JPMorgan Chase CEO, Jamie Dimon, is making a clear stance on remote work. He wants workers back in the office five days a week.
Dimon, had a town hall meeting with employees, where he emphasized the importance of showing up at the office.
“I don’t care how many people sign that f—ing petition,” the Chase CEO said. “I’ve been working seven days a goddamn week since COVID, and I come in, and—where is everybody else?”
He stated people have a choice about whether to work at Chase or not. “If they don’t want to show up at the office every day, they can leave”.
Additionally, he asked JPMorgan’s workers to “not waste time” and strive for efficiency. According to Dimon, all the bank’s departments should show 10% efficiency gains.
This would entail 10% cuts in reports, meetings, documents, and training sessions.
The current climate is not good. JPMorgan has reportedly laid off about 1,000 employees despite record-breaking annual profits.
In January, JPMorgan announced to its more than 300,000 employees that it was ending remote work arrangements.
At that point, half the workforce was already working full-time in one of the bank’s offices. In a recent petition, more than 500 signatories asked Dimon to keep a hybrid model.
Employees claim the company’s new mandate to end hybrid work “is a great leap backward: It hurts employees, customers, shareholders, and the firm’s reputation.”
According to a report by Barron’s on Wednesday, the bank is planning further workforce reductions in the months ahead.
