Is fear of crime imperiling JPM confab?
JPMORGAN insists it’s going ahead with an in-person conference in San Francisco next month, but alarm bells ringing among some attendees could force the meeting online — and it’s not because of COVID worries, but crime.
Some would-be attendees say they’re concerned about out-of-control crime in the City by the Bay, which is set to play host to the JPMorgan 40th Annual Healthcare Conference from Jan. 10-13.
High-level Wall Street execs claim to be spooked by the thought of attending the in-person conference at the Westin St. Francis in San Francisco’s Union Square. They point to a recent crime spree — marauding gangs ransacking high-end stores, including Nordstrom, Louis Vuitton and Burberry.
“I’m scared — the amount of lawlessness now is astounding,” one senior Wall Street executive told On The Money. “Violence is a huge topic of discussion at our bank.”
This person, who isn’t with JPM, says his colleagues are “pleading” with their bosses and begging not be sent to San Francisco out of concern for their personal safety.
But whether Wall Street types are mostly worried about the crime wave, or whether they’re simply used to sitting in their pajamas for the last two years of work-from-home, is an open question.
“It’s clear the crime you’re seeing is petty crime — not attacking executives at red lights in tinted-window SUVs headed to conferences,” one corporate exec who is a frequent investment conference speaker told On The Money.
This person adds the diminishing interest in conferences is partly because investors — who previously trekked to events to find and meet with investment targets — now can more easily arrange online meetings. During the lockdown, investors and companies grew accustomed to these virtual gatherings.
As for the San Francisco conference, another source says he knows of people lining up virtual meetings to coincide with the gathering. “I don’t know of anyone going in person,” the source said.
While those most concerned about attending the San Fran event have communicated their worries to JPMorgan, sources told On The Money it’s unclear whether JPMorgan will capitulate and move the event online.