19 Mar Bank failures due to remote work?!?!
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On September 2, 2022, I published “The Ole Corporate Blame Game” to chronicle how Corpo America was blaming remote work for, well, everything. (https://causeyconsultingllc.com/2022/09/02/the-ole-corporate-blame-game/)
On September 9, 2022, I published “The Ole Corporate Blame Game, Redux” because Larry Fink was harping on remote work as a cause of inflation. (https://causeyconsultingllc.com/2022/09/09/the-ole-corporate-blame-game-redux/)
You can’t make this crap up.
And now . . . drumroll, please . . . we get a “hold muh beer and watch this” moment from the banks.
“In a story in the Financial Times out Thursday, current and former Silicon Valley Bank employees cited the bank’s commitment to remote work as one reason for its failure.
Why it matters: In the aftermath of the collapse of the 16th biggest bank in the country everyone is trying to understand what happened.
- Whether remote work led directly to a bank failure, or whether poorly-managed remote work was simply a sign of bigger problems at the company, we may never know. Either way, what happened at SVB will likely enter the broader debate about returning to the office.”
We may never know . . . yeah, OK, sure. I think it’s pretty safe assumption that a rigged system rife with cronyism is to blame and not remote work. But sure. We may never know, ha ha.
“Details: The banking industry has led the return to office charge for a while, and SVB was an outlier in its commitment to something different.
- The company’s career site touted its flexible culture. ‘If our time working remotely has taught us anything, it’s that we can trust our employees to be productive from wherever they work,’ the site says.”
So the implication seems to be: other banks demanded RTO, SVB didn’t, and now look at the mess they’re in.
“Yet, SVB included remote work as a risk to its business in its 2022 annual report — in part because of the IT issues posed when employees are dispersed around the country, but also for productivity reasons.” -Axios, Ibid.
Wow. Remote work is a risk to its business for both cybersecurity reasons and for productivity reasons. If you haven’t figured out that this is coming to a theater near you sooner rather than later, I’m not sure what else I can say. They. Want. You. Back.
“Yahoo famously called all its employees back to the office a decade ago, when a new CEO took the helm and tried to turn that sinking ship around.” -Axios, Ibid.
We all remember Lord Elon doing the same thing at his organizations as well. Any whiff of “we need to right the ship, everyone” and it will be a full RTO push. No doubt in my mind.
“The bottom line: Companies looking for a reason to bring workers back to the office may find it in this piece.” -Axios, Ibid.
I assume that was the whole point, n’est-ce pas?
Have you figured it out yet? Whatever economic 💩 storm be a’brewing, it’s YOUR fault.
Somehow, it’s not the fault of:
- The state
- Crony capitalism
- Greedy corporations
- Unscrupulous business practices
- Junk loans
Noooooo way. It’s YOUR fault, peons and plebs.
We can now add things like bank failures and bailouts to the list of things that are the fault of John & Jane Q. Public, especially if they are working remotely. 😒😣