JPMorgan Calls Managing Directors Back To The Office Full Time, Even On Fridays
JPMorgan Chase managing directors are now required to be in the office five days a week, the world's largest commercial bank told staff in a memo that noted some people are not coming into the office as much as required.
“Our leaders play a critical role in reinforcing our culture and running our businesses,” the bank’s operating committee wrote in the memo, reported by Bloomberg. “They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings. We need them to lead by example, which is why we’re asking all managing directors to be in the office five days a week.”
While most employees are keeping to their agreed hybrid work arrangements at the bank, there are a number of employees who are not “meeting their in-office attendance expectations, and that must change,” per the memo.
Managing workers in a hybrid environment and enforcing office attendance is largely falling to middle management, Bisnow has previously reported, putting enormous pressure on these types of employees.
The bank is New York City’s largest private office tenant, but reduced its office presence in New York by 22%, or 2M SF, in 2022. The bank is building a brand-new headquarters in Midtown East, which will take the form of a 1,388-foot, 60-story building at 270 Park Ave.
The supertall building, powered by 100% renewable energy, is expected to be open in 2025. JPMorgan CEO Jamie Dimon has spoken out against remote work in the past, saying in 2022 that office work is better for decision-making and encouraging diverse workplaces.
“You have to look at the flaws of the Zoom world. It doesn't work for an apprenticeship program. It doesn't work for spontaneous stuff,” Dimon said on a call with clients, Yahoo Finance reported in August. “Management by Hollywood Squares slows down honesty and decision-making.”
This year, Dimon has espoused a more tempered approach, telling CNBC that work-from-home can work for people with childcare considerations and for roles like coding and researching.
"I think it's perfectly reasonable to help women,” he said.
JPMorgan allows some workers to work a hybrid schedule, though they are required to be in three days a week unless approved by senior management. The memo noted there are thousands of workers at the firm who can't “take advantage” of hybrid work: employees in the retail bank branches and jobs in check processing.
"You’re responsible for meeting your hybrid model requirements," the memo said. "Your manager is responsible for ensuring that attendance requirements are being met and in cases where they aren’t, taking the appropriate performance management steps, which could include corrective action."