JPMorgan tells employees to come back into the office

What’s going on:  

JPMorgan Chase told its managing directors that they had to be in the office for five days a week, according to a memo.  

JPMorgan staff with hybrid schedules were also reminded that they are required to come into the office for at least three days a week, according to Reuters.  

“There are a number of employees who aren’t meeting their in-office attendance expectations, and that must change,” the bank said. 

Why it matters:  

CEO Jamie Dimon, along with fellow Wall Street executives from Goldman Sachs and Morgan Stanley, has long been a proponent of in-office work and has voiced worries about the consequences of perpetual remote working. 

How it’ll impact the future: 

The company put the emphasis on ensuring employees log their out of office time, such as sick days, vacations and business trips. To facilitate this, they are rolling out enhanced automated attendance tracking to manage work schedules, office space and security.  

With this in mind, the company said that every employee should be working five days a week in the office. 

JPMorgan is just one of the many companies forcing workers back into the office as they lose money on unused office spaces.