Investment bank JP Morgan – and particularly CEO Jamie Dillon – have been vocal about their opposition to long-term remote working. Like its peers Goldman Sachs and Morgan Stanley, JP Morgan’s executive leadership are keen for employees to return to the office now it is safe to do so.
While the bank’s initial aim was full-time back in the office, in a recent shareholder letter Dillon laid out the company’s new approach.
“Approximately 50% [of our employees] will necessarily work at a location full time. That would include nearly all employees in our retail bank branches, as well as jobs in check processing, vaults, sales and trading, critical operations functions and facilities, amenities, security, medical and many others.”
Another 40% would be allowed to split their time between the office and a remote location. They have been asked to come into the office three days a week.
“Increased flexibility and hybrid working arrangements will vary by job type. We do hope to provide these types of arrangements where they are appropriate and for those who want them”, wrote Dillon.
The remaining 10% will be allowed to work full-time from home.
Dillon also announced that JP Morgan, like many other employers, is rethinking the layout and design of its offices.
“We will quickly move to a more “open seating” arrangement in which digital tools will help manage seating arrangements (people will have regular neighborhoods where they can congregate), as well as needed amenities, such as conference room space,” wrote Dillon.
“As a result, for every 100 employees, we may need seats for approximately 60 to 75 on average — with an appropriate increase in conference room, private office and amenity space to make it a great work environment”.
JP Morgan tech teams get more flexibility
On the back of this letter to shareholders, JP Morgan’s artificial intelligence lead Drew Cukor wrote to tech employees in the CTO and TRAIN teams informing them the bank had made more concessions.
Cukor wrote in a letter to employees seen by Business Insider: “The Firm has heard from many around the business…and we’re making a few adjustments.
“Effectively immediately: We are now authorized to invite our workforce to two days a week in the office.”
Cukor continued: “I respectfully ask that with this generous modification that all members of our team meet the two-day with earnestness.
“Those that can’t, let’s please surface reasons and if applicable, let’s get work from home status filed in the system.”
All of this suggests that JP Morgan is listening to the demands of employees, which is a good move given that flexible working is playing such a big role in the ‘Great Resignation’.
But will this create issues across the rest of JP Morgan’s business? Many employees are already unhappy about that the bank is tracking when they go to the office. Some described to Insider that this put the “fear of God” into them.
A London-based technology work told Insider: “At JPMorgan, nobody trusts you.
“The higher-ups don’t trust you to do your job if they’re not constantly watching you in the office.”
Ultimately, it is possible JP Morgan will change its mind on hybrid work in the future. In the letter to shareholders where he made the hybrid concessions, Dillon also made it clear that working virtually is not the same as working together in-person.
He believes that “remote work eliminates much spontaneous learning and creativity”, particularly for younger employees.
He wrote: “Our leaders must lead. They have to walk the floors, they must see clients, they need to be visible, they need to teach and educate, and they need to be able to conduct impromptu meetings.
“They cannot lead from behind a desk or in front of a screen.”
Watch this space to see what the world of work looks like at JP Morgan in the long-term.
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