JPMorgan to Bring Workers Back to Office 5 Days a Week, End Hybrid Option (JPM)
JPMorgan Chase & Co. is preparing to tell all its employees to return to the office five days a week, ending a hybrid-work option for thousands of staff and returning to the attendance policy that was in place before the pandemic.
The largest US bank, which employs more than 300,000 people globally, is expected to announce the change in coming weeks, replacing an existing three-day mandate for many of its workers, according to people familiar with the matter, who asked not to be named discussing unannounced plans.
The decision, which could still change, would expand existing rules announced in April 2023 that require the bank’s managing directors to be in five days a week. About 60% of the bank’s staff — including many traders and retail branch workers — already operate under that requirement.
A spokesperson for New York-based JPMorgan declined to comment on the plans.
The move would mark a return to pre-pandemic expectations for one of Wall Street’s biggest names, while some rivals continue to allow more flexibility for their staff. It’s also a sign of Chief Executive Officer Jamie Dimon following through on his belief that staff work better together in-person.
The CEO has previously criticized the federal government for not requiring workers to be at their offices more regularly.
Aggressive mandates forcing thousands back to the office en masse haven’t always proven easy to implement. Amazon.com Inc. last year ordered employees to return to the office five days a week beginning from January, but had to delay the start date for thousands of returning employees because there wasn’t enough space in some cities. Other companies have had to remind employees to adhere to the requirements.
For its part, JPMorgan is building a 60-story skyscraper in midtown Manhattan that will house as many as 14,000 workers — as well as offering enticements including yoga and cycling rooms, meditation spaces, outdoor areas and a state-of-the-art food hall.
Read More: Amazon Delays RTO Mandate for Thousands of Workers Due to Space
Wall Street firms have diverged on their work-from-home policies, as executives remain split on how flexible working arrangements should be.
Goldman Sachs Group Inc. has long pushed for staff to be in the office five days a week, while Citigroup Inc. has maintained a three-day policy for many staff.
Major banks brought more US bankers and traders back to the office full-time last year after regulatory changes they said made it more difficult to allow remote working.