Can JPMorgan be unionized? Employees turn to their peers at Wells Fargo for advice.
A budding movement is taking shape to unionize staffers at JPMorgan Chase, America's biggest bank by assets. If the yearslong unionization effort at Wells Fargo is any indication, they could have a long road ahead.
Last week, JPMorgan's organizers hosted a virtual meeting with a unionizer who was involved in Wells Fargo's effort to "share lessons learned," according to an email shared with members earlier this week. The Wells Fargo drive, which is also supported by a coalition called the Committee for Better Banks, has stretched on for two years with little success.
The meeting resulted in the following advice, according to a post on the JPMC Workers Alliance's official website:
"Build trust before going public."
"Use natural workplace conversations (e.g. breaks, lunch, text conversations) to test the waters and build confidence."
"Talk outside of work with colleagues to gauge their sentiment."
"Keep management in the dark about the process."
"Push back against illegal management activity. Managers may not *SPIT: Surveil, Promise, Interfere, or Threaten with respect to unionizing activity or outcomes — but they may not know this."
"Reframe the risks to increase confidence: The status quo is the real hazard. Would they fire the whole department?"
JPMorgan's unionization effort was spawned in large part by the bank's return-to-office policies. Earlier this year, JPMorgan summoned the roughly 40% of its workers who were still on a COVID-era hybrid work schedule back to their desks five days a week, kicking off complaints from employees of the Polaris campus, a major technology hub for the firm. Unlike JPMorgan's investment bankers, tech workers had been working from home a couple of days a week.
It's unclear how many JPMorgan workers have agreed to unionize as a result, but the JPMC Workers Alliance website boasts members from a number of US states, including New York, Delaware, Florida, Illinois, Ohio, Texas, as well as multiple cities in the United Kingdom.
To build support, JPMorgan's organizers have been handing out flyers and hosting events, including a recent pizza party at JPMorgan's massive Polaris campus in Columbus, Ohio, which attracted hundreds of employees. New members are vetted by a group of organizers responsible for confirming their identities and welcoming them to the alliance's group chat on Discord, a messaging app popular with video gamers.
The event drew an estimated 250 to 300 workers, said a JPMorgan employee affiliated with the union who requested anonymity to protect his job. As employees lined up to grab a slice, organizers approached them to discuss the labor movement and its goals, this person said.
"Happy International Workers Day," read the flyers, which were viewed by Business Insider. "Did your leadership thank you today? You deserve better."
The handouts asked questions like:
"Have you had to stand in the rain waiting for the shuttle?"
"Was 30 days enough notice for you to find child care before RFTO?" The acronym refers to the full-time return to work.
"Have you struggled to find an open desk?"
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Hill
37 minutes ago
- The Hill
A bond market meltdown might be inevitable
The recent surge in yields on long-dated U.S. Treasurys has generated concern in some circles. Jamie Dimon, the CEO of JPMorgan Chase, recently warned that the bond market is likely to crack as a result of spiraling government debt levels. 'I just don't know if it's going to be a crisis in six months or six years, and I'm hoping that we change both the trajectory of the debt and the ability of market makers to make markets,' he said. Others remain more sanguine and observe that interest rates have in fact normalized close to their pre-2008 global financial crisis levels. In the aftermath of the financial crisis, both real and nominal rates were stuck at unusually low levels for about a dozen years. But, since 2022, we have seen both policy and market rates edge toward their pre-crisis levels. With interest rates reverting back to their historical norms, is the current wariness surrounding the long end of the yield curve among key investors warranted? To evaluate the validity of such fears, it is worth reviewing recent U.S. fiscal history. During the past 45 years, the U.S. has had to deal periodically with the 'twin deficits' problem — the near-synchronous widening of the fiscal deficit and the current account deficit. In the past, bipartisan policy compromises pushed through by enlightened political leadership have helped America avoid a debt/currency crisis. In the early 1980s, the Reagan-era tax cuts contributed to a decline in U.S. government revenue that was not offset by cuts on the spending side and this led to a widening of the budget deficit. Meanwhile, the high interest rates associated with the Paul Volcker disinflation episode led to a sharp appreciation of the U.S. dollar and contributed to a deterioration of the trade and current account balances. This simultaneous deterioration of budget and current account balances gave rise to the twin-deficit hypothesis and highlighted the potential interconnectedness between fiscal deficits and trade deficits. Emergence of 'twin deficits' during the early 1980s generated significant concern in policymaking circles and led to concrete measures on both the fiscal front (in the form of the Tax Reform Act of 1986 and the Budget Enforcement Act of 1990) and on the exchange rate stabilization front (in the form of multilateral agreements such as the 1985 Plaza Accord and the 1987 Louvre Accord). In the Clinton era, further steps (such as the 1993 Omnibus Budget Reconciliation Act, the reduction in military spending associated with the post-Cold War peace dividend and the 1996 Personal Responsibility and Work Opportunity Reconciliation Act) were undertaken to improve the U.S. fiscal outlook. During the fiscal 1998 through fiscal 2001 period, the federal government even ran budget surpluses. Concerns regarding the 'twin deficits' reemerged during the George W. Bush era as fiscal and current account imbalances worsened. Prior to the 2008 global financial crisis, economists worried that the spike in budget and trade deficits was serious enough to threaten a dollar crisis. Following the collapse of Lehman Brothers in September 2008, however, there was a dollar shortage abroad and the U.S. currency actually strengthened. Furthermore, as household consumption collapsed and personal saving rate rose, the U.S. current account markedly improved in the post- global financial crisis era. During the Obama era, the 2011 Budget Control Act and the artificially suppressed borrowing costs (via Fed's quantitative easing and near-zero interest rate policies) helped ease the fiscal burden. Over the past five years, both the budget and trade deficits have deteriorated sharply. Budget deficits have exceeded 5 percent of GDP since 2020 and projections indicate deficits will remain elevated, raising concerns about fiscal sustainability. Critically, government borrowing costs have risen sharply since 2022. Historian Niall Ferguson has suggested that America's superpower status may be threatened as the U.S. government now spends more on interest payments than on defense. Unlike prior episodes, the current cycle of deteriorating external and fiscal imbalances is significantly more worrisome as the country appears to be beset by institutional decay and political ineptitude. Domestic and foreign investors in U.S. Treasurys are starting to fret about the absence of fiscal rectitude even as government debt-to-GDP ratios reach levels last observed in 1946. Additionally, illogical and inconsistent policies on the trade and foreign policy front raise the prospect of a so-called 'moron premium' being applied to U.S. assets. Legislative threats to tax foreign capital is raising alarm and will likely push up the cost of borrowing even further. Such actions are also fueling concerns about the pre-eminent reserve currency status of the U.S. dollar. Any diminishment of dollar's exorbitant privilege will affect U.S. fiscal sustainability. Unlike the 1990s, there is currently no political consensus on reining in fiscal profligacy and restoring fiscal sanity. Harvard's Ken Rogoff recently noted: 'To be sure, this isn't just about Trump. Interest rates were already rising sharply during Biden's term. Had Democrats won the presidency and both houses of Congress in 2024, America's fiscal outlook would probably have been just as bleak. Until a crisis hits, there is little political will to act, and any leader who attempts to pursue fiscal consolidation runs the risk of being voted out of office.' The late great MIT economist Rudiger Dornbusch once quipped: 'In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.' Recent spikes in bond market volatility and long-dated Treasury yields suggest that the moment of fiscal reckoning may finally be approaching. Vivekanand Jayakumar, Ph.D., is an associate professor of economics at the University of Tampa.
Yahoo
3 hours ago
- Yahoo
An Inside Look At Disney's Affordable Housing Development In Florida
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If someone asked you to play a word association game using the term "Walt Disney World," your first response might be "Magic Kingdom" or maybe Mickey Mouse. It's a safe bet that "affordable housing" would be way down your list, but the economics of Florida's housing market have forced a paradigm shift. Florida living has become so expensive that Walt Disney World is building an affordable housing community for its employees in Florida. Florida used to be synonymous with affordable housing, but several factors have changed the Sunshine State's housing market. First, a post-COVID influx of new arrivals from Los Angeles and New York with deep pockets caused property prices to spike statewide. If that weren't enough, a home insurance rate crisis and high interest rates have made buying a home in Florida harder than ever before. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest Where It Hurts — And Help Millions Heal: The affordability issue is felt most acutely by workers at the middle to lower end of the wage spectrum. That's historically the economic demographic that staffs Walt Disney World and the company's other Florida attractions. Business Insider reports that despite paying its employees $15 per hour, they still have trouble keeping pace with rising rents and property values. Disney responded by teaming up with a real estate development company, the Michaels Organization, to build a new affordable community on 80 acres of land near the city of Horizon West. According to Business Insider, the community will include 1,400 housing units, and 1,000 of them will be designated as affordable units. Walt Disney World already owns the land, which is about 20 minutes west of the theme park. 'We selected this land because it is part of a thriving community, close to employers, shopping, services, public schools, and areas of rest and recreation. We feel there is no better-positioned community in Central Florida to provide residents the opportunity to start a new chapter of their story,' Disney said in a statement. Trending: If there was a new fund backed by Jeff Bezos offering a ? It sounds like a great deal for Walt Disney World employees, but the plan is not without its detractors. The Horizon West area has experienced rapid population growth and development in the past several years. Area residents are becoming more vocal in expressing their belief that their community can't handle any more development. Orange County District One Commissioner Nicole Wilson has heard those complaints, and Business Insider says she voted against the project last year. Business Insider cites U.S. Census data showing Horizon West's population has grown from 14,000 people in 2010 to 58,000 in 2020. The post-pandemic era brought about another boom, and now 75,000 people live in Horizon West. Area real estate agent Nicole Mickle told Business Insider that the Horizon West real estate market was so hot during the post-pandemic boom that she was selling homes via is constant in real estate, and those changes can be incredibly jarring to local residents when markets get overheated. Naturally, that causes residents to fret that their community is losing the small-town feel that originally attracted them to the area. 'What some want to do is keep the integrity of the community,' Mickle told Business Insider. It looks like they will have to adjust to the new reality. Wilson's "no" vote wasn't enough to stop the project from going forward. Construction is set to begin, and 1,400 new housing units are coming to Horizon West. This may also be a look at the future of real estate development. Attracting employees for regular jobs is becoming increasingly difficult due to the lack of affordable housing. Larger companies may take note of Horizon West and follow suit in other areas. . With over $1 million in dividends paid out last quarter and a growing selection of properties across various markets, Arrived offers an attractive alternative for investors seeking to build a diversified real estate portfolio. In October 2024, Arrived sold The Centennial, achieving a total return of 34.7% (11.2% average annual returns) for investors. Arrived aims to continue delivering similar value across our portfolio through careful market selection, attentive property management, and thoughtful timing in sales. Looking for fractional real estate investment opportunities? The features the latest offerings. Image: Shutterstock This article An Inside Look At Disney's Affordable Housing Development In Florida originally appeared on

Miami Herald
4 hours ago
- Miami Herald
Women's apparel chain makes a big move toward men
A shaky economy might not prevent people from getting married, but it may prompt them to streamline their wedding planning. That's yet another tough break for the wedding industry, which was severely impacted by the Covid pandemic. After all, social distancing pushed the pause button on wedding guests doing the Cha Cha Slide on dance floors for a long while. But one thing remains for many couples in love: They want to do everything possible to ensure their special day goes off without a hitch. Related: Top luxury fashion brands just made a quiet change About half (52%) of engaged couples start planning their wedding a year ahead, according to The Knot 2025 Real Wedding Study, which surveyed 17,000 U.S. couples who got married in 2024 and a number who plan to this year. After all, there's a lot that goes into putting together a memorable event. Plus, couples want to look as good as they feel on their special day. And that means making room in their budget for the perfect wedding wardrobe. Now a well-known brand in the space has just made it a bit easier. Don't miss the move: Subscribe to TheStreet's free daily newsletter Image source: Getty Images David's Bridal has just revealed its partnership with Generation Tux, a tuxedo and suit rental shop, as an exclusive in-store shop-in-shop for menswear. The goal is to create a one-stop location offering great deals to outfit the entire wedding party. "Through our partnership with Generation Tux, we know we are offering the highest-quality product to our customers, and doing it at the best possible prices," David's Bridal's President Elina Vilk said in a statement. "For over 70 years, brides have trusted us to ensure they feel beautiful on their big day. We're ready and excited to offer the same to grooms online and exclusively in 10 select stores, with more to come." Related: Popular women's retailer closing 30% of its stores The Knot study said 90% of couples' wedding planning takes place online. That impressive stat points to the fact that couples want convenience as they prepare for their big days. Yet even in the age of e-commerce, many brides also want to "say yes to the dress" in person. By partnering with Generation Tux, David's Bridal is now extending the same courtesy to grooms. Unlike weddings of the past, where it was believed to be bad luck for the groom to see the bride before the ceremony, over three-quarters of surveyed couples who married in 2024 shared a "first look" before the ceremony, according to Brides. David's Bridal and Generation Tux appear to be capitalizing on this trend by inviting couples to shop together at the same store. Related: Another popular furniture retailer files Chapter 11 bankruptcy "We're thrilled to partner with David's Bridal to offer a seamless, head-to-toe wedding style experience for couples and their wedding parties," said Generation Tux President Jason Jackson. More Retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers In addition to the Generation Tux partnership, David's Bridal is rolling out a new store concept called Diamonds & Pearls, which will offer a more exclusive selection of merchandise that isn't available at other stores. The concept will debut in Delray Beach, Florida, with plans to expand. The company's new offerings come after it declared Chapter 11 bankruptcy in April 2023 with nearly $260 million in debt. It was acquired three months later by Cion Investment Corp., which lowered the retailer's debts to around $50 million and aimed to maintain up to 195 locations- and keep around 7,000 employees in their jobs. It wasn't the first time David's Bridal needed to take such measures. It also filed for Chapter 11 bankruptcy back in November 2018. A restructuring plan helped revive it, but like many other retailers, it wasn't prepared for the pandemic. Time will tell whether these new endeavors will bring about the happily-ever-after the bridal retailer has been hoping for. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.