“I’m about to cancel all my Zoom meetings,” Dimon said in May 2021. This isn’t JPMorgan’s first go-around. Dimon initially called workers back to their desks about two years ago, but backed down when scores of staff failed to show up. (For his part, Solomon called remote work an “aberration” Gorman thinks the discussion should not include workers at all.) Back-to-work mandates might be futile Dimon, alongside Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman, has been outspoken about the value of in-office collaboration-and the drawbacks of working from home. employers, leaders in the banking industry have been bullish on their pro-office stance. ![]() His annual shareholder letter is an industry event, and he was the one to rush to First Republic’s rescue after it stumbled during the implosion of Silicon Valley Bank.īecause Dimon, who has helmed JPMorgan for nearly two decades, cuts such an influential figure in Wall Street culture, his beliefs and mandates about the future of work will likely set the tone for New York’s entire banking landscape he has shepherded JPMorgan from triumph to triumph while many of his peers have struggled-or been wiped out.Īmong the major U.S. That holds true on financial matters as well as cultural ones. In a leaked memo to his staff at Tesla last spring, the bombastic billionaire said, “Remote work is no longer acceptable.” Sowing doubt over remote workers’ commitment and productivity, he then tweeted that remote workers “should pretend to work somewhere else.” What Dimon says, goesĭespite pushback from his workers, Dimon is often the rock that redirects the course of the river on Wall Street.Īs the chief executive of the nation’s largest lender, his word tends to create a ripple effect among his peers-and detractors. But in his mind, those people “can not do it elsewhere.”ĭimon’s words bear striking similarity to those of fellow pro-office stalwart Elon Musk. “We don’t want to punish everybody because of that, but people agreed to do three days a week we expect three days a week,” Dimon said, adding that he gets why people don’t want to do it. He sent the memo, titled “The importance of being together,” because, “some people weren’t following the rules.” ![]() JPMorgan declined to comment to Fortune, but Dimon said in an earnings call this month he understands his workers’ concerns-but stands by his stance. Less than a day after the committee shared the memo and scores of workers reacted, comments were reportedly turned off. “Being stuck in traffic more often and paying even more for gas (prices are rising) is not good for myself and many others.” “Most people on my team (and even other teams around me) live pretty far from the office,” one commenter wrote. They also, per Reuters, expounded upon the logistical difficulties of balancing commuting with other responsibilities. They vented about being stuck in a “ Zoom culture,” in which in-person staffers are yanked into virtual meetings and conference calls. ![]() They pushed back on what they called a “tone deaf” and “divisive” order on the company’s messaging platform, Reuters reported in an exclusive published Thursday. Many JPMorgan workers up and down the totem pole, including managers, didn’t take fondly to it. ![]() The memo, which Fortune reviewed, said that failure to come into headquarters when required would result in “appropriate performance management steps, which could include corrective action.” Workers would still have flexibility to work from home for things like family issues or doctor’s appointments, but it seemed there was an “or else” implied for those who wouldn’t comply. Earlier this month, JPMorgan senior leaders asked hybrid workers to continue coming in three days a week at minimum and managing directors to start coming in full-time.
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