JPMorgan Investments Banker Offices For Shared Desks
Shared workspaces have been relatively gradual to catch on at banking institutions, but JPMorgan is pursuing recent renovations by some rivals, which designers tout as cost slicing and efficiency boosting. Still, bankers who covet the status and privacy of personal offices are in for big changes. Month When JPMorgan renovated two floors at its Mission Street office in San Francisco last, it replaced many offices with diner-style booths, designated quiet zones and communal tables for the roughly 250 investment bankers and other employees there.
Noah Wintroub, a San Francisco-based vice chairman of investment banking at JPMorgan who focuses on technology and press companies, said he lobbied for the open-desk layout, though it may be a culture shock for some. The lender already set up hot desking for investment bankers in Hong Kong, said David Arena, JPMorgan’s head of global corporate real estate.
It was able to spend less by putting more folks on fewer floors. Arena did not say if U.S. JPMorgan reduces its real property footprint. JPMorgan is redesigning offices in Phoenix and Columbus also, Ohio. It did not say if there were any plans to include hot desks at the bank’s NY main office, which happens to be under the structure. Goldman Sachs Group Inc tore down walls in its NY asset management office in 2017, and Morgan Stanley is redesigning its midtown Manhattan headquarters to go brokers, tech, and traders employees closer together, according to media reports.
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But the design was slower to consider holding in a bank, where an ethnic resistance stems partly from the necessity to take confidential phone calls in private, based on the report. Offices were also status icons, and sitting down at a communal table rather than one’s own glass office is a large change for investment bankers. Some will still have offices, including Wintroub, though he said he prefers to sit down with others in the wild area and use his office as a meeting room.
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