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Why a mayor is calling on CEOs to ride the subway to work

May 23, 2022

New York City Mayor Eric Adams has called on the city’s business leaders — including JPMorgan CEO Jamie Dimon — to take the subway to work, at a time when he is intensifying a campaign to bring employees back to empty Manhattan offices. “We are telling our corporate leaders, ‘Take the train!'”.

“We’re going to get him on a train,” Adams told the Financial Times in an interview. “We’re going to get everyone on the train. He understands the need of getting his people back and leading from the front.”

According to a recent survey conducted by the Partnership for New York City, roughly 40% of workers in New York City are currently in the office on a weekday. Only 8% are in the office five days a week. The share of office employees that are fully remote dropped from 54% in late October 2021 to 28% as of late April. The authors say that return to office rates will increase after Labor Day, with 49% of workers expected in the office on an average weekday in September 2022.

The survey also found that remote work is “here to stay,” with nearly 80% of employers instituting a hybrid office/remote model.

However, according to CNN, finance giants like Goldman Sachs, Bank of America and Morgan Stanley are taking hardline approaches, requiring employees to come into the office five days a week. On the other hand, Citigroup announced that the majority of the company’s 210,000 employees will be allowed to go hybrid, with three days in the office. JPMorgan has reportedly eased its return to office policies too.

Source: Financial Times | Partnership for New York City | CNN