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The Axios article references, but does not link to, a Financial Times report from Thursday that's pretty much the entire substance of this "blaming" of remote w
by btown 4y ago
The Axios article references, but does not link to, a Financial Times report from Thursday that's pretty much the entire substance of this "blaming" of remote work. This appears to be the article in question (and should arguably be the article linked by the OP): https://www.ft.com/content/6e23a2fb-484e-418d-b309-bf558b3a6a17 https://www.ft.com/content/6e23a2fb-484e-418d-b309-bf558b3a6...
But there's not a single quote that backs the claim that employees blamed remote work. A professor does, and one former executive complains about training on social justice matters, but no employees are quoted mentioning anything about remote work itself. They instead complain of this:
> However, insiders complained as the bank grew at breakneck speed, its top management became inordinately focused on social issues and overly reliant on the use of expensive consultants to explore new strategies, when they should have prioritised management of the bank’s expansion and properly hedging against its interest rate risk.
It's supremely ironic, then, that today's Financial Times itself refutes this hypothesis entirely: https://www.ft.com/content/fbd9e3d4-2df5-4a65-adbd-01e5de2c5053 https://www.ft.com/content/fbd9e3d4-2df5-4a65-adbd-01e5de2c5...
> SVB hired BlackRock’s Financial Markets Advisory Group in October 2020 to analyse the potential impact of various risks on its securities portfolio. It later expanded the mandate to examine the risk systems, processes and people in its treasury department, which managed the investments.
> The January 2022 risk control report gave the bank a “gentleman’s C”, finding that SVB lagged behind similar banks on 11 of 11 factors considered and was “substantially below” them on 10 out of 11, the people said. The consultants found that SVB was unable to generate real time or even weekly updates about what was happening to its securities portfolio, the people said. SVB listened to the criticism but rebuffed offers from BlackRock to do follow up work, they added.
Remote work is in no way responsible for an entire year's worth of executive decisions to ignore such a damning report.