JPMorgan Chase & Co is preparing to order staffers to return to the office five days a week – becoming the latest major bank to kill its hybrid work policy, according to a report.
The bank – the largest in the US with more than 300,000 employees worldwide – is expected to announce the change in the next few weeks, according to Bloomberg, which cited people familiar with the matter.
JPMorgan declined to comment.
For years, JPMorgan CEO Jamie Dimon has argued against remote work – saying it is ineffective and impossible for managers.
“In general, there’s nothing like face-to-face,” he said in 2023.
Most recently, Dimon took issue with federal employees working-from-home in Washington, DC, so the reversal of JPMorgan’s hybrid, three-day-a-week mandate is not such a surprise.
Wall Street firms have remained divided on their remote-work policies after pandemic restrictions were lifted.
Goldman Sachs mandated workers return to the office full-time in 2023 – and later reminded them of this policy, when some employees continued to work from home.
Citigroup, meanwhile, has kept its hybrid, three-day-a-week policy for most of its staff.
In early 2024, Citi, HSBC and Barclays beefed up their efforts to sway workers to return to the office full-time – claiming regulatory changes were making it more difficult to allow remote work, according to Bloomberg.
