They want employees to be just as productive as they were working from home but also want them to be in an open space office where the distractions are endless.
RTO would make more sense if it was truly beneficial but I've yet to see it and noticed the decline across the board since everyone was forced back. People are not happy with the lost time, commutes, and additional costs associated with RTO.
Pick one, clearly you can't have both.
Well said, @2ohh+1lDiRXyJ.
We are a large lender to real estate companies who rely on income from commercial real estate leases to make the payments to us on those loans. If those clients cannot pay these loans, it will cost the bank a sh!t ton in lost revenue.
Similarly, many Private Equity firms have become heavy players in commercial real estate and we have tons of loans out to them as well.
Note: BofA owns little, if any, of its own properties anymore. Am guessing BofA leadership believes they (along with JPM, GS, etc.) need to set an example and support the Work From Office model, so the entire portfolio does not collapse. Others may be able to shed more light.
Can someone explain how having people in office helps the banks real estate business? Sorry I’m uninformed regarding this.
they are more worried about real estate portfolio than people (or our productivity).
Let's not kid ourselves, none of this is about us.
For a bank that is highly invested in commercial real estate, there is.