Savers), gets hurt.
@has. Mgr in Emea, I work in Pittsburgh- coworkers in India…. Yes the office unites!
"Work from home over the Pandemic was a disaster. People were online but incredibly disengaged and ineffective. Management really learned the hard way what slackers we hired. Many of us with a work ethic worked our tails off but the bulk were mailing it in.
I totally support Robin’s efforts to end work from home."
Really bad take. A slacker is a slacker regardless where they're working from.
Scenario: I work in Pittsburgh but my manager is in New York, or Lake Mary. How exactly does having to swipe a badge 3 times a week make me any more accountable?
I'll wait.
The threatened powers that be will do anything to get us back in the office to regain their iron grip on our lives.
I see so many fluff pieces about how workers want to RTO. Or, how commuting is good for us and people prefer doing it. HA! How stupid do they think we are?
Apparently if they can tell the lie enough times they can point to it as true when they try to steal our time from us.
Don’t forget we’re all poorer for RTO, I lost $500 in after tax pay in commuting costs. Plus 4 hours of my day for nothing
Employees under 40 and those who can use a computer had no drop in productivity (more likely an increase). It’s amazing that some workers love their chains and can’t break out of loving their prison — indeed they’d rather drag everyone else into their misery rather than let us live more productive, less stressful, less expensive, less polluting lives with more time for what matters.
Work from home is the greatest win for the workers since the 40 hour work week. Will we let the reactionary managerial class repeal that victory?
Why commute to a Central Business District to sit in a windowless office and stare at a screen? To enjoy all the culture between those 4 grey walls?
Wrong. D.E.I. hires without valid skillsets have increasingly been destroying banks for the past 40 years. Now we have enforced mediocrity. It’s a massive tax on productivity.
Work from home over the Pandemic was a disaster. People were online but incredibly disengaged and ineffective. Management really learned the hard way what slackers we hired. Many of us with a work ethic worked our tails off but the bulk were mailing it in.
I totally support Robin’s efforts to end work from home.
DEI had nothing to do with their failure. Try again.
Criminally lousy risk management combined with higher rates were the culprits.
Silicon Valley Bank had no official chief risk officer ahead of collapse but employed a DEI executive.
Silicon Valley Bank actively promoted DEI policies in recent years.
This is the reason of its failure not remote work.
“Employees blame remote as cause of bank failure “? Please. What employees? It’s simple math - greed, deregulation, lax oversight and risk management, rates rising too quickly.
Blasphemy! They are trying to cover up the goof up up made by the management. Probably , they have been instructed what to answer when the regulators investigate and ask questions.
I think this was more aimed at the CEO working in Hawaii as opposed to peons working at home……..