Overview

• Citadel CEO Ken Griffin warns that remote work weakens the 'social contract' between companies and employees, making it easier for companies to lay off workers.
• Griffin predicts that the unemployment rate will rise from 3.9% to the low 4s next year due to the impact of remote work on layoffs.
• Griffin's comments come amid a growing push from major companies for employees to return to the office, with firms like Amazon and Meta requiring in-office presence at least three days a week.
• Despite the push for office return, many companies are reducing their office space, with 75% planning to cut down on square footage in the next year, according to a survey by Robin Powered.
• Griffin also highlighted the issue of 'Zoom firings', where companies lay off employees over video calls, as an example of the weakening bond between companies and their remote employees.