Morgan does this for s couple of reasons

1. they can threaten cuts before bonus time like another redditor said. 1b) it keeps the image of being a hard ass / elite company.

2a) by forcing people back in person it keep building usage a sensible economy decision . Those building in terms of real estate value add a lot.

2bish) due to remote work lots of people left new york city because who wants to pay those rents. People moving out means means less revenue both in the form of taxes at times if companies also change headquarters and especially in the flow of money. This affect money going to the defacto daycares : schools.

Things that will also be affected subways. So services like the subways will have to decide to either raise prices to break even with less people or reduce services ∴ cost. Either way this might push people out as well. Forming a descending spiral of quality. (Freakonomics had an episode on this at some point. )

This makes NYC less attractive overall which goes back to point 2a) reducing property value. No good for the bottom line which means not good for shareholder price which means not good for the fat bonuses the execs are trying to make. So .. we have this nonsense