<story><title>Wall Street grudgingly allows remote work as bankers dig in</title><url>https://www.nytimes.com/2021/11/24/business/wall-street-remote-work-banks.html</url></story><parent_chain><item><author>jollybean</author><text>&amp;quot;you&amp;#x27;d better be paying me extra to cover my increased rent&amp;quot;&lt;p&gt;I have some sorry news for Americans thinking this way on this one: you just outsourced yourselves.&lt;p&gt;There are people 2x as smart and who will work 2x as hard for 1&amp;#x2F;2 the salary among remaining 7 Billion people on this planet and if the bank can hire them instead of you, eventually they will.&lt;p&gt;In some aspects, relationships do matter, so those have face-to-face types of interactions will be obviously harder to displace.&lt;p&gt;The US saw a giant outsourcing of manufacturing, and now that US Megacorps are globalized and not locally owned, they don&amp;#x27;t have any reason to care about local talent, the same will start to happen in services.&lt;p&gt;I do however think that communicating matters a lot, and people will just find themselves back at the office.&lt;p&gt;I don&amp;#x27;t think people realize how quickly this can happen.&lt;p&gt;Now that we can work &amp;#x27;remote&amp;#x27; - everyone is thinking about all the projects they can do for x% the cost, they&amp;#x27;re looking to trim the budget, and there&amp;#x27;s a pile of solid applications from Canada, Taiwan, Poland, Brazil, Spain on their desks.</text></item><item><author>mabbo</author><text>Like all industries that can move to remote, I suspect we will soon see a split. Some companies will embrace it, some won&amp;#x27;t. And that&amp;#x27;s not to detract from either side of that choice. It&amp;#x27;s just a choice that has to be made.&lt;p&gt;What&amp;#x27;s going to be more interesting is what this does to the market rate for labor compensation between these two pools. Simply put: if you want me to be in the city from 9-6 every day, while your competitor says I can live anywhere and remote in, you&amp;#x27;d better be paying me extra to cover my increased rent (in the city) or increased time (commuting). Or put another way, your competitors can compensate me less and I&amp;#x27;ll consider it a better deal.&lt;p&gt;If the advantage of face to face is actually significant, then we&amp;#x27;ll see the remote firms slowly die off. If it&amp;#x27;s not, then they&amp;#x27;re going to be here permanently. Or they might just take over.</text></item></parent_chain><comment><author>csa</author><text>&amp;gt; I have some sorry news for Americans thinking this way on this one: you just outsourced yourselves.&lt;p&gt;&amp;gt; There are people 2x as smart and who will work 2x as hard for 1&amp;#x2F;2 the salary among remaining 7 Billion people on this planet and if the bank can hire them instead of you, eventually they will.&lt;p&gt;&amp;gt; In some aspects, relationships do matter, so those have face-to-face types of interactions will be obviously harder to displace.&lt;p&gt;I have some sorry news for non-Americans who think most of the high-paying American jobs (especially at banks) have anything to do with being smart or working hard or getting paid half as much.&lt;p&gt;Those personal, face-to-face relationships referred to matter a lot. As humans, they will always matter.&lt;p&gt;The main way that remote will impact workers is by allowing people (mostly Americans or folks who could live&amp;#x2F;work here via a visa) who would already be naturally good fits for the job to live and work in a different place, but probably close enough to travel to meetings and clients as necessary (with a lot of necessary).&lt;p&gt;Back office work may be sent abroad or (more likely) contracted out, but the core of the businesses that involve trust and&amp;#x2F;or personal relationships will be collocated for many many decades to come.</text></comment>
<story><title>Wall Street grudgingly allows remote work as bankers dig in</title><url>https://www.nytimes.com/2021/11/24/business/wall-street-remote-work-banks.html</url></story><parent_chain><item><author>jollybean</author><text>&amp;quot;you&amp;#x27;d better be paying me extra to cover my increased rent&amp;quot;&lt;p&gt;I have some sorry news for Americans thinking this way on this one: you just outsourced yourselves.&lt;p&gt;There are people 2x as smart and who will work 2x as hard for 1&amp;#x2F;2 the salary among remaining 7 Billion people on this planet and if the bank can hire them instead of you, eventually they will.&lt;p&gt;In some aspects, relationships do matter, so those have face-to-face types of interactions will be obviously harder to displace.&lt;p&gt;The US saw a giant outsourcing of manufacturing, and now that US Megacorps are globalized and not locally owned, they don&amp;#x27;t have any reason to care about local talent, the same will start to happen in services.&lt;p&gt;I do however think that communicating matters a lot, and people will just find themselves back at the office.&lt;p&gt;I don&amp;#x27;t think people realize how quickly this can happen.&lt;p&gt;Now that we can work &amp;#x27;remote&amp;#x27; - everyone is thinking about all the projects they can do for x% the cost, they&amp;#x27;re looking to trim the budget, and there&amp;#x27;s a pile of solid applications from Canada, Taiwan, Poland, Brazil, Spain on their desks.</text></item><item><author>mabbo</author><text>Like all industries that can move to remote, I suspect we will soon see a split. Some companies will embrace it, some won&amp;#x27;t. And that&amp;#x27;s not to detract from either side of that choice. It&amp;#x27;s just a choice that has to be made.&lt;p&gt;What&amp;#x27;s going to be more interesting is what this does to the market rate for labor compensation between these two pools. Simply put: if you want me to be in the city from 9-6 every day, while your competitor says I can live anywhere and remote in, you&amp;#x27;d better be paying me extra to cover my increased rent (in the city) or increased time (commuting). Or put another way, your competitors can compensate me less and I&amp;#x27;ll consider it a better deal.&lt;p&gt;If the advantage of face to face is actually significant, then we&amp;#x27;ll see the remote firms slowly die off. If it&amp;#x27;s not, then they&amp;#x27;re going to be here permanently. Or they might just take over.</text></item></parent_chain><comment><author>dymk</author><text>Having worked for years with overseas contractors, I’m really not too concerned about my job security</text></comment>