Almost Friday! Dan DeFrancesco in NYC, and I'd like to give a warm welcome to the city's first-ever director of rodent mitigation, Kathleen Corradi. As a former elementary school teacher, Corradi is already well-versed in dealing with small pests.
Today, we've got stories on a frequent-flyer-like program for hourly workers, PE firms can't get enough of their own debt, and luxury hotels that won't break your bank.
But first, I'm gonna need you to go ahead and come in tomorrow. M'kay?
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1. The WFH party is over.
"Just when I thought I was out, they pull me back in."
Well, it was fun while it lasted.
JPMorgan told its employees Wednesday that its managing directors are required in the office five days a week, which might explain the screams you've been hearing throughout the tri-state area.
Insider's Carter Johnson has got the full story, along with the internal memo announcing the news.
The decision comes roughly six weeks before Memorial Day. That's just in time to destroy plans bankers had for extended weekends in the Hamptons over the summer. (Don't worry, the Long Island Expressway tends to really open up on Fridays after work during the summer.)
The announcement also marks the end of the work-from-home era on Wall Street. It's true JPMorgan's policy applies only to MDs. But do you think execs will be OK with their subordinates working remote while they are stuck in the office?
"Honestly, Greg, get a headstart on your weekend plans. I enjoy coming into midtown on a Friday in August!"
It's easy to see how other banks will follow in JPMorgan's footsteps. Jamie Dimon, JPMorgan's CEO, has been vocal about his distaste for remote work, but he's certainly not alone. Plenty of others, most notably Goldman Sachs' David Solomon, have touted the importance of being in the office (blah blah mentorship model blah blah). Now JPMorgan just laid the blueprint for everyone else to force their own employees back in.
I'd like to think that at least one big bank might view this as opportunity break from the herd (and maybe scoop up talent). Maintaining a hybrid model might serve as a recruiting tool for pissed-off bankers fed up with the in-office policy.
But as a colleague pointed out to me, Wall Street is famous for its groupthink. And when the largest bank in the US pulls everyone back into the office, you can bet the rest will probably follow.
So keep the banker in your life in your Ts and Ps... and enjoy an easier commute to your beach house on Thursday night.
Here are more details, including the internal memo, on JPMorgan forcing MDs back into the office.
In other news:
2. A loyalty program for hourly workers. Salt Labs wants to help low- and medium-income workers build wealth via an app that operates like a frequent-flyer program. Here's the pitch deck it used to raise its $10 million pre-seed round. And check out our library of more than 50 pitch decks.
3. PE firms love credit so much they're buying up their own debt. The industry that perfected the leverage buyout has started purchasing debt of its portfolio companies, Bloomberg reports. For more on the wonky strategy, click here.
4. Fintech goes Hollywood. FilmHedge lends to movies and TV shows in need, another example of the rise of private-credit strategies in the industry. Here's how the fintech is pitching itself to investors.
5. Goldman's new-look trading desk. The bank has shuffled leadership following the recent departure of Joe Montesano, Goldman's former head of equity trading for the Americas, the Financial Times reports. Here are some of the top people in charge now.
6. NY Gov. Hochul is rockin' the suburbs. People in wealthy New York suburbs are freaking out about Hochul's plan to build more housing in their exclusive towns. More on how the rich are "losing their minds."
7. The fight for AI talent is going back to school. Tech companies are bombarding undergrads and Ph.D. students at top college campuses with whopping salaries. Here's how companies are trying to recruit college talent in the buzzy field.
8. 3D-printed homes! The soon-to-be largest neighborhood of printed homes in the world will begin selling houses this June. The homes, which start in the mid-$400,000s range, have eight different floor plans. Take a peek inside the Texas community.
9. Hotels for those with Champagne taste, but beer money. If you're looking to ball out on a budget, check out these luxury hotels that start under $150 a night. From Bali mansions to Italian villas, here are eight hotels to check out for your next holiday.
10. A grilled cheese unlike any other. It's not just cheese and bread. Here are 20 ways to spice up a classic.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.