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Started By
Message
re: Morgan Stanley CEO to bankers: If you want NYC salary, you need to be in NYC
Posted on 6/15/21 at 7:53 pm to RedRifle
Posted on 6/15/21 at 7:53 pm to RedRifle
quote:
I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City
I’m guessing Gorman hasn’t been to Colorado in awhile. NYC salary doesn’t go very far in Denver these days haha
0
Posted on 6/15/21 at 7:54 pm to RedRifle
Very fair policy
Posted on 6/15/21 at 7:57 pm to RedRifle
quote:
Sorry, that doesn’t work
Pride cometh before the fall
Posted on 6/15/21 at 8:03 pm to roguetiger15
quote:
As a former Morgan Stanley broker, their home base is absolutely critical to the growth of the younger folks just like he said. He is not bluffing on this and it’ll be interesting to see the outcome
Retail or institutional?
Posted on 6/15/21 at 8:04 pm to Boring
And if you’re employer is OK with folks in London, SD, and Orlando collaborating today, they’ll get by just fine with 6 dudes working it out in Mumbai next year.
People are literally begging for outsourcing with this WFH trend.
ETA. I’m a millennial.
People are literally begging for outsourcing with this WFH trend.
ETA. I’m a millennial.
This post was edited on 6/15/21 at 8:08 pm
Posted on 6/15/21 at 8:10 pm to RedRifle
He’s not saying you’re fired. Just expect a pay cut equal to where you live. That’s reasonable as the salary they currently earn is based on living in nyc.
Posted on 6/15/21 at 8:11 pm to turkish
And after 3 months of dealing with the outsourced employees the employer will be begging for the talent to come back.
Posted on 6/15/21 at 8:14 pm to RedRifle
They don’t pay most of their employees what it really takes to live in NYC.
Posted on 6/15/21 at 8:15 pm to Cfrobel
quote:
And after 3 months of dealing with the outsourced employees the employer will be begging for the talent to come back.
So fricking true. Watching the Wall Street boys tussle with Bantu and Pushkar in New Delhi about the constant outages is a laugh riot.
ETA: best Zoom call I’ve been on was an Italian-American sales guy, an Indian finance guy, and a NY Jewish lawyer. Holy shite it was like a verbal UFC match. The culture clash was incredible to witness.
This post was edited on 6/15/21 at 8:17 pm
Posted on 6/15/21 at 8:28 pm to Boring
quote:
Boring
While what you posted may be true, it is too narrow and limited... and doesn't consider that many jobs differ from each other.
A lot of jobs can be done 100% remote. A lot of other jobs need 2-3 days a week in the office. Also plenty of jobs need 100% in person.
There is no one size fits all, and the problem is that a lot of people in groups 2 and 3 ^ are up in arms because they want to be in group 1 even when it limits them from being able to fully perform their jobs.
I think the right way forward (at least in a smaller company where you have good rapport with your supervisor/boss) is to discuss the pros and cons of remote work vs. in-person and negotiate a hybrid schedule if there are aspects of your job that just need the in-person.
Posted on 6/15/21 at 8:46 pm to turkish
This right here. It is the white collar version of a cashier being replaced by an iPad for order entry
Posted on 6/15/21 at 8:48 pm to Boring
quote:
hate this phrase, but I ultimately think these companies are on the wrong side of history. Boomers who can barely type up an email can’t grasp how someone in London, someone in San Diego, and someone in Orlando can all negotiate a document together from the comfort of their couches.
No ones putting in 80 hours a week at home from the couch, no one. And certainly not as productive as in the office. You absolutely can’t be, too many things to take your focus away.
Wfh is great for a work life balance. But the fact is to work in many of these Wall Street jobs you don’t have a work life balance, you have to work your arse off or you don’t cut it.
Posted on 6/15/21 at 8:56 pm to baldona
You want to work an elite job? You'll be in an office 5-7 days a week. End of story. The rest will be a mix based on industry and the individuals making those decisions at the company level.
Posted on 6/15/21 at 9:00 pm to Vote4MikeAck504
quote:
Cuomo must have gotten to him. Trying to coerce high earners and tax payers back to NYC.
That's more like it. Follow the corruption and grasp for power and you will find your answer.
Posted on 6/15/21 at 9:02 pm to RedRifle
As much as I like not commuting, I 100% agree. WFH is nowhere near as effective as the office environment for the majority of positions.
Posted on 6/15/21 at 9:03 pm to Mo Jeaux
quote:
Why?
Because salaries have always factored in the cost of living.
Posted on 6/15/21 at 9:04 pm to RedRifle
I'd need a hefty raise to go work in NYC, San Fran, or other extremely expensive cities. I don't see the problem with it working the other direction.
Posted on 6/15/21 at 9:04 pm to TheeRealCarolina
quote:
NYC salary isn’t enough to deal with NYC shenanigans. A lot of people are realizing that getting 75% of the salary/benefits is worth it when you deal with only 10% of the bullshite.
This is the real crux. Will they fire people who say I’ll take the cut and still work remotely.
Posted on 6/15/21 at 9:05 pm to RedRifle
Well, I worked for EF Hutton, and EF Hutton said…
Posted on 6/15/21 at 9:05 pm to baldona
quote:
But the fact is to work in many of these Wall Street jobs you don’t have a work life balance, you have to work your arse off or you don’t cut it.
I've seen every episode of Billions. Those guys party plenty.
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