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Basically a 40% reduction in space. WFH has won. Now other large banks will follow JPM's lead and dump office space, at least until all mjor banks move everything to Florida.
Funny you think everything will move to Florida. I guess Google didn't get the memo and is going to expand their footprint in NYC.
Plenty of empty office space for them to pick from. JPM had just under 200k NYC staff 15 months ago. 40% fewer in office = 80k fewer in NYC. Is Google hiring 80k in NYC?
For tax purposes it really doesn't matter if you WFH. Far as NYS is concerned if your employer is based in state then you're subject to NYS (and by extension for this thread) NYC income taxes.
As for rest of it, yes decline in commercial space rented will cause issues if things go too deep.
That's easy to legally get around. JPM or any other bank opens up a tiny office in another state for that state's employees to use as an employment address.
I have a Chase branch across the street from one of my entrances. It was convenient for paying my credit card bill (closer than a mailbox.) THe branch has been closed since last Summer so it is likely to be cut. Only question is will it be a Duane-Reade or a Starbucks, neither of which I want or need. Besides, there is already a Starbucks next door to the bank and a Duane Reade in the same block.
Tenants in the lux building will invariably see a hike in their $$$monthlies.
JPM has operations in FL and, I think TX, no income tax states. They can easily pay their remote employees out of those offices.
Quote:
Originally Posted by dfc99
That's easy to legally get around. JPM or any other bank opens up a tiny office in another state for that state's employees to use as an employment address.
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