JPMorgan CEO Jamie Dimon appears to have softened his stance on flexible working, slightly reversing his opposition about these work arrangements.
Last year, Dimon said working from home “doesn’t work for people who want to hustle, doesn’t work for culture, doesn’t work for idea generation.”
However, the company’s annual shareholder letter revealed that around 50% of staffers will work full-time in person, while 40% will work under a hybrid policy, and the remaining 10% will work 100% remotely.
Employees within its retail bank branches, check processing, vaults, sales and trading, security, and operations will mostly work full-time in person, while hybrid workers’ roles will vary.
In the shareholder letter, Dimon added that work arrangements will be determined based on the needs of clients and the firm as a whole.
This change of heart comes as employees become increasingly outspoken against mandated office returns, with many threatening to quit if their flexibility is taken away.
For JPMorgan, this acceptance of hybrid working is impacting their real estate footprint as well. In the firm’s recent detailing of its new headquarters in New York City, it revealed that the space will accommodate various styles of working with open seating, conference rooms, private offices, and more.
Financial organizations have historically emphasized the importance of in-person working and the apprenticeships young bankers are expected to participate in.
“Most individuals learn the best when they are taught through an apprenticeship mode, which is almost impossible to replicate in the Zoom world,” Dimon wrote in the letter, still indicating the firm’s commitment to in-person work.