JPMorgan Chase & Co. is reportedly preparing to order employees back to the office five days a week, becoming the latest major bank to end its hybrid work policy.
The bank, the largest U.S. bank with more than 300,000 employees worldwide, plans to announce the changes in the coming weeks. According to BloombergThis was reported by a person familiar with the matter.
JPMorgan declined to comment.
JPMorgan CEO Jamie Dimon has been an opponent of remote work for years, arguing that it's inefficient and impossible for managers.
“In general, nothing beats face-to-face.” he said in 2023.
Most recently, Mr. Dimon has taken issue with federal employees working from home in Washington, D.C., so JPMorgan's reversal of its hybrid three-day week requirement is not all that surprising.
Wall Street firms remain divided over remote work policies even after pandemic restrictions are lifted.
Goldman Sachs required employees to return to the office full-time in 2021 and then reminded them of this policy in 2023, when some employees continued to work from home. Since then, Goldman Sachs employees have been working in the office five days a week, and the company is no longer transitioning to an in-office policy.
Meanwhile, Citigroup maintains a hybrid three-day work week policy for most employees.
In early 2024, Citi, HSBC and Barclays stepped up efforts to encourage employees to return to the office full-time, arguing that regulatory changes were making it more difficult to allow remote work. According to Bloomberg.
