In a recent town hall meeting, JPMorgan Chase CEO Jamie Dimon dismissed requests from certain employees to relax the bank’s five-day return-to-office policy, as reported by a recording reviewed by Reuters.
Employees at the largest bank in the United States have expressed their dissatisfaction on internal platforms regarding the loss of hybrid work arrangements, with one group even initiating an online petition urging Dimon to reconsider the policy.
When questioned about the in-person work requirement during the meeting, Dimon responded, “Don’t waste time on it. I don’t care how many people sign that petition,” eliciting laughter from the audience.
JPMorgan has opted not to provide any comments on the matter.
Dimon emphasized the need for increased efficiency and reiterated that employees have the option to choose whether to work at JPMorgan. He urged them not to direct their frustration at him, asserting that it is a free country.
The retraction of remote work policies has led to discontent among some employees as COVID-19 restrictions have eased. The bank’s insistence on a greater number of employees returning to the office has resulted in a wave of complaints, particularly from back-office staff.
Some employees have sought guidance from the Communications Workers of America regarding the potential formation of a labor union, a rare occurrence in the U.S. finance industry, according to CWA campaign lead Nick Wiener.
By Wednesday evening, approximately 950 individuals had signed the petition opposing the five-day policy. JPMorgan employs over 317,000 individuals globally.
Dimon, who has led the bank for 19 years, noted that some employees were not fully engaged during Zoom meetings, which he believes hampers their efficiency and creativity.
JPMorgan’s profits reached a record high in 2024, and its stock price has nearly doubled over the past five years. This strong performance has led some employees to question the necessity of spending more time in the office.
In-office requirements will not be delegated to managers, according to Dimon.
“I will not leave this decision to managers,” he stated emphatically. “There is absolutely no chance of that happening. The level of abuse that has occurred is remarkable.”
Dimon’s perspective is echoed by numerous leaders on Wall Street and President Donald Trump, who has called for the termination of remote work policies within the federal government.
Dimon has instructed all departments within the bank to achieve a 10% increase in efficiency, which would necessitate a 10% reduction in reports, meetings, documents, and training sessions.
During a town hall meeting, Dimon shared an anecdote regarding a wealth management issue that required approval from 14 different committees.
“I feel like dismissing 14 committee chairpersons; I can no longer tolerate it,” he remarked. “I apologize. This is my responsibility. I am the leader.”
He also mentioned that performance reviews for the bank’s operating committee could extend to six pages.
“Due to legal and risk considerations, they must review it; regulators may raise concerns, and there could be potential litigation, so caution is necessary,” Dimon explained. “I understand the rationale, but I end up discarding it.”
In a broad-ranging discussion, one participant inquired about Dimon’s opinion on Trump’s decision to halt operations at the Consumer Financial Protection Bureau. Dimon acknowledged that while some consumer protection regulations are beneficial, the CFPB has exceeded its mandate, reflecting a sentiment of ambivalence within the industry. He used a strong term to refer to former director Rohit Chopra.
A representative for Chopra chose not to provide a comment.
Dimon was also questioned regarding hiring practices.
The bank aims to maintain a stable headcount, and “we continue to invest in hiring new professionals where appropriate, currently having 14,000 open positions,” a spokesperson for the company stated.
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