by Wolf Richter
Landlords and their lenders who’re still thinking work-from-home is just a blip will undergo a reckoning in due time.
Synchrony Financial, GE’s consumer financial services spinoff with 16,500 employees according to its website – presumably before the layoffs – announced during its earnings call this morning that it has “realigned and reimagined the way we work,” and that it would lay off people, and that it would close offices entirely, and that it would reduce the size of other offices, and that it would now allow all employees and require some employees to work from home permanently.
This is the latest in a series of major companies having made similar announcements, including Microsoft. But Synchrony’s proposal appears to be more radical in that it: