JPMorgan's Office Mandate: A New Era or Resistance?

JPMorgan Chase, the largest U.S. bank by assets, is set to announce a return to full-time office work for all employees, ending the hybrid work option that was put in place during the pandemic. The bank, which employs over 300,000 people globally, is expected to replace the existing three-day office mandate for many of its workers, according to people familiar with the matter. This decision, although it could still change, would expand on the rules announced in April 2023, which required the bank's managing directors to be in the office five days a week. Approximately 60% of the bank's staff, including many traders and retail branch workers, already operate under this requirement.

JPMorgan's CEO, Jamie Dimon, has been a strong advocate for in-person work, criticizing the federal government's stance on remote work. In September 2022, he told the Atlantic, "I can't believe, when I come down here, the empty buildings. The people who work for you not going to the office... That bothers me. I don't allow that." Dimon has also stated that if it were up to him, he would "make Washington, DC go back to work."

The bank's decision to order staff back to the office full-time comes amid a backdrop of major organizations calling staff back to the office more frequently. Some employers have switched from a remote-first model to expecting staff in-office for several days each week or month, while others have been more aggressive, such as Amazon, AT&T, and Goldman Sachs, calling some or all staff back to the office full-time.



However, JPMorgan's move towards full-time office work could face resistance from employees who continue to demand flexibility and autonomy over when, where, and how they work. For example, Amazon's controversial mandate to order staff back to the office five days per week has been met with criticism from employees, including open letters and anonymous surveys decrying the policy change.

When calling staff back to the office more frequently, there are also practical issues to contend with. Amazon, for instance, has been forced to delay the return for thousands of staff due to insufficient office capacity at some locations. A similar issue faced Starling Bank, whose HR team ceded some office locations in the UK "may not be able to accommodate" a planned increase to 10 in-office working days per month.

JPMorgan, meanwhile, is currently in the process of building a 60-story office in New York it hopes will accommodate up to 14,000 workers. Dimon's consistent stance on remote flexibility is another factor that may work in favor of JPMorgan if such a mandate is enacted. While the bank has been happy to stagger the return-to-office for its staff, his position on remote work, as indicated above, has been clear.

In conclusion, JPMorgan's decision to order staff back to the office full-time could have significant implications for employee satisfaction, retention, and the bank's real estate and office space management. While the move may enhance collaboration and productivity, it could also face resistance from employees and present practical challenges. The bank's ability to address these concerns effectively will be crucial in determining the success of the new policy.