JPMorgan plans full-time office return, ending hybrid work option - Bloomberg
Investing.com -- JPMorgan Chase & Co. (NYSE:JPM ), the largest US bank, is reportedly preparing to announce a return to full-time office work for all of its employees, thereby ending the hybrid work option that was put in place during the pandemic. The bank, which employs over 300,000 people globally, is expected to announce this change in the coming weeks, according to a report from Bloomberg, citing people familiar with the matter. This would replace the existing three-day office mandate for many of its workers.
This decision, although it could still change, would expand on the rules announced in April 2023, which required the bank's managing directors to be in the office five days a week. Approximately 60% of the bank's staff, including many traders and retail branch workers, already operate under this requirement.
The shift would mark a return to pre-pandemic expectations for JPMorgan, one of Wall Street's most prominent names. This move comes while some competitors continue to permit more flexibility for their staff. It also indicates CEO Jamie Dimon's belief in the effectiveness of in-person work, as he has previously criticized the federal government for not mandating more regular office attendance.
The stance on work-from-home policies varies among Wall Street firms. Goldman Sachs Group Inc (NYSE:GS ). has been advocating for staff to be in the office five days a week since at least 2023, while Citigroup Inc (NYSE:C ). maintains a three-day office policy for many of its staff.
The move towards full-time office work comes after major banks brought more US bankers and traders back to the office last year. They cited regulatory changes that made it more challenging to allow remote working as the reason for this shift. A spokesperson for New York-based JPMorgan declined to comment on the plans.
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Source: Investing.com
