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Jamie Dimon, CEO of JPMorgan Chase, defended his position from remote work to a group of college students, saying that teleworking “isn't going well in our business.”
Dimon, 68, said he had “enough” virtual work when talking to students at Stanford University's Graduate School of Business last week.
The student asked bank executives about his leaks and announcement remarks from the company town hall, dealing with the end of the company's hybrid work that has become a common workplace practice in recent years, especially after the coronavirus pandemic.
He was asked by students for advice on how to deal with the issues of virtual work.
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JPMorgan Chase CEO Jamie Dimon defended her position from remote work to a group of university students. (Victor J. Blue/Bloomberg via Getty Images)
Dimon replied that the only group of people who are unhappy about returning to the office is the “middle people” such as corporate office workers.
“If you work in a restaurant, you have to be there,” he said. “You may not know this, but 60% of Americans have been working all the time.”
“Where did you get the Amazon packages? Your beef, your meat, vodka? Where did you get your diapers?” he went on to mention people who didn't have the option to work remotely, even during the pandemic.
Dimon added:
Some workers, both government and private sector workers who have been allowed to work remotely since the pandemic, have been critical of recent orders to return to offices.
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Jamie Dimon said teleworking “doesn't work in our business.” (Kent Nishimura / Bloomberg via Getty Images / Getty Images)
Some even stopped returning to office requirements, but Dimon said he admired him.
“10% of our people work full-time from home,” Dimon said. “We have virtual call centers in Baltimore and Detroit. We did it to see if they were effective. They are very effective. They work at home. They are mostly minorities. That's what we did. It's a home run.
“But I'm not defending your right to tell me what Jpmorgan is going to do,” he added. “So you have a free market. You can do one thing, I can do another. That's what's called a free market.”
JPMorgan Chase previously announced that employees will need to return to the office five days a week starting this month.
Dimon also said he wanted people to return to the office because “young people are left behind.”
Jamie Dimon said he wanted people to return to the office because “young people are left behind.” (Tom Williams/CQ-Roll Call, Inc, Getty Images/Getty Images)
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“It's not like the first month you're working,” he said. “Until the second year, you know that you're less people, you're less challenges, less what's going on, less conversations in the water cooler or cafeteria. So it leaves them behind. And I don't do that, and not their boss.
He also emphasized the importance of communicating with colleagues in the office, which may not be possible with remote work.
“As a management tool, when we meet in the morning, we talk, we have these arguments, we talk all day. All day, certain information, I say to you, it doesn't work in our business, you can't do culture.”
Dimon also said people often get distracted by their phones during Zoom meetings.
