What many people anticipated has happened. J.P. Morgan, an international bank with 16,000 employees based in the UK – spread across Edinburgh, Glasgow, London, Bournemouth and Basingstoke – has made a call on how it will be organised in the post Covid-19 world. Working from home, at least part of the time, is going to be a “more or less permanent” feature of their model. The “rotational model” will see JPM bankers working “one week a month from home, or two days a week from home, or two weeks a month”, depending on the type of business.
I’m a former employee, so perhaps I tend to place too much value on what the bank says. However, I don’t think anyone can deny the firm is a leader with serious heavyweight thinkers at the very top. Who would you prefer to be in The White House – Donald J. Trump or Jamie Dimon?
This news came out on the same day as a BBC report about 50 UK businesses. None – not even one – is planning a full-scale return to pre-pandemic office staffing levels. Simon Jack, BBC Business Editor, called city-centres an “ecosystem” like a coral reef. It’s a good analogy. And he called the situation a cardiac arrest rather than a process of evolution. It’s also being reported that London’s West End is still only operating at 13% of pre Covid-19 lockdown levels. The national level for other cities is 17%. This heart-breaking quote from The Times sums it up: Andrea Oriani wonders if the sandwich bar that he owns in Leadenhall Market will exist come next year. “The City has died,” he said. “We closed in March, thinking it would be a couple of weeks, and didn’t reopen until early July.” In the first week back he took £400. Compare that with a normal £10,000. Last Thursday he took £240 in a day.
I don’t know anyone who expects any sort of return to normality this year. A friend who lives in Kennington says the neighbourhood is busy with people working from home and, in the evening, pubs and restaurants are thriving. Moorgate, just five tube stops away, is empty. Inflexion-point is an over-used phrase, but this is surely where we’re at. Public transport and the catering/ hospitality segments that solely rely on office workers in the City and West End are in a death spiral. Tragically, I’m not sure there’s anything that can be done.
Are there any positives? Well, yes. Discussing the situation with friends who, like me, haven’t set foot in central London for six months we bemoaned the loss of many things. Office banter, gossip, meeting friends from overseas offices etc., we yearn for a sense of community. Working remotely may well be efficient, however, it can also be soulless at times.
I live in Church Crookham, Hampshire. It’s in the Hart district, which is regularly voted as the best place to live in the country. It didn’t earn its reputation because of its restaurant diversity. My neighbours seem to have an unquenchable appetite for either Italian or Indian food. America may run on Dunkin Donuts – around here it’s pizza and chicken tikka masala. The only standout is our excellent Nepalese restaurants – a legacy of the Gurkha Regiment formerly being based here. We don’t have any Japanese, Lebanese or even Mexican restaurants.
So, my passion for exploring new cuisines has in the past been partly sated by the London food-truck scene. At my old office near Liverpool Street station, we were quite spoilt for choice. Thursday night events at Spitalfields Market were enormous fun too. I’ve even watched open-air salsa dancing while eating spicy Argentinian Empanadas and drinking beer brewed in Rotherhithe. You can’t do that on a Zoom call…
I have a suggestion. Perhaps J.P. Morgan could organise a food-truck event in the car park at their office in Basingstoke? If we can’t or won’t go to London, then they must come to us. Family members tell me that Milton Keynes (where 30,000 people are estimated to be WFH instead of commuting) and mill houses in Sheffield would love some food diversity. Looking forward to it.
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