JPMorgan plans full return to office for 300,000 staff

NEW YORK, UNITED STATES — JPMorgan Chase is poised to mandate a full five-day office return for its more than 300,000 employees globally, shifting away from hybrid work arrangements that emerged during the pandemic. 

Bloomberg reported that the banking giant is expected to announce this policy change in the coming weeks, expanding upon its existing three-day in-office requirement.

Current implementation

The new directive would build upon JPMorgan’s April 2023 policy, which already requires managing directors to be present in the office throughout the week. Currently, approximately 60% of the bank’s workforce, including traders and retail branch employees, already adhere to a five-day office schedule.

Leadership stance

Jamie Dimon, the bank’s CEO, has consistently championed in-person work, arguing that it enhances collaboration and productivity. His stance has been notably critical of remote work policies, particularly those maintained by government agencies.

JP Morgan’s office infrastructure

To accommodate this transition, JPMorgan is investing in workplace amenities that make office presence more appealing. The bank is constructing a 60-story skyscraper in midtown Manhattan, designed to house up to 14,000 employees. The new facility will feature modern amenities including yoga and cycling rooms, meditation spaces, outdoor areas, and a sophisticated food hall.

While JPMorgan moves toward a complete return to office, other Wall Street institutions maintain varying approaches. Goldman Sachs has similarly advocated for full-time office presence, while Citigroup continues to operate under a three-day office requirement for many employees.

The implementation of such policies has proven challenging for some organizations. For instance, Amazon’s attempt to enforce a five-day return faced logistical hurdles due to insufficient office space in certain locations. However, JPMorgan’s well-established office infrastructure and gradual approach to policy implementation suggest a more measured transition to full-time office work.

Broader corporate trend 

This shift reflects a broader corporate trend, though it contrasts with a Korn Ferry survey showing that only 43% of employers globally now require five-day office attendance, compared to 89% before the pandemic. 

The move positions JPMorgan among other major corporations like Amazon and AT&T that have recently tightened their in-office work policies.