When asked about the in-person work policy during a staff meeting, Dimon said: “Don’t waste time on it. I don’t care how many people sign that f****** petition (request hybrid work policy),” he said, drawing some laughter, as per the Reuters report.
While JPMorgan has declined to comment, Dimon has demanded more efficiency. In fact, he has reportedly emphasised that employees have a choice whether to work at JPMorgan. The CEO told them not to be mad at him, and said that it was a free country, the report stated.
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Following the January announcement calling all employees back to five-day return-to-office by March, several staffers complained on internal message boards and chats about the end to hybrid working arrangements. A group reportedly launched an online petition urging Dimon to reconsider.
Nearly 950 people are said to have signed the petition against the five-day policy by the evening of February 12. JPMorgan has more than 317,000 employees worldwide.
The company’s CEO is of the view that some employees did not pay attention during Zoom meetings, which reduced their efficiency and creativity and hence the return was necessary.
According to a recording of a townhall reviewed by Reuters, Dimon said, “There is no chance that I will leave it up to managers…. Zero chance. The abuse that took place is extraordinary.”
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It seems JPMorgan employees are unlikely to have easygoing days given Dimon has told bank’s departments to show 10% gains in efficiency, which would entail 10% cuts in reports, meetings, documents and training sessions.
He recounted a story about a wealth management matter that required 14 committee approvals. “I feel like firing 14 chairmen of committees, I can’t stand it anymore,” he said. “I’m sorry. It’s my fault. I’m the boss.”
He also cited performance reviews for the bank’s operating committee that could stretch to six pages.
Jamie Dimon is not the only one, several banks have ended or are ending remote work policies, including Deutsche Bank and Bank of America.
(With inputs from Reuters)
(Edited by : Amrita)
First Published:Â Feb 13, 2025 3:43 PM IST
